Little Green Pharma blazes onto the ASX

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20 Feb 2020

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Little Green Pharma blazes onto the ASX

Australia's latest listed medicinal cannabis company has launched onto the market with a bang, scoring a major UK distribution deal the night before landing.

Little Green Pharma, a Perth-based vertically integrated medicinal cannabis manufacturer, starts trading today on the ASX under the ticker LGP.

Its launch on the ASX follows an oversubscribed initial public offering (IPO) on 29 January 2020 to raise $10 million; the maximum subscription amount under its prospectus.

As such, LGP will list with around 22.2 million new fully paid ordinary shares at $0.45 and a market capitalisation of around $60 million.

The company, which produces oil-based medicinal cannabis products from locally sourced plants, intends to use the funds raised in its IPO to accelerate its growth strategy and fund its own manufacturing site.

The group currently operates its own cultivation facility and produces around 15,000 bottles of medicinal cannabis oil per annum. Post-listing LGP intends to increase this capacity to 110,000 bottles of oil every year.

While LGP's output is high the company has only dispensed around 7,600 bottles to 2,360 patients across Australia since it launched its first product in 2018.

For the full media release written by David Simmons, please visit: https://www.businessnewsaus.com.au/articles/little-green-pharma-blazes-onto-the-asx.html

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