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LGP secure sleep study approval

30 November 2022 09:55
ASX: LGP

Little Green Pharma can now progress to Phase III of the SleepWell study after securing ethics approval to support proposed Australian Schedule 3 registration for CBD products to reduce stress and improve quality of sleep.

It is another significant step towards an over-the-counter pharmaceutical CBD product with no prescription required.

There are no over the counter CBD products currently available in Australia, with the nation’s pharmacist-only market expected to soon reach $250 million from beyond 2 million consumers at market maturity.

Numbers of Australians accessing medicinal cannabis products have risen dramatically as consumers shift away from illicit sources and University of Sydney researchers have called for further efforts to transition patients from illicit sources to quality-controlled products.

And Little Green Pharma are positioned at the fore, with expanding product supply into Australian and European markets bringing in robust revenue growth up to $9.2 million.

The company said it was another significant milestone for its team, product, and drug delivery innovation strategy.

“This represents a significant milestone for Australian patients along the pathway to ultimately accessing Australian made CBD products at their local pharmacy,” managing director and chief executive Fleta Solomon said.

Little Green Pharma are considering various funding and partnering options to progress the sleep study and the move to Schedule 3 product registration as it brings over ten more flower strains into the market.

LGP’s Australian Stock Exchange-listed share price was trading at 18c today (9.43 am UTC+ 8 hours).

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