LITTLE GREEN PHARMA GRANTED EXPANDED MEDICINAL CANNABIS LICENCE AND NEW MANUFACTURING LICENCE
Little Green Pharma granted expanded Medicinal Cannabis Licence and new Manufacturing Licence.Expanded Medicinal Cannabis Licence covers LGP’s expanded cultivation facility.Manufacturing Licence covers LGP’s new manufacturing facility at which the Company intends to produce cannabis extracts for manufacture into final product form.Licences are an important step in expanding LGP’s cultivation and manufacturing capacity and fulfilling purchase agreements in Germany and the UK.MONTRÉAL, March 12, 2020 (GLOBE NEWSWIRE) — ELIXXER, LTD. (TSX-V: ELXR and OTCQB: ELIXF) (“ELXR” or the “Company”)”) is pleased to announce that Little Green Pharma (LGP) has been approved by the Office of Drug Control (“ODC”) an expansion to LGP’s current Medicinal Cannabis Licence. This allows the cultivation and production of medicinal cannabis, and conduct ancillary activities, at its newly expanded cultivation facility and adjacent new manufacturing facility in Western Australia.The Company has also been granted a Manufacturing Licence by the ODC to manufacture cannabis dry flower, extracts, tinctures, and resins at its new manufacturing facility.Subject to the granting of an expanded Medicinal Cannabis Permit, LGP expects first planting at its expanded cultivation facility to take place in Q2CY2020.The expanded cultivation facility will consist of nine flowering rooms. At full capacity the cultivation facility will have the capacity to produce sufficient cannabis flower to manufacture more than 110,000 bottles of medicinal cannabis oil per annum.Commenting on the granting of the licences, LGP Managing Director Fleta Solomon said, “These licences mark an important step in expanding LGP’s cultivation and manufacturing capacity and achieving internal vertical integration and cost reduction.“The expanded Medicinal Cannabis Licence and new Manufacturing Licence will give us greater production flexibility and the capacity to fulfil recently signed purchase agreements with distributors in Germany and the UK.German medicinal cannabis market overviewGermany represents a significant opportunity for LGP as the largest medicinal cannabis market in Europe, estimated to be worth €7.7 billion (A$12.5 billion) by 2028 . The number of prescriptions for medicinal cannabis in Germany is growing rapidly; there were 95,000 prescriptions at the end of 2018 and more than 240,000 prescriptions were expected by the end of 2019 .It is expected Germany will remain a favourable market for the import of medicinal cannabis oil products due to insufficient domestic supply as a result of significant delays in its domestic cultivation tendering process, with the first licences only awarded in 2019 .About Elixxer Ltd. (www.Elixxer.com)ELXR Ltd. is a Canadian public company listed on the TSX Venture Exchange (TSX-V: ELXR) and the US OTC-QB exchange (OTCQB: ELIXF).Through its partners ELXR presently has significant interests in Australia, Jamaica, Switzerland, Italy and Canada.For further information please contact:President, John McMullen, +1-416-803-0698, [email protected]Caution Regarding Press ReleasesNeither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Notice Regarding Forward Looking StatementsThis press release may contain forward-looking statements with respect to Elixxer and its operations, strategy, investments, financial performance and condition. These statements can generally be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of Elixxer, including completion of the Loan and any future investment or acquisition, could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under “Risk Factors and Risk Management” in Elixxer’s most recent Management’s Discussion and Analysis filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to Elixxer and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release, and Elixxer has no obligation to update such statements, except to the extent required by applicable securities laws.