Symbol: TSX-V: LG
MONTREAL, June 19, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to announce it has been advised by Australian Medical Cannabis LP, Little Green Pharma, that on Thursday June 14, 2018, they received their final mandatory testing results from Australia's only TGA approved laboratory for medicinal cannabis testing and Little Green Pharma passed. This was the first time the laboratory had done the full suite of TGO 93 tests giving an indication that Little Green Pharma are on their way to having the first Australian produced medicinal cannabis for commercial sale.
Little Green Pharma's products are now being prepared at their manufacturing facility for stability testing, which will take about a month and a half after which product will be available for patients.
Background Information on TGO 93:
TGO 93 applies to any medicinal cannabis product imported into, exported from, or supplied in Australia. The guidance is for manufacturers and sponsors, to assist in ensuring medicinal cannabis products conform with Therapeutic Goods Order No. 93, the Standard for Medicinal Cannabis. TGO 93 is a standard that specifies minimum quality requirements for medicinal cannabis products. The strict nature of the guidelines has resulted in many imported products being disallowed in Australia. For further information see Australian Government Department of Heath link at https://www.tga.gov.au/conforming-tgo-93-standard-medicinal-cannabis
On 29 May 2018, Little Green Pharma received confirmation from the Office of Drug Control (ODC) that their Medicinal Cannabis Licence has been extended by two years, now expiring 28 May 2020. Little Green Pharma believe that this is the first time the ODC has extended a company's licence by more than 12 months.
Crop #2 was planted shortly after the last harvest and Little Green Pharma have recently changed the lighting sequence to induce flowering. As such, the second harvest is expected in approximately 8-10 weeks.
John McMullen, CEO of LGC commented, "The team at Little Green Pharma have continued to successfully execute their plan to becoming a viable and important supplier of medical cannabis to Australian and global markets. Little Green Pharma's patented technology will have a positive impact to lowering costs of production without affecting the efficacy of the product for medical patients. To have their medicinal cannabis license extended secures their success. We at LGC Capital, look forward to the launch of these products that will improve peoples' lives around the world."
Fleta Solomon, Little Green Pharma's Managing Director commented, "The cultivation team has worked tirelessly to produce a clean locally grown product completely free from pesticide use. To be the first commercial company in Australia to pass the full suite of mandatory testing highlights our leading position in the Australian market. The group to benefit most from this are patients and we are proud to be able to have our unique product offering available in August 2018."
About Little Green Pharma (www.lgpharma.com.au)
Little Green Pharma is a private entity and one of the few companies in Australia with both a licence and permit to cultivate and produce Medicinal Cannabis. The harvesting of their crop marks the first time Medicinal Cannabis has been cultivated in Western Australia and is most likely the first crop for commercial use in Australia.
About LGC Capital (www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services with an emphasis on significant investments in global medical cannabis sector.
Information Relating to Little Green Pharma
All information contained in this press release relating to Little Green Pharma has been provided to LGC by Little Green Pharma. LGC has relied upon this information without having made independent inquiries as to its accuracy or completeness and assumes no responsibility for any inaccuracy or incompleteness of such information. LGC currently has a strategic interest in Little Green Pharma of 14.45%.
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and Habi Pharma Pty Ltd ("Trading as Little Green Pharma"), and their respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and Little Green Pharma could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor Little Green Pharma has any obligation to update such statements, except to the extent required by applicable securities laws.
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SOURCE LGC Capital Ltd