REG - Seed Innovations Ltd - Investee Company Update: Little Green Pharma Ltd

Seed InnovationsAnnouncement

01/06/2023 07:00

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RNS Number : 2449B  Seed Innovations Limited  01 June 2023

1 June 2023

 

SEED Innovations Limited

 

("SEED" or the "Company")

 

Investee Company Update: Little Green Pharma Ltd

 

SEED Innovations Ltd, the AIM-quoted company investing in fast-growing and
industry-leading businesses with a focus on the medical cannabis, health, and
wellness space, is pleased to note an announcement released on the ASX by its
portfolio company, Little Green Pharma Ltd ('LGP').

 

The Company owns 7,324,796 ordinary shares in LGP representing 2.45% of LGP's
issued share capital.

LGP has announced its unaudited Financial Report for the year ended 31 March
2023.

 

Highlights:

·    LGP generated A$19.9 million in revenue, up 89% from A$10.5 million
in the previous 9-month reporting period.

·    Continued to reduce its other costs, reducing its loss after tax by
A$9.1 million from A$18.3 million to A$9.2 million.

·    LGP improved its gross margin excluding fair value adjustments from
40% to 51%.

·    LGP finished its financial year with A$12.4 million cash in bank. The
A$4.1 million balance of its Canopy loan was repaid post year end, in early
April 2023.

·    LGP raised A$10.1 million during the year from two placements and a
share purchase plan.

·    LGP increased its cannabis sales by 90% compared to its previous
9-month reporting period, with flower sales increasing by over 160% and oil
sales by over 50%.

·    LGP has now supplied into seven jurisdictions: Australia, Germany,
Italy, France, the UK, Denmark and Belgium with further supply agreements into
Spain, Portugal and Poland.

 

The announcement in full can be accessed from the following link:  
https://investor.littlegreenpharma.com/site/investor-centre
(https://investor.littlegreenpharma.com/site/investor-centre)

Alfredo Pascual, VP of Investment Analysis at SEED, commented: "I am pleased
to share that LGP has achieved improved financial growth during the fiscal
year ending on March 31, 2023. As we expected, LGP's revenue increased
significantly to nearly A$20 million, representing strong growth compared to
the previous period. With cash in the bank and a now unencumbered Danish
facility, I believe LGP is in a unique opportunity to capitalise on the growth
of medical cannabis markets in Europe and Australia.

"The progress in the year reflects LGP's dedication to driving sustainable
success in the medicinal cannabis industry and echoes the positive trajectory
we have previously shared. I look forward to sharing news of LGP's further
advancing position as a leading player in this rapidly evolving market."

 

- Ends -

 

 

For further information on the Company please
visit:    www.seedinnovations.co (http://www.seedinnovations.com/)
     or contact:

 

  Ed McDermott        SEED Innovations Ltd             E: info@seedinnovations.co 

 Lance de Jersey                                        
 James Biddle         Beaumont Cornish Limited,        T: (0)20 7628 3396

 Roland Cornish       Nomad                             
 Isabella Pierre      Shard Capital Partners LLP       T: (0)20 7186 9927

 Damon Heath          Broker
 Catherine Leftley    St Brides Partners Ltd,          E: info@stbridespartners.co.uk

 Isabelle Morris      Financial PR

 Max Bennett

 

 

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.

 

 

About 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.

 

 

 

 

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