The Little Green Pharma Ltd (ASX: LGP) share price is struggling this month despite numerous positive announcements released to the market.
On 6 September, the medical cannabis producer announced its first Danish shipment and two new appointments. Then, on 7 September, it announced it will foray into psychedelic medicines.
Unfortunately, none of Little Green Pharma’s gains from the announcements have managed to stick. In fact, the company’s stock has returned all its September gains and then some.
Right now, the Little Green Pharma share price is 70 cents, flat with its previous close, and 6.67% lower than its first close of this month.
Let’s take a closer look at the latest news from the company.
The month so far for Little Green Pharma
The Little Green Pharma share price is having a tough slog this month despite the market reacting positively to 2 announcements.
First off, Little Green Pharma announced the first shipment of cannabis flower medicine from its recently acquired Danish facility had arrived in Australia. Additionally, the company shared news of 2 key appointments.
The cannabis flower medicine is named Billy Buttons THC 16 and has a THC content of 16%. The company is selling Billy Buttons to the Australian market in 15-gram packs.
Little Green Pharma expects to receive another 2 shipments from its facility in Denmark before the end of October.
Little Green Pharma also announced it had appointed the former managing director of its Danish facility, Morten Snede, as its new Chief Financial Officer. It also brought the former managing director of Tasmanian Botanics, Tony Roberts, on board as its new general manager.
The Little Green Pharma share price gained 4% on the back of the day’s news.
The following day, the company announced it was to venture into supplying psychedelic medicines.
Western Australia’s Department of Health granted Little Green Pharma a licence to supply psilocybin. As a result, the company formed a subsidiary to conduct its psychedelic business.
Psilocybin can be used to treat mental illness.
Following the announcement, the Little Green Pharma share price gained 6.4%.
Unfortunately, its gains didn’t hold. Since then, the company’s share price has fallen 14.6% for no apparent reason.
Little Green Pharma share price snapshot
Despite its recent dip, Little Green Pharma’s stock has been performing well on the ASX.
It is currently 25% higher than it was at the start of 2021. It has also gained 150% since this time last year.