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

Seed InnovationsAnnouncement

01/02/2024 10:15

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RNS Number : 7107B  Seed Innovations Limited  01 February 2024

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
(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/
(https://www.investlittlegreenpharma.com/site/showdownloaddoc.aspx?AnnounceGuid=5145cf11-0eff-4777-8742-5f98389112cb)

- Ends -

 

For further information on the Company please visit: www.seedinnovations.co
(http://www.seedinnovations.co)   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
 Ana Ribeiro         St Brides Partners Ltd      E: seed@stbridespartners.co.uk

 Isabel de Salis     Financial PR

 Isabelle Morris

 

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.

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