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.