FastForward Innovations Ltd (LON:FFWD) said its investee Little Green Pharma Ltd (LGP) has announced an additional A$2.5mln (£1.3mln) purchase order for its high THC cannabis flower medicine from an existing client.
The buyer is German pharmaceutical wholesaler Deutsche Medizinalcannabis (DEMECAN).
READ: FastForward Innovations investee Yooma Wellness has CBD food products added to UK novel foods list
The purchase of 21,300 units is for delivery in the quarter ending 31 December 2021 and follows consistent growth in size of quarterly DEMECAN purchase orders.
This is the fourth purchase order received from them, following previous quarterly orders of 500, 9,000, and 17,000 units for delivery in the first, second and third quarter of this year respectively.
DEMECAN has now ordered a total of around 47,800 units of LGP medicines which would bring the total revenue for 2021 to around A$5.7mln (£3.1mln) from DEMECAN alone.
The increased order reflects the demand from Germany and the confidence in LGP's quality and supply, the AIM-listed investor said.
LGP said it has brought its existing cultivation facilities to full capacity in order to capitalise on growing demand in the German market, as well as increasing demand from Australian and other offshore markets.
"As one of our most recent investments in the medicinal cannabis space, we are pleased to note the progress being made in Little Green Pharma's strategy to increase patient access to medicinal cannabis,” said FastForward chief executive Ed McDermott in a release.
“The further order from DEMECAN in Germany demonstrates the increasing global demand for LGP's GMP-grade medicinal cannabis products and we look forward to further positive updates from LGP."