MONTREAL, Oct. 23, 2017 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to advise that "Little Green Pharma", has now received their final permits from the Australian Government enabling them to move to their first commercial production of Medical Cannabis for the Australian market.
Little Green Pharma have also advised LGC that they plan to start growing within weeks.
John McMullen, LGC Capital's CEO, comment; "Little Green Pharma have advised us that they have now received their final permits from the Australian Government to commence commercial production of Medical Cannabis for the Australian Market and they plan to be growing within weeks. Not only are Little Green Pharma one of the few licenced companies in Australia in the sector, but now they are also one of the very few companies permitted to grow Medical Cannabis for commercial production. LGC Capital is pleased that we have become a shareholder of Little Green Pharma just as they commence their journey down the path of commercial production. We believe that this investment will prove to be a resounding win-win for both Little Green Pharma and LGC."
Fleta Solomon, Little Green Pharma's Managing Director, commented; "We are in the process of importing seeds and look forward to the imminent planting of our chosen medicinal cannabis strains. Discussions are underway with local and international leading researchers in a collaborative approach to examine the effect of medicinal cannabis on general cognitive deficit in dementia and PTSD."
LGC owns an initial 4.99% of Habi Pharma Pty Ltd of Perth, Australia, doing business as "Little Green Pharma", and subject to certain Australian regulatory and other approvals, can potentially increase its interest in Little Green Pharma up to 19.03%.
About Little Green Pharma:
Little Green Pharma is one of the few companies in Australia to be granted a licence to cultivate and produce Medical Cannabis within Australia.
Little Green Pharma (www.lgpharma.com.au) has advised LGC that it plans to cultivate and produce one of the first clean locally-grown Medical Cannabis products for use solely within Australia, giving hope and relief to those suffering from certain debilitating illnesses. Little Green Pharma's patented technology aims to control the medicinal cannabis particle size encapsulated in the liposomes to optimise the bio-availability so the cannabinoids are readily absorbed into the bloodstream. This enables the resulting preparation to achieve desired therapeutic results with significantly lower cannabinoid doses, when compared to other forms of medicinal cannabis. Little Green Pharma's patented process significantly reduces production costs, enabling Little Green Pharma to be more competitive in the market.
About LGC (www.lgc-capital.com):
LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services.
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC"), its investment in Little Green Pharma, and LGC's operations, strategy, investments, financial performance and condition. These statements generally can 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, including its proposed investment in Little Green Pharma, 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, 2016, 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 LGC has no obligation to update such statements, except to the extent required by applicable securities laws.
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.
Caution Regarding Press Releases
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.
SOURCE LGC Capital Ltd
For further information: Company & Media Contacts, Canada contact: John McMullen, Chief Executive Officer, Tel.: (416) 803-0698, Email: [email protected]; London contact: Anthony Samaha, Chief Financial Officer, Tel.: +44 (0) 20 7440 0640; Investor Relations contact: Dave Burwell, The Howard Group Inc., Tel.: (403) 221-9015, Toll Free: 1-888-221-0915, Email: [email protected]