Little Green Pharma (ASX:LGP) share price lifts as bosses reflect on a big year

heavy lifting, lifting index, carrying weight, boy lifting dumbbell above his head

The Little Green Pharma Ltd (ASX: LGP) share price is gaining today as its leaders comment on the company’s “laser focus” towards rapid growth.

The medicinal cannabis producer and distributor released its annual report for financial year 2021 today. Within it, the company’s bosses looked back on the year that brought its maiden profit and first expansion into Europe.

At the time of writing, the Little Green Pharma share price is 69.5 cents, 1.46% higher than its previous close.

Let’s take a closer look at what Little Green Pharma’s leaders had to say about its financial year 2021 and its future.

Financial year 2021 for Little Green Pharma

The Little Green Pharma share price is in the green today amid the release of its annual report.

The company’s managing director and chair both provided comments within the report, each detailing a successful financial year.

Over financial year 2021, Little Green Pharma acquired a medicinal cannabis cultivation and manufacturing facility in Denmark and grew its relationship with its German distribution partner, Demecan.

It has also positioned itself to break into the French, Danish, and Polish markets.

Additionally, Solomon noted the company’s products saw record growth in demand in financial year 2021, with 10,600 new patients.

Little Green Pharma’s managing director, Fleta Solomon, said:

To know we could batten down the hatches, ride out the pandemic, and grow organically was a testament to our strong business model and team.

Little Green Pharma’s chair, Michael Lynch-Bell, noted the acquisition of the Denmark facility represented a “step change” for the company. Particularly, as the placement it underwent to purchase the facility received strong institutional support.

The Little Green Pharma share price gained 10% on news of the acquisition and placement.

Now, the company is working on an observational study conducted by the University of Sydney. The findings of the study are expected to be peer-reviewed and published in 2022.

Additionally, a clinical investigation into its LGP Classic 10:10 medicinal cannabis oil has found it can safely treat chronic refractory pain. Little Green Pharma is now progressing another clinical trial into the efficacy of medicinal cannabis in the treatment of symptoms of fibromyalgia.

Finally, the company’s ARISE project is moving through the first of 3 phases.

Little Green Pharma share price snapshot

Today’s boost included, the Little Green Pharma share price has gained 24% since the start of 2021. It is also 148% higher than it was this time last year.

The post Little Green Pharma (ASX:LGP) share price lifts as bosses reflect on a big year appeared first on The Motley Fool Australia.

Should you invest $1,000 in Little Green Pharma right now?

Before you consider Little Green Pharma, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Little Green Pharma wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3CYHWwW

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s