Investee Company Update: Little Green Pharma

RNS Number : 1118A

FastForward Innovations Limited

28 May 2021

 

RNS REACH

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

28 May 2021

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

Investee Company Update: Little Green Pharma Ltd

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased to note that Little Green Pharma Ltd ('LGP') has announced an additional A$2.5m purchase order for LGP's high THC cannabis flower medicine from German pharmaceutical wholesaler Deutsche Medizinalcannabis GmbH ('DEMECAN'}. The purchase order is for delivery in the quarter ended 31 December 2021 and follows consistent growth in size of quarterly DEMECAN purchase orders. The increased order reflects the demand from Germany and the confidence in LGP's quality and supply.

Ed McDermott, CEO of FastForward Innovations, commented: "As one of our most recent investments in the medicinal cannabis space, we are pleased to note the progress being made in Little Green Pharma's strategy to increase patient access to medicinal cannabis. The further order from DEMECAN in Germany demonstrates the increasing global demand for LGP's GMP-grade medicinal cannabis products and we look forward to further positive updates from LGP."  

The announcement is set out below without material changes or adjustments other than for the inclusion of links and can be viewed in full on LGP's website via the following link: https://investor.littlegreenpharma.com/site/PDF/4c32c445-0d12-4ecf-85a1-f38794461140/25mfirmorderincreasesexpectedDEMECANrevenueto57m

27 May 2021

Little Green Pharma Ltd (ASX: LGP, "LGP" or the "Company") is pleased to announce the receipt of an additional firm purchase order for ~21,300 units of the Company's high-THC medicinal cannabis flower medicine from German pharmaceutical wholesaler Deutsche Medizinalcannabis GmbH ("DEMECAN"). The purchase order has a value of $2.5m and represents ~320kg of flower for delivery during the quarter ending 31 December 2021.

LGP's Managing Director, Fleta Solomon, commented that:

"This order means a lot more than just the value of the sales it represents, it's tangible evidence of the success of our strategy. We are currently in a position where all flower product we produce is sold into Australia and overseas markets and we have customers looking for more. It heightens the urgency for us to focus on increasing our production capacity to capitalize on the brand equity we have built in the market. "

This is the fourth purchase order received from DEMECAN, following previous quarterly orders of 500, 9,000, and 17,000 units for delivery in CYQ1, Q2, and Q3 of 2021, respectively. DEMECAN has now ordered a total of ~47,800 units of LGP medicines which would bring the total revenue for CY2021 to ~$5.7m from DEMECAN alone. The annualised run-rate based on this CYQ4 order would be ~1,300kgs per annum, which would significantly exceed the original target run-rate of 1,000kgs per annum under the medicinal cannabis purchase agreement (refer ASX announcement dated 27 February 2020), and would bring the total annualized DEMECAN revenues to ~$10.2m per annum.

The Company has brought its existing cultivation facilities to full capacity in order to capitalise on growing demand in the German market, as well as increasing demand from Australian and other offshore markets.

Alistair Warren

Company Secretary

Little Green Pharma

E: [e-mail]  

M: [phone]

Fleta Solomon

Managing Director

Little Green Pharma

E: [e-mail]  

M: [phone]  

About Little Green Pharma

Little Green Pharma is a vertically integrated medicinal cannabis business with operations from cultivation and production through to manufacturing and distribution.

The Company has an indoor cultivation facility and manufacturing facility in Western Australia for the production of its own-branded range of GMP-grade medicinal cannabis products.

Little Green Pharma products comply with all required Therapeutic Goods Administration regulations and testing requirements. With a growing range of products containing differing ratios of active ingredients, Little Green Pharma supplies medical-grade cannabis products to Australian and overseas markets.

The Company has a strong focus on patient access in the emerging global medicinal cannabis market and is actively engaged in promoting education and outreach programs, as well as participating in clinical investigations and research projects to develop innovative new delivery systems.

For more information about Little Green Pharma go to: www.littlegreenpharma.com

*** ENDS***

For further information on the Company please visit www.fstfwd.co   or contact:

Ed McDermott / Lance de Jersey	FastForward Innovations Ltd	Email: [e-mail]
James Biddle / Roland Cornish	Beaumont Cornish Limited, Nomad	Tel: [phone]
Isabella Pierre / Damon Heath	Shard Capital Partners LLP	T: [phone]
Isabel de Salis / Charlotte Hollinshead	St Brides Partners Ltd, Financial PR	Email: [e-mail]

Notes

FastForward Innovations is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The Company's strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.

 

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