Little Green Pharma (ASX: LGP) has today received a manufacturing licence from the Therapeutic Goods Association (TGA), enabling it to manufacture medicinal cannabis in-house at its new Western Australia-based facility.
Receipt of the licence means LGP's new facility in WA can operate in-house manufacturing of medicinal cannabis, avoiding competition for outsourced manufacturing services.
It will also enable the company to focus on identifying further manufacturing cost efficiencies and expedite inspection and auditing processes by offshore distributors.
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.
"The grant represents the culmination of LGP's long-term regulatory strategy and is a clear watershed moment for the company," said LGP managing director Fleta Solomon.
"The grant of this GMP licence differentiates the company as the only fully TGA and ODC licenced and permitted medicinal cannabis company on the ASX with local Australian cultivation, manufacturing and wholesaling capacity, as well as brands in the market.
"This end-to-end supply capability allows us to more effectively manage costs, focus on higher-margin aspects of the supply chain, and supply LGP-branded GMP-grade medicinal cannabis products into the highly regulated markets of the European Union."
The company now plans to develop additional GMP-licenced cannabis products and other pharmaceutical formulations, and potentially offer extraction and manufacturing services to other cannabis producers.
Shares in LGP are up 13.79 per cent to $0.33 per share at 12.44pm AEDT.
Business News Australia