/NOT FOR DISTRIBUTION IN THE UNITED STATES/
- Little Green Pharma successfully completes second commercial
medical cannabis harvest and commences sales to Australian
patients.
- LGP's products accepted into major statewide clinical trials
for advanced cancer.
- LGP commences negotiations for exports to Germany.
- LGP negotiating to build a 400,000 square foot facility on a
500,000 square foot site.
MONTREAL, Oct. 5, 2018 /CNW Telbec/ - LGC Capital Ltd.
(TSXV: LG) ("LGC") is pleased to advise that Australian medical
cannabis company Little Green Pharma (LGP) in which LGC has a
14.21% interest, has successfully completed harvest of its second
commercial medical cannabis crop from its facility south of
Perth in Western Australia.
This quarter, LGP successfully achieved another milestone having
produced Australia's first locally
grown medicinal cannabis product as well as making its first
commercial sales to Australian patients.
LGP has also commenced negotiations with German parties for
exporting Australian products. LGP sees potential exports to
Germany as being a crucial
building block for the business going forward and plans to finalize
negotiations within the month, which will be a catalyst for the
expansion plan.
Clinical Trials
Last week, LGP's products were accepted into the NSW state-wide
clinical trial for advanced cancer. This is another major tick of
approval for LGP products and will enable LGP to directly compare
its products' efficacy with a range of other imported products.
Expansion Plans
LGP is currently in negotiations to build a purpose-built
facility in Perth. Preliminary
terms have earmarked a 500,000 square foot block enabling the
construction of a 400,000 square foot facility. A facility of this
size would provide for up to 50,000 kgs of flower per annum. The
proposed site will include a GMP manufacturing facility and can be
built in a staged approach, with a first stage of 100,000 square
feet being planned. Although the primary focus is Australian
patients, the export market has been accounted for in this proposed
build.
Fleta Solomon, Little Green
Pharma's Managing Director commented; "The proposed site will
include a GMP manufacturing facility and can be built in a staged
approach, with a first stage of 100,000 square feet being planned.
Although the primary focus is Australian patients, the export
market has been accounted for in this proposed build."
John McMullen, LGC's CEO,
commented: "Our partner in Australia has achieved a great deal in a short
timeframe in a highly regulated environment. We are particularly
pleased that Little Green Pharma has started suppling Australian
patients with premium-grade medical cannabis and are now involved
in cancer trials."
About Little Green Pharma and the Australian Medical Cannabis
Sector
LGP is 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.
LGP 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).
About LGC (www.lgc-capital.com)
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.
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