Highlights:
- Little Green Pharma completes commissioning of cultivation facility expansion on time and on budget
- Expanded cultivation facility will allow production of up to 110,000 bottles of medicinal cannabis oil per annum, approximately 10 times current capacity
- First planting targeted for Q2CY2020, subject to Office of Drug Control permitting
- Expansion of LGP’s cultivation capacity will assist in fulfilling sales agreements for the German and UK markets
MONTREAL, March 26, 2020 (GLOBE NEWSWIRE) -- ELIXXER, LTD. (TSX.V: ELXR. OTCQB: ELIXF GR: 2LQA) (“ELXR” or the “Company”)”) is pleased to announce that Little Green Pharma has completed the commissioning of its expanded cultivation facility in Western Australia.
The facility expansion was commissioned on time and on budget using state-of-the-art equipment, enhancing the Company’s ability to produce GMP manufactured medicinal cannabis. The expanded cultivation facility will have the capacity to produce sufficient cannabis flower to manufacture more than 110,000 bottles of medicinal cannabis oil per annum, approximately ten times the current production capacity.
The expanded cultivation facility features nine new flowering rooms with a number of automated technologies to enhance cultivation effectiveness, such as rolling benches, computer-timed LED lighting, climate control, and irrigation control.
The facility will operate under its expanded Medicinal Cannabis Licence, which was granted by the Office of Drug Control (“ODC”) (as announced to the ASX on 12 March 2020) and is valid until 10 March 2021.
Subject to final regulatory approval and the granting of an expanded Medicinal Cannabis Permit by the ODC, including any potential delay to the permitting process due to the impact of COVID-19, LGP expects first planting at its expanded cultivation facility to take place in Q2CY2020.
Commenting on the completion of the facility expansion commissioning, LGP Managing Director Fleta Solomon said:
“It is pleasing to see the hard work by our staff come to fruition through the completion of this expanded cultivation facility.
“The Company has signed sales agreements into some of the world’s largest medicinal cannabis markets, including Germany and the UK, and this expanded facility represents a major milestone in enhancing our ability to improve the lives of patients in Australian and international markets.”
For more information about Little Green Pharma go to: www.littlegreenpharma.com
German medicinal cannabis market overview
Germany represents a significant opportunity for LGP as the largest medicinal cannabis market in Europe, estimated to be worth €7.7 billion (A$12.5 billion) by 2028. The number of prescriptions for medicinal cannabis in Germany is growing rapidly; there were 95,000 prescriptions at the end of 2018 and more than 240,000 prescriptions were expected by the end of 2019.
It is expected Germany will remain a favourable market for the import of medicinal cannabis oil products due to insufficient domestic supply as a result of significant delays in its domestic cultivation tendering process, with the first licences only awarded in 2019.
About Elixxer Ltd. (www.Elixxer.com)
ELXR Ltd. is a Canadian public company listed on the TSX Venture Exchange (TSX-V: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).
Through its partners ELXR presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.
For further information please contact:
President, John McMullen, +1-416-803-0698, john@elixxer.com
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.
Notice Regarding Forward Looking Statements
This press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally 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 Elixxer, including completion of the Loan and any future investment or acquisition, 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 Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19f79008-f00f-407c-8f76-882d568fabb6