LGC Capital's leading Australian medical cannabis LP, Little Green Pharma, successfully harvest second commercial crop after becoming first Australian company authorized to sell locally-grown and manufactured medicinal cannabis
Little Green Pharma have successfully harvested their second commercial medical cannabis crop in Western Australia.
LGP's second harvest is being prepared for its manufacturing facility.
Last week, LGP became the first Australian company authorized to sell locally-grown and manufactured medicinal cannabis products.
LGP's medical products are now available for Australian patients by prescription.
Symbol: TSV-V: LG
MONTREAL, Aug. 28, 2018 /CNW/ - LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to announce that its Australian medical cannabis company Little Green Pharma (LGP), has medical cannabis crop at its facility south of Perth in Western Australia. The cannabis is currently being prepared for shipment to its certified manufacturer near Perth for conversion to medicinal oil to be sold by prescription.
LGP has just 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.
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.
Their 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).
John McMullen, CEO of LGC Capital stated: "Little Green Pharma is progressing very well with the harvesting of their second successful medical Cannabis harvest in Australia. LGP are clearly leading the Australian market with their achievement of being first to market as an Australian producer of medicinal cannabis 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; "Little Green Pharma is thrilled to be the market leader in Australia. With the second crop recently harvested, the company is looking forward to expanding production and exporting premium grade medicinal cannabis to jurisdictions where imports are allowed."
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.