Little Green Pharma becomes first Australian company authorized to sell locally-grown and manufactured medicinal cannabis products.
LGP becomes Australian market leader with this milestone.
LGP's medical products are now available for Australian patients by prescription.
LGP aims to offer the most affordable products on the Australian market and displace more expensive imported products.
MONTREAL, Aug. 23, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to announce that its Australian medical cannabis company Little Green Pharma (LGP), has become the market leader in Australia by becoming the first Australian company to locally-grow and produce medicinal cannabis products for sale to Australian patients. The first products are now ready to be delivered to patients. Their full media release is shown below.
LGP is making high quality and reliable medicinal cannabis products available to Australians. The medicines are cultivated, without pesticides, in a hydroponic facility in Western Australia's southwest region and processed in a manufacturing facility near Perth.
The products have been subject to extensive assessment and testing based on the Australian TGA regulation, before being distributed under Australia's tightly controlled medical prescription system.
Under the Australian system, medicinal cannabis products must be prescribed by medical practitioners and sold by registered pharmacists.
Medicinal cannabis is currently being prescribed in Australia for a variety of conditions with the Commonwealth Department of Health developing clinical guidance documents for the treatment of epilepsy, multiple sclerosis, chemotherapy-induced nausea and vomiting, chronic non-cancer pain and palliative care (visit www.tga.gov.au/medicinal-cannabis-guidance-documents).
LGP's new corporate video release to coincide with the news that they have the first Australian locally grown and manufactured medicinal cannabis can be viewed on the following link: https://www.youtube.com/watch?v=ur5BhSPRDdg
John McMullen, CEO of LGC Capital stated: "This is a tremendous achievement for Little Green Pharma to be first to market as an Australian producer of medicinal cannabis and become the market leader in a very strictly regulated environment. LGC sees Australia as a key growth market for medical cannabis and a gateway into the very important Asia Pacific region."
LGP's Managing Director, Fleta Solomon said; "Local production and a more affordable treatment option would make a significant difference to thousands of Australians seeking medicinal cannabis products. At present, Australians who want these medicines have to buy expensive imported products or travel overseas for treatment. The advent of Australian production marks a new era for cannabis medicines. This will accelerate a vital and valuable science-based industry with significant export potential. Until now, some patients, and the distressed parents of chronically-ill children, have sought out illegal cannabis suppliers to access potentially unsafe products. With the new regulations and the development of a controlled production and prescription regime, this trade is being displaced by the strict quality control requirements of the Australian government."
Information Relating to Little Green Pharma
All information contained in this press release relating to Little Green Pharma has been provided to LGC by Little Green Pharma. LGC has relied upon this information without having made independent inquiries as to its accuracy or completeness and assumes no responsibility for any inaccuracy or incompleteness of such information. LGC currently has a strategic interest in Little Green Pharma of 14.45%.
LGC Capital is a leading investment firm with a focus on the Legal Global Cannabis market. Through its portfolio investment companies, LGC is building a world-leading, vertically integrated system of interconnected legal cannabis companies with cultivation, processing and distribution in Australia, Jamaica, Switzerland, Italy, and Canada serving domestic and export markets. LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG).
Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and their respective operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and LGP could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor LGP has any obligation to update such statements, except to the extent required by applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.