ELIXXER, LTD. (TSX-V: ELXR. OTCQB: ELIXF) (“ELXR” or
the “Company”) is pleased to announce that Little Green
Pharma (LGP) has begun trading on the Australian Stock Exchange
under the symbol, LGP. The 10 million dollars IPO ($AUS) was
fully subscribed with banking group Cannaccord Genuity Australia.
LGP has also announced that the company has signed a binding
purchase agreement (“Agreement”) with Astral
Health, a UK-based specialist importer and distributor of medicinal
cannabis products.
Astral Health is a subsidiary of LYPHE Group, a European leader
in medicinal cannabis solutions across distribution channels,
including medicinal cannabis clinics, online pharmacies, and
healthcare practitioner training.
Under the Agreement, Astral Health will purchase, import, and
distribute LGP’s current medicinal cannabis product range to its
UK-based patients, comprising LGP Classic 10:10, LGP Classic 20:5,
and LGP Classic 1:20. The Agreement has a five-year term, which
commences on the date of the first shipment of LGP product to the
UK.
LYPHE Group holds one of the few medicinal cannabis clinic
licences in the UK and operates a network of seven medicinal
cannabis clinics across the country. LYPHE Group expects to assist
more than 2,000 patients in CY2020.
Commenting on the Agreement, LGP Managing Director Fleta Solomon
said:
“This is an important milestone for Little Green Pharma as we
enter the UK market and will provide us with an early mover
advantage in what is anticipated to be a large medicinal cannabis
market.
The Agreement positions LGP as one of very few companies with
GMP medicinal cannabis products to supply into the UK and Europe
and follows our first purchase order from Germany. We are excited
to be working with LYPHE Group, who hold a commanding share of the
UK patient market.
LYPHE Group’s strong network of medicinal cannabis clinics
positions them at the forefront of the UK market and makes them the
ideal partner for LGP in the UK.”
LYPHE Group Chief Executive Officer, Dean Friday commented:
“We are thrilled to be partnering with such a high calibre
partner in LGP who are at the forefront of the global medicinal
cannabis industry. With our dominant distribution footprint in the
UK, LGP’s full range of medicinal cannabis products will be
available to a large number of patients to provide relief to those
living with a range of chronic and debilitating conditions.
The UK market has passed an inflection point, patient numbers are
increasing significantly month-on- month, and we are expecting the
medicinal cannabis market to expand rapidly throughout 2020.”
Material terms of the Agreement
The Agreement provides a framework agreement setting out the
product specifications, quality requirements and agreed unit
pricing of the medicinal cannabis products that the Company will
provide over the term of the Agreement.
Under the Agreement, Astral Health shall initiate orders by way
of written purchase orders and LGP will be required to confirm or
reject such purchase orders. There is no minimum order quantity
under the Agreement. The parties do not have an obligation to
supply or purchase products until a purchase order is
confirmed.
The Agreement has a five-year term and may be terminated for
convenience by either party by way of four months' written
notice.
UK medicinal cannabis market overview
Medicinal cannabis was legalised in the UK in November 2018 and
the industry is forecast to grow to US$1.3 billion by 2024, with an
expected 400,000 patients being prescribed medicinal cannabis.
British Medical Journal indicates a potential market of more than
four million patients across a range of 52 conditions that are
potentially treatable with medicinal cannabis.
Currently, it is estimated that 1.4 million people (or 2.8% of
the adult population) in the UK are accessing cannabis through
illicit avenues to treat chronic medical conditions.
About LYPHE Group
LYPHE Group is a patient-led medicinal cannabis healthcare
provider with a central goal of pioneering patient access to safe
and effective medicinal cannabis treatments.
LYPHE Group is comprised of the following industry leading
organisations:
- The Academy of Medical Cannabis - The Academy
operates a global online learning platform that trains and educates
clinicians and healthcare professionals on medicinal cannabis.
- The Medical Cannabis Clinics - The UK’s first
chain of private clinics specialising in innovative medicinal
cannabis-based therapies.
- Astral Health - The UK’s leading importer of
cannabis based medicinal products.
- Dispensary Green - The UK’s first online
home-delivery pharmacy for medicinal
cannabis.
About Elixxer Ltd.
(www.Elixxer.com)
ELXR Ltd. is a Canadian public company listed on
the TSX Venture Exchange (TSXV: 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
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