Little Green Pharma shares surged more than a third on Thursday, October 17, after the company announced a cash flow positive quarter alongside record revenue figures.
Unaudited sales topped A$10 million for the quarter ending September 30, a 40% increase on the prior three-month period and nearly 60% ahead of the equivalent quarter the previous year.
The result brought LGP's half-year revenue to just under $19m.
The strong performance translated into net cash inflows of $1m for the quarter and $600,000 across the half year.
Investors responded by pushing shares up 36% to $0.12c.
Growth was led by a 45% rise in oil sales and a 35% increase in flower, though vape sales dipped 20% from a low base.
Within Australia, flower and oil sales grew 30% and 35% respectively, while European sales climbed 60% and 110% across those same categories.
After extended participation in a medicinal cannabis pilot program in France, LGP dispatched a commercial shipment worth $650k to the country, with a second delivery of comparable size following in early October.
Beyond the top-line sales growth, LGP noted that economies of scale were beginning to materialise, with cash receipts up 30% and operating cash costs down 15%.
During the quarter, LGP introduced a new brand called Indicare, with the initial THC 22 sativa and THC 20 indica product lines made available through the Special Access Scheme.
Its CherryCo brand continued to perform well, recording a 50% sales increase on the prior quarter in spite of what LGP described as "me-too" products entering the market.
LGP-branded product sales rose 30%, with revenue recorded across France, the UK and Switzerland. White-label contract revenue grew 35%, the company said.
LGP said it remained well funded with $4.8m in the bank at the end of September, up from $4.3m.
