Little Green Pharma (ASX:LGP) has announced that its Desert Flame high THC (20%) medicinal cannabis flower product has received Marketing Authorisation in Poland. This marks a significant milestone for the company, providing new opportunities in the rapidly growing medicinal cannabis market in Poland.
In Poland, Marketing Authorisations are the exclusive pathway for the supply of medicinal cannabis products. Presently, there are ten Marketing Authorisations granted for cannabis flower products with THC content in the range of 18-22%. The wholesale prices of medicinal cannabis flower in this category typically range from $7.50 to $9.50 per gram, while retail prices range between $11 and $15 per gram.
LGP's distribution partner in Poland, Medezin S.p. z.o.o., will be responsible for holding the Marketing Authorisation and distributing the Desert Flame product on a white-label basis during the term of their distribution agreement. Medezin is a highly experienced and large-scale pharmaceutical distributor and is a wholly owned subsidiary of Pelion SA, the largest operator in the Polish and Lithuanian healthcare sectors.
The initial shipment of Desert Flame high THC medicinal cannabis flower from LGP to Poland is scheduled for October 2023. The company views Poland as a highly promising medicinal cannabis market, with a predicted compound annual growth rate (CAGR) of 16%. Factors contributing to this optimistic outlook include Poland's population of 38 million, an import-only supply regime, GP prescribing capability, and no restrictions on the conditions treatable with cannabis.
LGP's successful acquisition of Marketing Authorisation in Poland demonstrates the company's preparedness to register additional products in Poland and other jurisdictions with similar barriers to entry.
With this latest development, LGP reinforces its position as a significant global exporter of medicinal cannabis. The company's export-led sales strategy is further validated, positioning LGP to capitalize on the increasing demand for medicinal cannabis products in Europe.
The grant of Marketing Authorisation in Poland presents a notable opportunity for Little Green Pharma Ltd, expanding its presence in a promising market and enhancing its reputation as a key player in the global medicinal cannabis industry.
