Medical cannabis market pioneer Little Green Pharma (ASX:LGP) has secured a commercial tender to supply $1.6 million of its CBD50 product to the highly-regarded French medicinal cannabis trial.
The company, which has a $56.88 million market capitalisation, says it will supply $1.6 million worth of its CBD50 Classic oils to the trial at $77 per bottle, subject to trial demand.
Little Green Pharma reports further demand will be generated within the remaining march 2023 trial period.
The company notes it is ‘very pleased’ to have been selected by the French Government to continue supplying its GMP medicinal cannabis oil products to its French patients, many of whom have been prescribed LGP products since the beginning of the trial.
As a result, Little Green Pharma remains the largest supplier with over 85% of the 3,000 participants expected to trial the company’s CBD products.
The company also notes it views the future French medicinal cannabis market as a ‘highly prospective’ commercial opportunity, with this award positioning it to influence and supply a future French market upon conclusion of the trial in March 2024.
The trial represents the largest Government-led trial in Europe and the only available pathway for the supply of medicinal cannabis in France.
Little Green Pharma represents a global, vertically integrated and geographically diverse medicinal cannabis business with operations from cultivation and production through to manufacturing and distribution.
The company currently holds 2 global production sites for the manufacture of its own-branded and white-label ranges of GMP-grade medicinal cannabis products, with its Danish facility being one of the largest GMP medicinal cannabis production sites in Europe.