Cannabis is a hot industry at the moment and it is demanding the attention of a lot of investors. Some of the top cannabis stocks on the ASX have performed remarkably during 2020 on the back of innovative product candidates. The cannabis market is estimated to grow by over 30% into a $40 billion market by 2023. Much of this will be led by the USA and Canada. During September 2020, the TGA down-scheduled cannabidiol (CBD). This allows Australian patients to purchase CBD products from a pharmacist over the counter.
Little Green Pharma Ltd. is a Perth headquartered cannabis company that produces medicinal cannabis products for sale to Australian patients. Its medicines are cultivated, without pesticides, in a hydroponic facility. The company has growth tremendously in 2021 with the stock performance coming in at 21% in the year-to-date chart.
During the first half of FY21, the company exported the first shipment of its medicinal cannabis oils to Germany. Little Green Pharma obtained a GMP manufacturing license from the TGA for its South West WA manufacturing facility. Both – number of customers and sales volumes have grown in the first half of FY2021.
Most recently Little Green Pharma announced that it will exclusively supply medicinal cannabis oil products to the enrolled patients and cover study costs of the medical cannabis quality-of-life study to be conducted by the University of Sydney. The study aims to investigate the quality of life and health economics on patients who have been prescribed medicinal cannabis for chronic diseases, the Australian pharmaceutical company said Thursday.The study is expected to be conducted over a two-year period and plans to recruit a minimum of 2,100 patients by June 30, according to the release.
After raising $17 million via a share placement earlier this month, Little Green Pharma has also bolstered its balance sheet and aligned itself to continue pushing for growth.
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