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LGC Capital Ltd
Symbol LG
Shares Issued 357,724,734
Close 2018-06-19 C$ 0.115
Market Cap C$ 41,138,344
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LGC's Little Green receives cannabis testing results

2018-06-19 11:29 ET - News Release

Mr. John McMullen reports

LGC CAPITAL PROVIDES AN UPDATE ON LITTLE GREEN PHARMA IN AUSTRALIA

LGC Capital Ltd. has been advised by Australian medical cannabis licensed producer Little Green Pharma that, on Thursday, June 14, 2018, it received its final mandatory testing results from Australia's only TGA-approved (Therapeutic Goods Administration) laboratory for medicinal cannabis testing and Little Green Pharma has passed. This was the first time the laboratory had done the full suite of TGO 93 tests, giving an indication that Little Green Pharma is on its way to having the first Australian-produced medicinal cannabis for commercial sale.

Little Green Pharma's products are now being prepared at its manufacturing facility for stability testing, which will take about a month and a half, after which product will be available for patients.

Background information on TGO 93

TGO 93 applies to any medicinal cannabis product imported into, exported from or supplied in Australia. The guidance is for manufacturers and sponsors to assist in ensuring medicinal cannabis products conform with Therapeutic Goods Order No. 93, the standard for medicinal cannabis. TGO 93 is a standard that specifies minimum quality requirements for medicinal cannabis products. The strict nature of the guidelines has resulted in many imported products being disallowed in Australia.

Renewed licence

On May 29, 2018, Little Green Pharma received confirmation from the Office of Drug Control (ODC) that its medicinal cannabis licence has been extended by two years, now expiring May 28, 2020. Little Green Pharma believes that this is the first time the ODC has extended a company's licence by more than 12 months.

Current crop

Crop No. 2 was planted shortly after the last harvest, and Little Green Pharma has recently changed the lighting sequence to induce flowering. As such, the second harvest is expected in approximately eight to 10 weeks.

John McMullen, chief executive officer of LGC, commented: "The team at Little Green Pharma have continued to successfully execute their plan to becoming a viable and important supplier of medical cannabis to Australian and global markets. Little Green Pharma's patented technology will have a positive impact to lowering costs of production without affecting the efficacy of the product for medical patients. To have their medicinal cannabis licence extended secures their success. We at LGC Capital look forward to the launch of these products that will improve people's lives around the world."

Fleta Solomon, Little Green Pharma's managing director, commented: "The cultivation team has worked tirelessly to produce a clean locally grown product completely free from pesticide use. To be the first commercial company in Australia to pass the full suite of mandatory testing highlights our leading position in the Australian market. The group to benefit most from this are patients, and we are proud to be able to have our unique product offering available in August, 2018."

About Little Green Pharma

Little Green Pharma is a private entity and one of the few companies in Australia with both a licence and permit to cultivate and produce medicinal cannabis. The harvesting of its crop marks the first time medicinal cannabis has been cultivated in Western Australia and is most likely the first crop for commercial use in Australia.

About LGC Capital Ltd.

LGC Capital is a Canadian incorporated public company whose objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services, with an emphasis on significant investments in global medical cannabis sector.

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