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Medicinal cannabis company Little Green Pharma (ASX: LGP) is today in an enviable position after being named the primary manufacturer for a trial of cannabis oil in France.
If the trial is successful, LGP will have the first mover advantage in an anticipated French market potentially worth 4 billion (AUD$6.3 billion).
The trial, to be conducted in partnership with French pharmaceutical distributor Intsel Chimos, will be the only pathway for the supply of cannabis medicines into France for the next two years.
French authorities will test the efficacy, safety and quality of medicinal cannabis for the country's public and will recruit up to 3,000 patients over the trial's duration.
LGP managing director Fleta Solomon (pictured) said tender success demonstrates the merit of LGP's status as a global cannabis supplier and the company's export-led sales strategy.
"We are very proud of our partnership's success in the French national tender and see this tender win as strong evidence of LGP successfully implementing its export-led global sales strategy and demonstrating the benefits of Australian Good Manufacturing Practices quality manufacturing in global pharmaceutical markets," Solomon said.
"We believe the trial will demonstrate the partnership's credibility and reliability to the French medical community, giving both companies a significant competitive advantage once medicinal cannabis is legalised in France."
In October LGP received a new manufacturing licence from the Therpeutic Goods Administration, enabling it to manufacture medicinal cannabis in-house at its new Western Australia-based facility.
The new facility in WA was completed in March and is able to produce more than 100,000 bottles of medicinal cannabis oil each year.
Shares in LGP are up 10.34 per cent to $0.64 per share at 12.02pm AEDT.
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Business News Australia
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