The Australian pharmaceutical company is ready to enter the German market with a huge initial shipment of 2,400 units valued at $600,000.
Little Green Pharma Ltd (ASX: LGP) is pleased to announce the export of the largest Australian commercial shipment of locally-grown and GMP-manufactured medicinal cannabis oils into the lucrative German market.
The Company has exported an initial 2,400 units of LGP-branded
medicinal cannabis oils to German pharmaceutical importer CC Pharma GmbH valued at over A$600,000.
The Shipment is anticipated to clear customs in Germany in the next week, following which LGP expects the shipment to be batch-tested and released for sale to the German market.
Supplying CC Pharma, a leading medicinal cannabis distributer in Germany, is a significant achievement and aligns with our commercial strategy to establish LGP as a key exporter of medicinal cannabis oils into Europe.LGP's Managing Director, Fleta Solomon
Fleta Solomon continued to say that: "The demand for LGP products signifies not only a vote of confidence in LGP, but also in the ability of Australia's homegrown medicinal cannabis industry to compete with major international medicinal cannabis companies to supply the German market. With our expanded cultivation and manufacturing facility, LGP is well placed to ensure consistent supply to both Australia and offshore markets in the future."
Delivery of the Shipment will complete an extensive 22-month process of negotiation, quality inspection and audit, and procurement of German and Australian narcotic licences and permits, which reflects the high regulatory barriers to the export of medicinal cannabis products to the EU. Relatedly, LGP will also be the third global medicinal cannabis manufacturer to deliver full-plant extract oils into Germany, behind Tilray and Aurora.
The Shipment also represents the achievement of a critical milestone in LGP's commercial strategy – to establish high-volume distribution channels into more lucrative, higher-margin European and offshore markets.
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