Shares of LGC Capital Ltd. (TSX-Venture:LG) are on the move higher today as the Company announced that it yesterday completed its previously-announced transaction with licenced Australian Medical Cannabis company Habi Pharma Pty Ltd of Perth, Australia, doing business as Little Green Pharma, whereby LGC increased its strategic interest in Little Green Pharma to 14.99% from 11.91%.
John McMullen, CEO of LGC commented, "We are very much looking forward to Little Green Pharma cultivating its first crop over the coming months and producing its first medical cannabis products for commercial sale in Australia.
"The funding provided by LGC over the past few months has provided Little Green Pharma with working capital to enable it to start its first commercial production. LGC's objective is to fund many of our other investment initiatives around the world to achieve the same goal over the coming year."
As mentioned above, shares of LG are perking higher today to the tune of 1.79% as the stock looks to have developed a short-term base after a significant pull-back in January. Shares of LG are trading up $0.005 at $0.285 in early afternoon trading.
