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LGP bloom brighter in Europe

2 May 2022 11:30
ASX: LGP

Australia’s Little Green Pharma has signed a three-year deal with Sana Life Sciences, giving the UK-based virtual store distribution of its medical-grade cannabis products across the British Isles.

Cash from sales is expected as soon as this quarter, with an opportunity for $1.44 million a year from its exclusive oil product alone after its quarterly revealed a 30 per cent revenue increase from the previous period.

The new revenue stream will help blacken the bottom line even further — having recently banked a $9 million a year agreement with Demecan in Germany.

The Perth-based company now boasts supply pathways into seven European countries — representing 65 per cent of EU and UK citizens.

Germany looks on the cusp of cannabis legalisation after its coalition government revealed plans to rubber stamp recreational use — meaning distribution channels through Europe could hold significant additional value for suppliers.

Meanwhile, the company remains focused on increasing sales volumes while maintaining critical education programs and clinical research expenditure.

LGP’s Australian Stock Exchange-listed share price was trading at 38.5c today (9.14 am UTC+ 8 hours).

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