SEED Innovations Ltd (AIM:SEED, OTC:FFRIF) said its investee company Little Green Pharma (LGP) has won an Italian government tender to deliver a shipment of EU Good Manufacturing Practice (GMP) medicinal cannabis flower worth around €200,000 from its production facility in Denmark.
SEED, which owns 3.1% of LGP, said the tender award gives LPG access to the Italian market with a 60mln population and a total addressable market worth A$10bn.
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"This represents an entry into the Italian medical cannabis market, one of the largest in Europe, and positions them well for future possibly larger supply application processes in the country,” commented Alfredo Pascual, VP of Investment Analysis of SEED.
The Italian award builds on LGP's growing momentum in European and UK markets, with LGP now having supplied products into Germany, France, the UK and Denmark as it also continues to progress product registration pathways into Greece and Poland.