Australia's Little Green Pharma rises on supply agreement with German firm

Little Green Pharma

19/05/2022 03:43

** Shares of medicinal cannabis co Little Green Pharma Ltd
 LGP.AX  rise as much as 9.5% to A$0.345, their biggest intraday
pct gain since March 30
    ** LGP enters 2-1/2-year-long take-or-pay contract with
German manufacturer Four 20 Pharma for the supply of a new
Tetrahydrocannabinol (THC) strain into Germany  urn:newsml:reuters.com:*:nASX4cQSp7
    ** THC is the principal psychoactive constituent of
marijuana
    ** Agreement represents a minimum take-or-payment commitment
of A$7.5 mln ($5.22 mln) over 30 months
    ** Shares hit their highest since May 12
    ** Stock down 47.1% this year, as of last close, versus a
3.5% decline in the S&P/ASX 200 index  .AXJO  

    ($1 = 1.4355 Australian dollars)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))