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

Seed InnovationsAnnouncement

20/02/2024 16:00

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RNS Number : 8136D  Seed Innovations Limited  20 February 2024

20 February 2024

SEED Innovations Limited

("SEED" or the "Company")

 

Investee Company Update: Little Green Pharma Ltd

 

SEED Innovations Ltd, the AIM-quoted investment company with a portfolio of
disruptive, high-growth life sciences and technology companies, notes that
portfolio company, Little Green Pharma Ltd ('LGP') has announced that the
demerger of its wholly owned subsidiary, Reset, announced on 13 November 2023
is no longer proceeding and it shall remain as a subsidiary of LGP for the
time being.

 

This is disappointing given SEED wished to invest in Reset following the
demerger. Seed was unable to agree in the timeframe available with the
relevant authorities in the UK whether Reset's proposed expansion into
Psychedelic Assisted Psychotherapy ("PAP"), and which was legalised in
Australia in July 2023 (see RNS of 6 February 2023), is permissible under the
UK Proceeds of Crime Act ("POCA"). The Company had been advised by a leading
KC that holding an interest in Reset on this basis did not breach POCA.

 

LGPs announcement in full can be accessed from the following link:
www.investlittlegreenpharma.com/site/showdownloaddoc
(http://www.investlittlegreenpharma.com/site/showdownloaddoc)

 

The Company will continue to work with LGP's management, and other industry
participants, to lobby regulators and Government in the UK for clarity
regarding the use of psychedelic compounds outside of clinical trials in the
UK in the future, supporting companies develop treatment options to UK
patients suffering from a range of conditions including treatment resistant
depression and PTSD. In the meantime, the Board of SEED will continue to
carefully monitor the activities of LGP to ensure that SEED can continue to
comply with its legal and regulatory obligations.

 

The Company owns 7,324,796 ordinary shares in LGP representing 2.44% of LGP's
issued share capital.

 

- 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 Ltd is an AIM-quoted investment company providing
shareholders with exposure to disruptive, high-growth life sciences and
technology companies to which in normal circumstances they would have limited
access. Its strategy is to identify early-stage opportunities that have
upcoming investment catalysts and grow the value of its portfolio. To this
end, it currently has eight active investments with a balance of liquid,
pre-liquidity, and longer-term opportunities and is well positioned to move
quickly on other investment opportunities.

 

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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