Cannabis stock Little Green Pharma (ASX:LGP) has been awarded an Italian government tender to deliver a shipment of EU GMP medicinal cannabis flower from its Danish facility into Italy.
While the the shipment value of around €200k is not material, the award means that LGP has joined a small group of international cannabis producers qualified to supply cannabis flower medicines into Italy.
With a population of 60 million people, Italy’s total addressable market for medicinal cannabis is estimated around $10 billion.
The country also has some of the highest GMP product quality standards globally, with LGP being one of only two suppliers bidding for the tender – with only Aurora having been successful in the past.
LGP has two global production sites for the manufacture of its GMP-grade medicinal cannabis products.
One is the 21,500m2 cultivation and 4,000m2 EU GMP manufacturing facility in Denmark capable of producing over 20 tonnes of medicinal cannabis biomass per annum.
The Italian shipment will come from this facility.
The other one is a GMP facility located in Western Australia capable of producing around 3 tonnes of medicinal cannabis biomass per annum.
The company is backed by Gina Rhinehart’s Hancock Prospecting, which holds 10% of the company.
ASX Health Stocks: Little Green Pharma’s cannabis to set sail from Denmark to Italy after tender win
