Little Pharma shares lift 8% amid appointment of ‘highly regarded’ director

Little Green Pharma shares are smoking the market today.

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Key points

  • Little Green Pharma shares surge 8.33% to 32.5 cents during early afternoon trade 
  • The company announced the inclusion of Beatriz Vicén Banzo on its board 
  • The appointment will see Banzo serve as a non-executive director effective immediately 

The Little Green Pharma Ltd (ASX: LGP) share price is flying on Thursday following a company update.

At the time of writing, the medicinal cannabis’ shares are up 8.33% to 32.5 cents.

What did Little Green Pharma announce?

In the morning, Little Green Pharma provided investors with a board appointment which has led its shares to push higher.

According to its release, the company announced the inclusion of experienced pharmaceutical regulatory executive, Beatriz Vicén Banzo on its board.

Serving as a non-executive director effective today, Banzo brings a wealth of experience to the role. Her decorated career spans large multinational companies with a focus on regulatory affairs for European pharmaceutical enterprises.

Banzo sat on the board as director of public affairs and quality for global pharmaceutical leader, Bayer in Spain.

In her position, Banzo was responsible for a number of important business functions. This included quality assurance, regulatory affairs, pricing and market access across the business’s divisions.

Prior to this, Banzo held the title of head of regulatory affairs and permanent executive committee guest at Novartis Pharmaceutical for almost 10 years.

Banzo has a degree in pharmacy as well as an MBA from the University of Barcelona.

She also possesses a masters in European regulatory procedures as well as an additional MBA from ESADE business school.

Notably, the appointment coincides with Little Green Pharma’s expansion of its operations throughout Europe.

The Spanish market represents an emerging opportunity for the company given the country’s large population of 50 million people.

Little Green Pharma is seeking a stronger foothold in the European market as interest increases in the cannabis medicines industry.

Management commentary

Little Green Pharma CEO, Fleta Solomon said:

I am very excited to welcome Beatriz to the leadership team at Little Green Pharma. Her experience in international pharmaceutical management and regulation is unmatched and will no doubt be a major asset to the Company as we continue to expand.

In particular, she has detailed knowledge of the development requirements for products in European and international markets, as well as experience executing strategies to build leadership positions in the pharmaceutical industry, highlighted by her time at multinational company Bayer.

Little Green Pharma share price snapshot

Over the last 12 months, Little Green Pharma shares have tumbled by more than 62%.

The company’s share price reached a multi-year low of 21.5 cents last month, before recovering some lost ground.

Based on today’s price, Little Green Pharma has a market capitalisation of around $72.08 million.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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