Little Green Pharma (ASX:LGP) share price whiskers near all-time high

The Little Green Pharma Ltd (ASX: LGP) share price is closing in on a record high on news of a contract award with the French Government.
The post Little Green Pharma (ASX:LGP) share price whiskers near all-time high appeared first on The Motley Fool Australia. –

cannabis leaves on a rising line graph representing growth of ASX cannabis shares

Shares in the Little Green Pharma Ltd (ASX: LGP) are rocketing higher today. This comes after the company announced it has won a contract award with the French Government.

During morning trade, the Little Green Pharma share price reached within a whisker of its all-time high of 68 cents. Its shares topped out at 67 cents, before pulling back to 64 cents, up 10.3%.

What did Little Green Pharma announce?

In today’s release, Little Green Pharma advised that it has been selected as the primary supplier of medicinal cannabis oils for a national French medicinal cannabis trial.

The new appointment will see the company partner up with French leading pharmaceutical distributor, Intsel Chimos.

Little Green Pharma will begin a 2-year trial to supply its medicinal cannabis products for the treatment of clinical conditions. The study will look at the efficacy and safety of up to 3,000 patients undertaking medicinal cannabis therapy.

The company highlighted that as a result of being selected for the trial, it will create a significant first-mover advantage. The study is currently the only pathway for medicinal cannabis to be supplied to the French market.

If successful, Little Green Pharma estimates that the legalised medicinal cannabis sector could potentially be worth €4 billion (AUD$6.3 billion) annually.

Words from the managing director

Little Green Pharma managing director Fleta Solomon welcomed the new deal, saying:

We are very proud of our partnership’s success in the French national tender and see this tender win as strong evidence of LGP successfully implementing its export-led global sales strategy and demonstrating the benefits of Australian Good Manufacture Practices (GMP) quality manufacturing in global pharmaceutical markets.

We believe the trial will demonstrate the partnership’s credibility and reliability to the French medical community, giving both companies a significant competitive advantage once medicinal cannabis is legalised in France.

…We trust this marks the beginning of a long and rewarding partnership as we look to grow and cement our reputation amongst French patients and prescribers as a world-class medicinal cannabis supplier.

How has the Little Green Pharma share price performed?

The Little Green Pharma share price has travelled 82% higher since listing on the ASX boards in February 2020.

In March last year, the company’s shares took a dive to 17 cents from the impacts of COVID-19. However, in the following months, its shares have rebounded to now be within reach of breaking its all-time high record.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor Aaron Teboneras 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.

The post Little Green Pharma (ASX:LGP) share price whiskers near all-time high appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!