ASX Health Stocks: Little Green Pharma ships new cannabis flowers from Denmark to Australia

Little Green Pharma expands flower portfolio in Australia
AFT Pharma increases gross profit
Pacific Edge’s net loss grows

Little Green Pharma ships new flowers Australia

Cannabis play Little Green Pharma (ASX:LGP) rose 3% today after revealing the expansion of its flower portfolio.

LGP announced the arrival of over 6,500 units of three new LGP-branded high-THC medicinal cannabis flower products into the Australian market from its Danish facility.

The entry of these products into the country follows an 18-month journey from initial strain development.

LGP acquired the Danish facilities in July 2021, and this shipment represents the first commercialisation of that facility.

Paired with LGP’s existing flower offering from its Australian facilities, the new products give LGP’s product suite the depth required to grow its share of the rapidly expanding Australian flower market.

In addition to these three new products, the company also anticipates receiving 4,000 units of a fourth new flower product concept from its Danish facilities in December this year.

In total, over 10 additional strains in various stages of development are marked for entry into the Australian and other markets in the coming quarters.

LGP believes ownership of a GMP production facility has multiple advantages which includes avoiding reliance on third parties for market participation.

The company believes these advantages will successfully position the business to compete strongly in all key markets, including the transition to the new Australian GMP market requirements in July next year.

Earnings results for AFT Pharma and Pacific Edge

AFT Pharma’s (ASX:AFT) half-year operating revenue was up 18.4% on pcp to $65.8 million, lifted by a 30% growth in product sales and royalties.

Gross profit increased by 7% on pcp to $28.7 million, with gross profit from product sales and royalties up 31% to $28.6 million.

Pacific Edge’s (ASX:PEF) total revenue increased 102% on pcp to $13.6 million, with increases from commercial test volume growth boosted by foreign exchange gains.

Net losses after tax however increased to $10.6 million, from $9 million in 1H22 as Pacific Edge continues to invest for growth.