Little Green Pharma Secures French Medical Cannabis Contract for CBD50 Oil

Little Green Pharma (LGP), an Australian company, has been awarded a significant contract to supply CBD50 oil for the French medical cannabis trial. This marks a continuation of LGP's involvement in France's exploration of therapeutic cannabis, where they have already been providing CBD:THC 20:1 oil

The contract allows LGP to supply up to 1 million units of CBD50 oil, although the financial details of the deal remain undisclosed. Previously, LGP opted out of a similar contract due to unfeasible pricing terms. The new agreement, however, sets the supply price at 77 Australian dollars (47 euros) per bottle, potentially totaling 1 million euros depending on demand

France's medical cannabis trial has faced challenges, including shortages of CBD oil, which prompted the need for this second tender. The Direction Générale de la Santé (DGS) had to address these supply gaps to ensure the continuity of the trial. This contract with LGP aims to stabilize the supply chain and meet patient needs until the trial's conclusion in March 2024

The trial has shown promising results, with 91% of the 1,643 active participants reporting positive outcomes. LGP has been a crucial supplier, with over 85% of the 3,000 trial participants using their products. The success of the trial could pave the way for the broader legalization of medical cannabis in France, a significant market within the European Union

LGP's involvement in the trial not only strengthens its position in France but also aligns with its strategic goals of expanding into the European market. The company has been in discussions with French health authorities to explore further opportunities in the region. Following the announcement of the contract, LGP's shares saw an increase of nearly 8%, reflecting investor confidence in the company's growth potential