Daily Banking News

FastForward Innovations Limited ups stake in Little Green Pharma Ltd

The company said it has purchased an additional 1.17mln shares in the Australia medicinal cannabis producer, taking its stake to 2%

() said it purchased a further 1.17mln shares in its portfolio firm (LGP) through the Australian Stock Exchange at an average price of A$0.655 each.

The investment firm said following the purchase it now holds shares equivalent to around 2% of LGP’s share capital.

READ: FastForward jumps as cannabis company Yooma Wellness plans London listing

LGP is a medicinal cannabis firm that operates an indoor cultivation facility and manufacturing plant in Western Australia for the production of its own-branded range of GMP-grade medicinal cannabis products.

“We have been extremely pleased with Little Green Pharma’s progress of late in what is one of our most recent investments in the medicinal cannabis space”, FastForward’s vice president of investment analysis Alfredo Pascual said in a statement. “Their latest operational announcement of an additional purchase order from Germany…is consistent with the widely reported growth of the German medical cannabis market, which is Europe’s largest. The purchase order of c.21,300 units represents c.320kg of the flower medicine for delivery during the quarter ending 31 December 2021. When compared to the latest German official data available showing the country is now importing just over 3,000kg of medical cannabis flower per quarter, with strong double-digit year-on-year growth, it clearly demonstrates that LGP is becoming one of the leading exporters into Germany and crucially shows the increasing global demand for LGP’s GMP-grade medicinal cannabis products”.

“We continue to be impressed with the management of LGP and believe in their strategy. We will continue to support the company both financially and with our cannabis sector expertise and we are looking forward with confidence to their further growth and progress”, added FastForward chief executive Ed McDermott.

Read More: FastForward Innovations Limited ups stake in Little Green Pharma Ltd

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