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
Renewed Licence:
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.
Current Crop:
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%.
FORWARD-LOOKING STATEMENTS
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.
Caution Regarding Press Releases
Neither the TSX
Venture Exchange nor its Regulation Service Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE LGC Capital Ltd