Little Green Pharma jar stock signals intention to switch from cannabis to psychedelic drugs
Cannabis player Little Green Pharma (ASX: LGP) is thriving in psychedelics – and has just been granted a Schedule 9 license to supply psilocybin by the WA government’s Department of Health.
The license is a key step in the company’s plans to enter the field of using psychedelic drugs to treat mental illness.
“The field of psychedelics logically aligns with our long-term goals of solving patients’ real problems and transforming their lives,” said CEO Fleta Solomon.
“We have developed so much experience over the years through the cannabis industry, and we sincerely believe we can now bring that to the benefit of the development of the psychedelics field in Australia.”
Produce Psilocybin in WA
The company said it was well positioned to leverage its existing investment in WA drug cultivation and manufacturing infrastructure, as well as its experience and expertise in botanical drug products, to grow psilocybin mushrooms for use in medical research.
“The existing investment in our cannabis cultivation and manufacturing facility in Western Australia means that we can enter the field significantly with minimal additional capital expenditure,” Solomon said.
LGP is currently working on extending its GMP license to cover the manufacture of psilocybin – and also plans to sponsor a groundbreaking Perth-based clinical trial of psilocybin-assisted psychotherapy.
Creation of a psychedelic subsidiary
LGP also created a specialty subsidiary to conduct its psychedelic business with Shaun Duffy appointed CEO in April.
Duffy is a former Senior Managing Director of FTI Consulting and the Company’s Head of Australian Strategic Communications Practice and a member of its Australian Executive Group.
In addition, Dr Stephen Bright joined the branch clinical advisory board as a founding member.
Dr Bright is a clinical psychologist, co-founder and vice-president of PRISM (an entity dedicated to the advancement of psychedelic research) and senior lecturer in drug addiction at Edith Cowan University.