1 February 2024
SEED Innovations
Limited
("SEED" or the
"Company")
Investee Company Update: Little Green
Pharma Ltd
SEED Innovations Ltd, the AIM-quoted investment
company providing shareholders with exposure to early-stage health,
wellness, and medical cannabis companies to which in normal
circumstances they have limited access to, is pleased to note that
its portfolio company, Little Green Pharma Ltd ('LGP'), has
published its quarterly activities report and Appendix 4C for the
period ending 31 December 2023 on the ASX.
The Company owns 7,324,796 ordinary shares in
LGP representing 2.44% of LGP's issued share capital.
Commenting on
the announcement, Ed McDermott, CEO of Seed said: "LGP's 25% surge in year-to-date
revenue to A$18.1 million is an outstanding result, underscoring
its commitment to driving sustainable growth and delivering value
to its stakeholders. As well as strengthening its position in
Australia where it is the second-largest flower portfolio holder
having recorded a 75% rise in flower sales year-to-date, LGP is
also making excellent inroads into the UK and European markets and
is positioned to potentially benefit from any positive ripple
effects from the U.S. Department of Health and Human Services'
recommendation to reschedule cannabis. We look forward to receiving
further updates as the year progresses."
The following excerpt from the announcement,
which was released on the ASX is set out without any material
changes.
Quarterly Activities Report and Appendix
4C
·
Revenue of $5.4 million (unaudited) for quarter, with
year-to-date revenue of $18.1 million (unaudited) up 25% on
comparative period.
·
Cash receipts of $5.3 million for quarter, with year-to-date
receipts of $18.8 million up 33% on comparative period, and with
majority of $1.0 million in overdue receivables collected in
January.
·
CherryCo brand launched late December 2023 with Little
Buddies immediately becoming one of LGP's best performing flower
products; LGP now has the second largest flower portfolio in
Australian market.
·
Total Australian flower sales increased 75% year-to-date on
comparative period and vaping products increased 156% from previous
quarter.
· LGP
has received ~$1.0 million in white label sales orders for March
2024 quarter so far.
·
Post quarter end, first shipment to Switzerland, first LGP
Denmark shipment to the UK, first shipment to Italy outside of
Government tender, and receipt of first import permit for
Poland.
· New
laws governing post-French Pilot supply framework announced with
LGP anticipated to significantly benefit under the new
regime.
·
Reset Mind Sciences psilocybin clinical trial launched in
December 2023 and fit-out of Reset Clinic close to
completion.
·
Cash in bank at 31 December 2023 of $3.7 million with
outstanding $5.0 million R&D rebate expected in
February.
The announcement in full can be accessed from
the following link:
https://www.investlittlegreenpharma.com/site/showdownloaddoc.aspx?AnnounceGuid=714498a1-66e4-4878-aed7-399d8cdcb19c
Subsequent to this announcement LGP announced
the receipt of its A$5.0 million R&D rebate, to read the full
ASX announcement click here:
https://www.investlittlegreenpharma.com/
- Ends -
For further information on the Company please
visit: www.seedinnovations.co or
contact:
Ed McDermott
Lance de Jersey
|
SEED Innovations Ltd
|
E: info@seedinnovations.co
|
James Biddle
Roland Cornish
|
Beaumont Cornish Limited
Nomad
|
T: (0)20 7628 3396
|
Isabella Pierre
Damon Heath
|
Shard Capital Partners
LLP
Broker
|
T: (0)20 7186 9927
|
Ana Ribeiro
Isabel de Salis
Isabelle Morris
|
St Brides Partners Ltd
Financial PR
|
E: seed@stbridespartners.co.uk
|
Notes
Seed
Innovations Ltd
SEED Innovations is an AIM quoted investment
company focused primarily on disruptive high growth life sciences
and technology businesses particularly within the medical cannabis
arena. The Company's strategy is to identify early-stage
opportunities that have an upcoming investment catalyst and grow
its portfolio in terms of value whilst limiting the number of
investee companies to a level where relevant time can be devoted to
each.
Little Green
Pharma
Little Green Pharma is a global, vertically
integrated, and geographically diverse medicinal cannabis business
with operations from cultivation and production through to
manufacturing and distribution.
The company has two global production sites for
the manufacture of its own-branded and white-label ranges of
GMP-grade medicinal cannabis products, being a 21,500m2 cultivation
and 4,000m2 GMP manufacturing facility capable of producing over 30
tonnes of medicinal cannabis biomass per annum located in Denmark
(EU) and an indoor cultivation and manufacturing facility located
in Western Australia capable of producing ~3 tonnes of medicinal
cannabis biomass per annum.
Little Green Pharma products comply with all
required Danish Medicines Agency and Therapeutic Goods
Administration regulations and testing requirements. With a growing
range of products containing differing ratios of active
ingredients, Little Green Pharma supplies medical-grade cannabis
products to Australian, European, and overseas markets.
The company has a strong focus on patient
access in the emerging global medicinal cannabis market and is
actively engaged in promoting education and outreach programs, as
well as participating in clinical investigations and research
projects to develop innovative new delivery systems.