FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

LGP accelerating sales

2 November 2022 12:42
ASX: LGP
LGP'a medicinal cannabis farm

Having just locked in a massive new German supply deal worth potentially $4.5 million dollars, Little Green Pharma is extending its roots and have received firm commitments for a $4 million dollar placement alongside a $2 million dollar share purchase plan for existing shareholders.

After hitting a record quarter, the medicinal cannabis provider is hardly done growing an already extensive pipeline of sales.

Funds will be put towards execution of LGP’s portfolio of European supply deals and driving increased sales in Australia alongside continuing cost reductions and rightsizing measures.

LGP’s major focus right now is growing its EU distribution platform, now having supply arrangements or investments in ten jurisdictions holding a combined potential value of up to $45.5 million in revenue over the next three years.

While the EU remains the big focus, its Australian business is also growing rapidly, having just hit $4.2 million dollars in the previous quarter.

The company said had received heavy support from new and existing shareholders as it steps into the future.

“We are also very pleased to be able to offer our existing shareholders the same opportunity to expand their investment in LGP on attractive terms and look forward to providing shareholders with full details of the SPP in the coming weeks,” chief executive Fleta Soloman said.

The placement is set to kick off in one week’s time, with the SPP opening the following Monday.

LGP’s Australian Stock Exchange-listed share price was trading at 22c today (12.30 pm UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!

Share This