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LGP repays loan to Canopy Growth after A$5m capital raise

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Via Cannabiz ..

We wonder if this deal also has something to do with them withdrawing from the French Govt sanctioned CBD trial where they were, it appears, prociding “medical grade” CBD at less than cost.

We will let you decide

Little Green Pharma Pulls Out Of French Govt CBD Trial

 

Cannabiz say of the latest financial setup

Little Green Pharma (LGP) has removed a loan to Canopy Growth from its balance sheet after raising A$5 million via a placement from new and existing shareholders.

The funds will repay the balance of a loan note relating to LGP’s acquisition of a Danish medicinal cannabis facility from Canopy in 2021.

LGP said in its quarterly financial statement in January that it owed C$3.1m ($3.4m) plus interest to Canopy.

The balance of the funds raised in the placement will be used as working capital.

The raise saw 27 million shares issued at $0.18c per share, a 5.3% discount on the closing price on March 21.

LGP chief executive Fleta Solomon, who has committed $50,000 to the placement subject to shareholder approval, said the removal of the loan strengthens its balance sheet and “removes associated interest expenses”.

“In addition, the business will use the balance of the funding to continue delivering on its growth trajectory and focus on achieving cashflow break-even,” she said.

“We are confident the current business momentum will allow it to continue growing sales and leveraging domestic and international medicinal cannabis market opportunities.”

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LGP repays loan to Canopy Growth after A$5m capital raise



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Asia Pacific & Australia

A shortage of prescribed medical cannabis supply has led to Australian patients being left stranded, according to the Legalise Cannabis Queensland Party (LCQP).

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Just about sums up what wrong with medical cannabis supply in Australia if the LCQP assertions are true.

There are a million reasons why this is happening and msot of it is due to bad govt policy and greed on the part of some suppliers who know that they aren’t just supplying to a “medical” market.

 

 

Source: https://lismoreapp.com.au/NewsStory/australian-medical-cannabis-patients-face-ongoing-product-shortages/677783b6bcd792002e21893f

A shortage of prescribed medical cannabis supply has led to Australian patients being left stranded, according to the Legalise Cannabis Queensland Party (LCQP).

The disruption to vital medication for those who rely on it for chronic conditions, pain and other medical issues is doing patient harm, says patient advocate and Secretary of the LCQP Suzette Luyken.

“This isn’t just an inconvenience; it is doing harm to patients,” said Suzette Luyken, patient advocate and Secretary of the Legalise Cannabis Queensland Party.

“Before Christmas, supply chains were closing for extended periods, and those with psychiatric disabilities were badly affected. Depressions deepen over this season, and the results can be devastating for those who suffer from PTSD and depression. Imagine if this were insulin or heart medication—it would be a national scandal.”

Medical cannabis was legalised in Australia in 2016, offering hope to patients with conditions often resistant to conventional therapies. However, the reality has been far less promising. Supply chain disruptions, inadequate stock and poor planning have left pharmacies unable to fill prescriptions, forcing patients to endure the consequences.

 

“For many patients, the fallout has been severe. The interruption of care has left many struggling to manage their conditions effectively. Patients must endure debilitating symptoms; go back on to heavy-duty pharmaceuticals, or seek out product from the black market.”

The crisis has sparked urgent calls for action from both government agencies and the corporate cannabis industry. Key demands from patients and advocacy groups include:

1.          Improved supply chain transparency and planning.

2.          Emergency stock reserves to prevent shortages.

3.          Greater accountability from manufacturers and distributors.

“Australia has excelled in many areas of healthcare, but when it comes to medical cannabis, we are letting our patients down,” said Suzette Luyken. “It’s time for regulators, manufacturers, and distributors to address these issues with the urgency they deserve.”

 

Southside Chempro owner Kyle Wood told the Lismore App he doesn’t think there is an inherent problem with the supply of medical cannabis.

“Medical cannabis has a conservative shelf life, so when it is imported into Australia, it has about six months to be distributed and used.

“The pharmaceutical companies have to anticipate what the supply will be in advance. With a conservative shelf life, this can leave them losing a lot of money, which they don’t want to do.

“It’s fine for the big-name brands who don’t have supply problems, but the smaller, boutique growers can have problems with the next grow crop. The bio-equivalence will never be the same, meaning the flower varies from crop to crop.”

The Australian medical cannabis industry is still too young to cover domestic supply, so overseas companies are needed to fill the gap.

 

Federal Government legislation also prohibits substituting between products, which causes supply chain issues.

Kyle said that supply chains can get caught up, and there can be a shortage for a month or two.



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Asia Pacific & Australia

Cannabiz Weekly Report (Australia) Headlines Suggests A Rather Sickly Sector – Maybe They Need Some Medical Cannabis!

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Firms owed $1.7m by OneLife Labs

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Health House parent hits financial wall as Melodiol enters administration

Health House parent Melodiol Global Health has entered voluntary administration, the third medicinal cannabis company to hit the financial wall in the space of six weeks.

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Releaf’s new owners explore plan to bring franchisees back

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Melodiol facing creditor and loan debts of $17m, report reveals

Troubled Melodiol Global Health has racked up A$17 million worth of debt, an initial administrator’s report has revealed, as efforts continue to sell its distribution arm, Health House.

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Paper – Australia: NSW cannabis medicines advisory service retrospective enquiry analysis to inform clinical guidance resource development.

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An innovative New South Wales government funded statewide Cannabis Medicines Advisory Service (CMAS) operated between January 2018 and June 2022. The service provided comprehensive patient-specific and evidence-based information to support health professionals in prescribing and patient care decisions. This study aimed to describe real-world data collected by CMAS.

A sub-set of de-identified, patient-specific enquiries collected between January 2021 and June 2022 (n = 123/567; 21.7%) were analyzed using R version 4.2.1. Diagnosis, indication, and comorbidities were coded using Medical Dictionary for Regulatory Activities (MedDRA) terminology.

Most patient-specific enquiries from medical practitioners were from general practitioners (n = 103/123; 83.7%). Female (n = 53/123; 43.1%) and male (n = 59/123; 48.0%) patients were similarly represented. Sex was not specified for 8.9% (n = 11/123) of patients. The mean age of patients was 52.1 years (range <10-90). The most common three diagnoses were osteoarthritis, anxiety, and chronic pain. Indications that were most frequently reported included chronic pain, anxiety, back pain, non-neuropathic pain, and insomnia. Comedications were most commonly non-opioid and opioid analgesics and antidepressants. Most practitioners were considering prescribing a cannabidiol (CBD) product for their patient. Cannabinoid composition selection guidance provided by CMAS was predominantly (delta-9-tetrahydrocannabinol) THC:CBD ~1:1, followed by CBD-only products. CMAS was contacted by health professionals regarding the management of potential adverse events for five patients.

The findings of this study shed light on the information medical practitioners were seeking to inform their clinical decision-making about medical cannabis and can inform the development of clinical guidance resources.

© 2024 The Author(s). Neuropsychopharmacology Reports published by John Wiley & Sons Australia, Ltd on behalf of The Japanese Society of Neuropsychopharmacology.



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