During this period the company achieved record sales revenue while also securing a GMP license from the TGA for its manufacturing facilities.
Earlier today the Australian medicinal cannabis producer, Little Green Pharma (ASX: LGP) published its latest quarterly activity report, causing stock in the company to spike in value by 2.94%.
During this period, the company reached a number of strategic milestones, while also achieving record sales revenue of $1.29 million—constituting more than 8,500 units sold—which represents a 41% increase on the previous quarter.
Over 2,200 new Australian patients were prescribed the company's products during the quarter (an increase of 58% from the previous quarter) and over 90 new healthcare practitioners began prescribing LGP products (an increase of 29% on previous quarter), bringing the total lifetime number of patients prescribed LGP products to over 6,700, and the total number of Australian prescribers to over 400. Little Green Pharma Quarterly Activities Report and Appendix 4C
Additionally, in June 2020 LGP also successfully exported over 1000 units of medicinal cannabis products to the LYPHE Group, which owns and operate a network of medicinal cannabis clinics in the UK.
According to the company, this represents a key milestone in LGP's development strategy, while investors can expect to see a focus on accelerating "growth in this key region throughout FY21".
The report also notes that in October 2020 the company was granted a Good Manufacturing Practice (GMP) license for its manufacturing facilities by the Therapeutic Goods Administration (TGA).
This was huge news, as it means that LGP is now one of the only ASX-listed medicinal cannabis companies that is fully licensed by both the TGA and the Office of Drug Control (ODC) for the cultivation and production of medicinal cannabis and oil products, giving it a significant competitive advantage.
Disclaimer: Past performance is not an indicator of future performance.
Furthermore, the GMP license will also allow LGP to manufacture GMP-grade medicinal cannabis flower products, which will be used by the company to target the highly lucrative European market.
"These authorizations allow the Company to operate a fully inhouse and vertically integrated cannabis cultivation, production, manufacturing, and wholesaling supply chain, capable of supplying various LGP-branded medicinal cannabis products into Australian and international markets," the report states.
"The award of this GMP license represents the fulfilment of another key milestone in the LGP growth strategy."
During this period, the company's net operating cash outflows settled at $234,000—representing a $753,000 improvement on the previous quarter—due largely to significant growth in sales revenue and the timing of LGP's receival of certain cash receipts and payments.
The full report can be read here.
This pot stock could reach new heights in 2020 due to Coronavirus
The COVID-19 pandemic is showing no signs of slowing down, and as global markets enter meltdown many cannabis companies are feeling the effects of capital crunch.
While the market crash will continue for some time, it represents a golden opportunity for investors who are capable of riding out the volatility until share prices rally.
Luckily, one pot stock has developed antimicrobial drug that can already treat two superbugs while limiting their ability to develop antibiotic resistance.
Investors can also start picking up shares at rock bottom prices, as global investor sentiment continues to dampen thanks to COVID-19.
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