Thugmuffin
2 years ago
$ELIXF Elixxer Ltd. Closes Amended Secured Loan with AIP Convertible Private Debt Fund L.PPress Release | 05/25/2022
Montreal, Quebec--(Newsfile Corp. - May 25, 2022) - Elixxer Ltd. (TSXV: ELXR) (OTC Pink: ELIXF) ("Elixxer" or the "Company) is pleased to announce that it has closed its previously announced (see press release of February 22, 2022) amended loan with AIP Convertible Private Debt Fund L.P., AIP Asset Management Inc. and related and affiliated companies ("AIP"). Further to the amendment, AIP has loaned the Company an additional $4 million (the "Additional Disbursement") which will: (i) have a maturity of 24 months from the date of closing; (ii) bear interest at the rate of 17% per annum; and (iii) be secured by a general security agreement on the assets of the Company in favour of AIP.
On closing, the Company paid to AIP (i) a facility fee of $200,000; (ii) a closing fee of $250,000; and (iii) a due diligence fee of $75,000. The Company also issued to AIP a bonus of 643,518 common shares of the Company (the "Bonus Shares") at a deemed issue price of $1.08 per share, representing 20% of the net amount of the Additional Disbursement.
The Company intends to use the proceeds of the Additional Disbursement for working capital purposes and to pursue future investments.
The amended loan and the issuance of the Bonus Shares constitute related-party transactions under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as AIP currently holders more than 10% of the outstanding voting securities of the Company. In respect of the amended loan and the issuance of the Bonus Shares, the Company relies on the exemption from the formal valuation requirement contained in Section 5.5(b) of MI 61-101 as none of the Company's shares trade on the enumerated exchanges. In respect of the amended loan, the Company relies on the exemption from minority shareholder approval contained in Section 5.7(1)(f) of MI 61-101 as the amended loan is on reasonable terms that are no less advantageous to the Company than if it were to be obtained from an arm's length party, and the amended loan is not convertible into or repayable by the issuance of equity of voting securities of the Company. In respect of the issuance of the Bonus Shares, the Company relies on the exemption from minority shareholder approval contained in Section 5.7(1)(a) of MI 61-101 in that the fair market value of the Bonus Shares does not exceed 25% of the Company's market capitalization as determined under MI 61-101.
The Company did not file a material change report 21 days before closing as all definitive documentation in respect of the transaction was not finalized until shortly prior to the closing, and the Corporation wished to close on an expedited basis for business reasons.
Early Warning Disclosure
In connection with the issuance of the Bonus Shares, AIP acquired ownership, control or direction over common shares of the Company requiring disclosure pursuant to the early warning requirements of applicable securities regulation.
Immediately prior to the issuance of the Bonus Shares, AIP held 2,989,873 common shares of the Company, representing approximately 27.93% of the Company's issued and outstanding common shares. Following the issuance of the Bonus Shares, AIP now holds 3,633,391 common shares of the Company, representing approximately 32.01% of the Company's issued and outstanding common shares.
The Company understands that AIP holds the Bonus Shares for investment purposes. In the future, AIP, may acquire and/or dispose of common shares through the market, privately or otherwise, as circumstances or market conditions may warrant.
This portion of this news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related and Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report will be filed by AIP in accordance with applicable securities laws and will be available on the Company's issuer profile on SEDAR at www.sedar.com. The registered office of the Company is at 1100 René-Lévesque Boulevard West, Suite 700, Montreal, Quebec, H3B 4N4.
About Elixxer Ltd. (www.Elixxer.com)
Elixxer is a Canadian public company listed on the TSX Venture Exchange (TSXV: ELXR) and the US OTC Pink exchange (OTC Pink: ELIXF).
Through its partners, Elixxer presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.
For further information please contact:
Ferras Zalt, Chairman and Interim CEO: +44 20 7409 6680; ferras@elixxer.com
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.
Notice Regarding Forward-Looking Statements
This press release may contain forward-looking statements with respect to Elixxer and its 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 Elixxer 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 Elixxer's most recent Management's Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.
Corporate Logo
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/125234
oatsuzn
3 years ago
France chooses companies to supply free medical cannabis for trial program
Published 4 hours ago | By Alfredo Pascual
https://mjbizdaily.com/france-chooses-companies-to-supply-free-medical-cannabis-for-trial-program/
The French Agency for the Safety of Medicines and Health Products (ANSM) selected the companies that will supply France’s medical cannabis pilot program that’s intended to provide free products to patients enrolled in the trial.
Cannabis companies from Australia, Canada, Israel and the United Kingdom – in partnership with French pharmaceutical distributors – will provide the products for up to 3,000 patients and will not receive any money for supplying the medical cannabis.
French authorities selected main suppliers, as well as substitute suppliers to cover any shortfalls.
The list of suppliers includes:
Australia-based Althea (one lot as a substitute) and Little Green Pharma (two lots as a main supplier and one lot as a substitute).
Canada-based Aurora Cannabis (three lots as a main supplier) and Tilray (two lots as a main supplier and two lots as a substitute).
Israel-based Panaxia (two lots as a main supplier and two lots as a substitute).
U.K.-based Emmac Life Sciences (two lots as a substitute).
Applicants were judged on products, manufacturing and supply criteria.
Neither the government nor patients will have to pay for the medical marijuana, which will be supplied by the participating companies at their own cost.
The participating companies have no guarantee they will remain suppliers in the event France broadens access to medical cannabis after the experiment.
However, “with hundreds of patients already treated (at the end of the experiment) and doctors used to prescribing their products, this is probably a marketing advantage,” Nicolas Authier, a university professor and chair of the ANSM scientific committee on medical cannabis, said last October.
Cannabis products will be used only as a last resort and must meet pharmaceutical-quality standards.
Only patients with certain qualifying conditions will be permitted to participate in the trial.
“Distance learning for health professionals should start at the end of February and the first prescriptions before March 31,” Authier told MJBizDaily.
Here’s the complete list of suppliers and their partners for distribution:
THC dominant
Lot 1.1: Flower with more than 8% THC and less than 1% CBD.
Main supplier: Aurora in partnership with Ethypharm.
Substitute: Tilray in partnership with Medipha Sante.
Lot 1.2: Sublingual oil with more than 5 milligrams of THC per milliliter and less than 1 milligram of CBD per milliliter.
Main supplier: Tilray in partnership with Medipha Sante.
Substitute: Panaxia in partnership Neuraxpharm France.
Lot 1.3: Oral oils with more than 5 milligrams of THC per milliliter and less than 1 milligram of CBD per milliliter.
Main supplier: Panaxia in partnership with Neuraxpharm France.
Substitute: Emmac Life Sciences in partnership with Boiron.
THC and CBD balanced:
Lot 2.1: Flower with more than 5% THC and 5% CBD.
Main supplier: Aurora in partnership with Ethypharm.
Substitute: Tilray in partnership with Medipha Sante.
Lot 2.2: Sublingual oil with more than 5 milligrams of THC and 5 milligrams of CBD per milliliter.
Main supplier: Tilray in partnership with Medipha Sante.
Substitute: Little Green Pharma in partnership with Intsel Chimos.
Lot 2.3: Oral oils with more than 5 milligrams of THC and 5 milligrams of CBD per milliliter.
Main supplier: Panaxia in partnership with Neuraxpharm.
Substitute: Emmac Life Sciences in partnership with Boiron.
CBD dominant:
Lot 3.2: Sublingual oil with less than 1 milligram of THC per milliliter and more than 5 milligrams of CBD per milliliter.
Main supplier: Little Green Pharma in partnership with Intsel Chimos.
Substitute: Althea in partnership Laboratoires Bouchara Recordati.
Lot 3.4: Flower with less than 5% THC and more than 5% CBD.
Main supplier: Aurora in partnership with Ethypharm.
No substitute.
Lot 3.5: Sublingual oil with less than 5 milligram of THC per milliliter and more than 5 milligram of CBD per milliliter.
Main supplier: Little Green Pharma in partnership Intsel Chimos.
Substitute: Panaxia in partnership with Neuraxpharm France.
The CBD-dominant category originally had six lots in the application process, but suppliers were selected only for the three lots mentioned above.
Alfredo Pascual can be reached
oatsuzn
5 years ago
LGC CAPITAL - New management
https://ceo.ca/@nasdaq/lgc-capital-announces-new-chapter-in-its-corporate
by @nasdaq on 3 Apr 2019, 08:53
LGC CAPITAL Announces new chapter in its corporate evolution with the addition of a highly experienced global Executive Team bringing on over 90 years of combined experience from British American Tobacco and Monsanto
LGC CAPITAL announces four new additions to the executive team. LGC Chief Operating Officer, Remy di Meglio, together with both John McMullen and Mazen Haddad, has assembled this team bringing over 90 years' experience with British American Tobacco and Monsanto to LGC. To lead the team, Mazen Haddad will remain as Co-Chairman and take on the additional role of CEO. John McMullen will assume the role as President and Mark Shinners of Arlington Capital will take on the role of CFO. We would like to thank the outgoing CFO Anthony Samaha for his years of service to LGC helping to grow LGC.
Mazen Haddad stated, “The new additions to our team at LGC have already begun to work on integrating LGC’s investments to extract the economies of scale due to geographic diversity and mobilizing a full product range to serve our customers throughout Europe, Canada and Australia. This team brings over 90 years of experience from leading global companies like British American Tobacco and Monsanto. With a keen understanding of how to grow and handle global supply chains and distribution on a large scale, brand building and consumer intelligence, regulatory legislation and financial governance, they will bring the discipline and rigor required to build LGC into a leading player in the cannabis market. John McMullen will move into the role of President focusing his efforts on various part of LGC’s corporate development and working with our banking partners and developing LGC’s public investor base.”
Richard Widmann 51, EVP Commercial, joins LGC with over 15 years of experience across 4 continents with British American Tobacco (BAT) business operations in Europe and South Africa and Americas most recently serving as Area Managing Director South Central Europe, a top 5 market for BAT. In this role, Richard achieved in excess of 250 million Euros in profit, managed major acquisitions in Central Europe and realized significant brand growth in South Africa. Richard will lead the commercial strategy and build-up of a pan European Hemp/Cannabis enterprise. He will also provide operational direction and will provide and oversight to LGC’s partners. Currently he has been assigned to further develop Easyjoint’s distribution and corporate development to stay on track for its growth plans.
Mervyn Koenen 44, VP Commercial Finance, brings 18 years of managing commercial finance, internal audit and strategic planning, supporting leadership teams to achieve operational targets and managing strategic agendas. His experience includes international, strategic and multi-disciplinary projects resulting in delivering sustainable profit growth. Mervyn will drive the financial and strategic agenda for LGC’s European investees in the expanding market for legal cannabis and CBD derivative products. He will support LGC partners in building sustainable and reliable financial forecasts, lead corporate governance, with procedural performance tracking, and build accounting and supply chain systems to assist subsidiaries with growth demands.
Jeanne van Wyk 50, VP Communications, brings 26 years of global marketing experience on both client and agency side, most recently as Strategic Planning Director for the WPP advertising group servicing British American Tobacco across Europe. Jeanne has a background in legal studies followed by a successful career in journalism, notably with CNN in Africa & Global for 5 years. Jeanne will design and manage the strategic development and positioning of our brand portfolios, marketing, communications and consumer insights for LGC starting with EasyJoint.
Alistair Hide 51, VP Corporate and Regulatory Affairs, joins LGC with over 25 years of business experience and corporate regulatory affairs. For the last 5 years, he held the position of Corporate Affairs Director, Europe, Middle East, and Africa with Monsanto International. This role encompassed government affairs, communications and wider stakeholder relations for Monsanto’s agricultural businesses. He also brings over 18 years of experience with BAT, most recently as Head of Corporate and Regulatory Affairs, Western Europe Region. Alistair will be navigating the ever changing regulations of this new and evolving industry, allowing LGC to understand the legal requirements and directing LGC to ensure its products are compliant with all regulations in the various markets. In his corporate communications capacity, he will work with regulators to develop a sustainable industry framework.
Mark Shinners, 41, Chief Financial Officer, joins LGC with over 17 year’s experience in various senior operational and financial advisory roles spanning across a number of industry sectors including IT, construction, renewable energy and manufacturing. Having trained as a chartered accountant at PwC, Mark went on to hold leadership positions in assurance, corporate finance and financial advisory, providing financial, commercial and strategic advice to multinational companies. Mark served as financial director at Hewlett Packard (Services) in the Middle East and CFO at Chinook Urban Mining Limited, a UK based renewable energy development company. Mark is currently a Director at Arlington Capital. Mark is a Chartered Accountant (ACA), has a Bachelor of Business Studies degree (BBS), a Masters in Accounting & Finance (Macc), a Master of Business Administration (MBA) and is a Chartered Waste Manager.
Mazen Haddad 46, CEO, brings over 20 years of experience building companies from the early stage, most of his experience has been in the venture capital space ranging from technology companies both in the US and Canada to real estate and mining. Furthermore, his family business relationships have brought the association of former BAT executives to LGC.
“At the request of our new investors, Arlington Capital, I am proud to take on this new role of direct management of LGC now that we have acquired our core positions in the companies such as Trichomed, Global Canna Labs, Evolution and Little Green Pharma, LGC has formidable growing capacity and a diversity of strains and licensed operators that few other companies have. Furthermore, the associations with Easyjoint and Viridi bring both a wide ranging catalog of finished products from consumables to cosmetics and the serious ability to distribute such products through Easyjoint’s retail and online presence. We will continue to seek companies with finished products that give consumers access to wellness products they demand. It is my sincere belief that both with Arlington Capital`s support and our newly added operating team LGC will be able to accelerate the development of our portfolio of companies and integrate their efforts to achieve their full potential.”
About LGC Capital:
Through its partners and assuming pending transactions under review by the TSXV are approved, LGC presently will have interests in over 450,000 square feet of planted cannabis in Jamaica, Switzerland, Italy, and Australia. That is expected to increase to over 2,100,000 square feet by 2021, as its portfolio companies execute their expansion plans, in addition to the anticipated licensing of Tricho-Med’s operations in Quebec, Canada.
LGC partners currently sell cannabis products in over 1,000 points of sale across Switzerland and Italy under the ONE Premium Cannabis and EasyJoint brands as well as medical cannabis oils in Australia under the Little Green Pharma brand. LGC’s partners’ branded products are available in a variety of formats including dry cannabis flower, tinctures, oils, seeds, and beverages.
For further information please contact:
President, John McMullen, +1-416-803-0698, john@lgc-capital.com
Investor Relations, Dave Burwell, +1-403-221-0915, dave@howardgroupinc.com
oatsuzn
5 years ago
LGC Capital Drives Deeper into Europe with Hemp Investment
https://smallcappower.com/analyst-articles/lgc-capital-cannabis-hemp-stocks/
Equity Research Healthcare – Cannabis | May 22, 2019
Patrick Smith | Analyst | Ubika Research Patrick@UbikaResearch.com | (647) 444-5506
Christopher, Bednarz MBA | Associate | Chris.B@UbikaResearch.com | (416) 558-5548
John Brooker | Associate | john@ubikaresearch.com | (905) 616-6185
LGC Capital Ltd. (TSXV:LG) is set to acquire a 35% equity stake in Freia Farmaceutici Srl, a hemp-focused Italian Pharmaceutical company
ITALY UPDATE
Freia Farmaceutici’s competitive advantage provides further upside in Europe. On May 16, 2019, LGC Capital entered into an investment agreement to acquire a 35% equity interest in Freia Farmaceutici Srl, a hemp-focused Italian Pharmaceutical company for $4.8M. This payment would be made in three installments over the course of 10 months.
Freia is one of the few hemp-based pharmaceutical companies with products approved by the European Food Safety Authority (EFSA). Freia has a first-mover advantage, as it is the only company in Italy and one of the few in Europe to have developed and marketed hemp-based pharmaceutical products authorized by EFSA. For reference, EFSA is of similar caliber to the FDA, but focused in Europe. EFSA is funded by the EU and operates independently of European legislation.
Freia Farmaceutici has a recent history of strong financial performance. In 2017, Freia achieved sales of $740K and EBITDA of $265K, representing a 36% EBITDA margin. In 2018, with the additional approval of new drugs in Freia’s portfolio, sales levels increased by 74% to $1.3M and EBITDA grew to $280K. In 2019E, Freia is expected to focus on expanding its business nationally and internationally through increased sales of its existing drug pipeline, and the roll out of an additional eight authorized drugs into the market.
Freia Farmaceutici currently owns 2 patents, has filed 5 patent applications, and is in the process of completing 6 additional applications. Freia has 6 registered pharmaceutical drug products for patients on chemotherapy treatment, atopic dermatitis, and from dysmetabolism. Freia already has 6 products authorized in the nutrition and topical fields. Another 8 products that have been authorized in the gynecological field are expected to be launched in 2019E. Lastly, 9 more products are awaiting authorization. Of note, Freia has a variety of other research and development projects ongoing in the areas of gastroenterology, nutrition, and multiple sclerosis.
LGC CAPITAL LTD. TSXV:LG
(Currency is CAD$ & estimates are attributable, unless noted otherwise)
Last Price $0.10
Target Price$0.20
Potential Return100%
Net Asset Value Per Share $0.23
52 Week Low / High$0.08 / $0.25
Average Daily Volume (30-Day)458K
CAPITALIZATION Basic Diluted
Shares Outstanding (M) 416.2 610.3
Market Capitalization ($M) $41.6
Enterprise Value ($M) $41.0
Last Reported Cash Balance ($M) $2.9
Last Reported Total Debt ($M) $2.3
LGC CAPITAL OPERATIONS 2019E 2020E 2021E
Flower Produced (kg) - 100% 7,300 23,600 39,500
Revenue ($M) $12.7 $35.8 $61.7
Cash Costs ($ per gram) $1.03 $1.08 $1.02
AICC ($ per gram) $2.13 $2.19 $1.61
EBITDA ($M) -$0.8 $9.9 $27.3
FCF ($M) -$12.8 -$12.9 $3.2
Total CAPEX ($M) $8.9 $19.0 $14.6
CFPS $0.00 $0.01 $0.03
Cash At Year End ($M) $1.9 $1.8 $1.9
Debt At Year End ($M) $2.5 $6.0 $6.0
Relative Valuation P/NAV EV/EBITDA
2019E 2020E
LGC Capital Ltd 0.4x nm 4.1x
Cannabis Holdings Companies n/a 30.1x 10.8x
Gold and Oil Royalty Companies 1.3x 10.1x 8.9x
MAJOR SHAREHOLDERS
Management & Insiders (21.3%)
DISCLOSURE CODE:
Disclosure: None (See back page for further details)
ATTRIBUTABLE REVENUE & EBITDA FORECAST
Valuation
Trades at a discount to peers. We believe this acquisition could provide significant synergies for LGC within Europe. Recall, LGC has a 47% interest in EasyJoint, one of Italy’s largest, vertically-integrated legal cannabis producer and a leader in the sale of 40 branded products ranging from high CBD flower to edibles. This would be an ideal distributor of Freia’s products. In terms of estimates, we plan to update once the investment in Freia closes. LGC currently trades at 4.1x our F2020E EBITDA estimate, a discount to cannabis holdings companies and gold and oil royalty companies, which trade at an average of 10.1x and 8.9x, respectively. We believe this gap should close as LGC begins to make material cash flow.
oatsuzn
5 years ago
LGC Capital Announces Results of Annual Meeting, Appointment of New Chairman and Approval of Name Change to Elixxer Ltd.
https://howardgroupinc.com/2019/05/lgc-capital-announces-results-of-annual-meeting-appointment-of-new-chairman-and-approval-of-name-change-to-elixxer-ltd/
MONTRÉAL, May 23, 2019 – LGC Capital Ltd. (TSXV: LG) (OTCQB: LGGCF) (“LGC” or the “Corporation”) is pleased to announce the results of its annual and special meeting of shareholders (the “Meeting”) held yesterday in Montreal, Quebec. At the Meeting, all five of the nominees listed in the Corporation’s management information circular dated April 17, 2019 were elected as directors, all with a vote of more than 92% of the shares voted in their favour. Accordingly, the directors of LGC for the ensuing year are Mohammed Ghafari, Mazen Haddad, Rafi Hazan, David Lenigas and Ferras Zalt.
At the Meeting, shareholders adopted a special resolution approving a change in the name of the Corporation to “Elixxer Ltd.” or such other name as the Corporation’s directors may determine. The special resolution was supported by 98.94% of the votes cast at the Meeting. The Corporation intends to proceed with the name change as expeditiously as possible.
Shareholders also adopted:
a special resolution approving the creation of an unlimited number of preferred shares in the capital stock of the Corporation, with a vote of 95.11% in favour said special resolution;
a resolution ratifying and confirming an amendment to the Corporation’s 2016 Stock Option Plan so as to increase the number of common shares that can be issued thereunder, with a vote of 95.05% in favour of said resolution; and
a resolution ratifying and confirming certain grants of stock options to three executive officers of the Corporation pursuant to the 2016 Stock Option Plan, with a vote of 94.23% of disinterested shareholders in favour of said resolution.
At the Meeting, shareholders also re-appointed Ernst & Young LLP, Chartered Accountants, as the Corporation’s auditor.
Immediately following the Meeting, the Corporation’s board of directors convened to appoint LGC’s executive officers for the ensuing year. The Corporation is pleased to announce that Mr. Ferras Zalt has been named as the new Chairman of the Corporation’s board of directors. Mr. Mazen Haddad was re-appointed as the Corporation’s Chief Executive Officer, Mr. Mark Shinners was re-appointed as the Corporation’s Chief Financial Officer, Mr. John McMullen was re-appointed as the Corporation’s President, Mr. Remy di Meglio was re-appointed as the Corporation’s Chief Operating Officer, and Mr. Michael Kozub was re-appointed as the Corporation’s Corporate Secretary.
oatsuzn
5 years ago
LGC Capital announces that it has increased its ownership to 40.4% of Little Green Pharma in Australia
https://howardgroupinc.com/2019/05/lgc-capital-announces-that-it-has-increased-its-ownership-to-40-4-of-little-green-pharma-in-australia/
MONTRÉAL, May 22, 2019 – LGC Capital Ltd. (TSXV: LG) (OTCQB: LGGCF) (“LGC” or the “Corporation”) announces that after much negotiation, it has successfully acquired, from a non-executive founder, additional shares in Australia’s licensed medical cannabis producer Little Green Pharma (LGP) bringing its ownership from 14.1% up to 40.4%.
LGP was the first, and is currently the only, domestic cannabis company in Australia producing a locally grown medicinal cannabis medicine for patients. LGC believes the opportunity to increase its ownership in LGP creates significant value for its shareholders and enables the Corporation to further take part in the rapidly expanding Australian medical cannabis market.
Little Green Pharma has had over 400 patients approved in Australia, with new patients increasing exponentially month-over-month. The Australian industry represents one of the fastest growing international medical cannabis markets globally, with approximately 6,400 SAS B forms approved to the end of April 2019 of which 1,110 occurred in April alone. Prohibition Partners estimates that the Australian medical cannabis market could be worth US$2 billion by 2028 and US$8.7 billion if adult use was to become legal.
Little Green Pharma produces its products in compliance with Australia’s strict Therapeutic Goods Order 93 Standard for Medicinal Cannabis and is one of only a handful of companies with an EU GMP recognised medical cannabis facility.
Expansion plans for LGP‘s cultivation facility have been submitted to Australia’s Office of Drug Control to increase production capacity in order to supply the Company’s growing demand for its products in Australia as well as to export product via its new distribution agreements in Germany, the United Kingdom, Canada and New Zealand.
Mazen Haddad, CEO of LGC Capital, stated; “Little Green Pharma was one of our first investments and as its business and opportunities expanded, and the opportunity to increase our shareholding to over 40% is a significant move for the Company. To be the first in Australia to grow and produce a full line of Medical THC Cannabis products, in accordance with both Australian and European standards, represents a great opportunity for LGC and its global initiatives. We look forward to expanding Little Green Pharma‘s production capacity and help growing its reach throughout the globe.”
Terms of the transaction:
Subject to TSXV approval, LGC Capital will pay to the vendor of the shares, AUS$5.5M. Closing of this transaction is expected to be within 95 days of signing the agreement.
Statutory information: For the financial year end 30 June 2018, Little Green Pharma generated Revenue of AUS$8,337 and had a net loss for the period of AUS$3,757,810. This was first year that the company was operational as a legal cannabis business.
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