Little Green Pharma has secured a tender to supply its CBD50 Classic oil to France's ongoing medicinal cannabis trial, a win the company says will strengthen its foothold in the market if authorities move to legalise medical use.
The Perth-based company will sell each bottle at A$77, up to a total contract value of $1.6m. The trial is scheduled to conclude in March 2024.
LGP already supplies its CBD1:20 Classic oil to the French Government and estimates that 85% of the 3,000 trial participants are likely to have been prescribed an LGP product. The company claims its brand is the most recognised among trial patients and prescribers.
"The company is optimistic that a future French medicinal cannabis market is one of the most prospective cannabis opportunities available globally," LGP said.
"The company has fostered excellent relationships with French health regulators and will be able to efficiently and quickly position itself – including through the establishment of in-country operations – to service any future French medicinal cannabis market model."
LGP shares rose nearly 8% during trading before closing the day 5% higher at $0.20c per share.
Cann Group
Cann Group has pushed back the closing date for its current capital raise to July 25, granting investors an extra five days to submit applications for shares.
The company told the ASX that a number of shareholders had "experienced difficulties" receiving offer documents both by post and online.
Cann Group is looking to raise almost A$12 million to accelerate production at its Mildura facility.
Melodiol Global Health
Melodiol Global Health, which was previously known as Creso Pharma, has posted a 20% increase in adult-use cannabis sales through its wholly-owned subsidiary Mernova Medical, as the company continues building the groundwork to export products to Australia.
Revenue for the first six months of 2023 rose to A$3.1 million, with second quarter sales of $1.5m — a 42% jump on the same period the prior year.
Melodiol said the second half of 2023 got off to a strong start, with confirmed purchase orders in July totalling nearly $300,000.
Mernova is also working to "fast track cannabis exports to Australia and Europe" by working with North American regulatory agency CannDelta to bring its Nova Scotia manufacturing facility up to Good Manufacturing Practice standards.
Mernova has begun the application process for a GMP licence, with the process described as "well underway" by the firm.
Following the rebrand from Creso to Melodiol, the company's ASX ticker has changed from CPH to ME1.
Shares are currently sitting at $0.007c per share, having fallen 65% year to date and 30% over the past month.
Entourage Health
Canadian producer and distributor Entourage Health has completed its first international order, shipping 100kg of bulk medicinal cannabis to Lyphe Australia.
Chief operating officer James Afara said: "We are thrilled to be able to diversify our business portfolio by exporting medical cannabis internationally.
"We are proud to have entered the global cannabis market and look forward to continuing to provide patients across Canada, and now Australia, with high-quality cannabis and to further expand the company's revenue streams."
Levin Health
Levin Health has added two new members to its leadership team, appointing Trevor O'Hoy and Chris Kelaher to the board as non-executive directors.
O'Hoy brings a 33-year business career that includes roles as CEO of Foster's Group, managing director of Carlton and United Breweries, and executive chairman at Swisse Wellness. He currently chairs the Ponting Foundation and the Tobin Brothers Foundation, and sits on the board of Stone and Wood Brewing Company.
Kelaher served as CEO of IOOF Holdings, where he played a central role in building the company into one of Australia's largest wealth management businesses over two decades. He also held positions on the executive board of Plan B Group Holdings and DKN Financial Group.
Levin said both directors were drawn to the company through personal experiences with medicinal cannabis, as well as the company's growth potential in domestic and international markets.
Chairman Matt Syme added: "Levin Health is delighted to have secured the services of two exceptional business people, to help guide [its] continued growth. It is symptomatic of the increasing maturity of the medical cannabis sector and Levin's premium sports and wellness-oriented business model, that we are able to attract two such high-quality people to the board."
Levin is set to begin a trial examining the effectiveness of medicinal cannabis in addressing chronic pain, anxiety, stress and insomnia.
