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

Seed InnovationsAnnouncement

17/04/2024 15:00

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RNS Number : 0181L  Seed Innovations Limited  17 April 2024

17 April 2024

SEED Innovations Limited

("SEED" or the "Company")

 

Investee Company Update: Little Green Pharma Ltd

 

Record quarterly revenue up 34% on the previous quarter to A$7.3 million.

 

 SEED Innovations Ltd, the AIM-quoted company 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 an announcement released on the ASX by its
portfolio company, Little Green Pharma Ltd ('LGP'), regarding its quarterly
activities for the period ended 31 March 2024.

 

Highlights from LGP's Quarterly Report include:

·    Record quarterly cash receipts of A$8.1 million, up over 50% on
previous quarter and over 20% on previous corresponding period.

·    Record quarterly revenue of A$7.3 million (unaudited), up 34% on
previous quarter and over 36% on previous corresponding period.

·    Record revenue of A$25.6 million (unaudited) for FY24, up nearly 30%
on previous financial year resulting in positive operating cashflow of A$0.5
million for financial year.

·    Cash in bank of A$5.0 million at 31 March 2024 up from A$3.7 million
at 31 December 2023.

 

SEED 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
quarterly surge in cash receipts and revenue is outstanding, highlighting its
growing reputation in the medical cannabis space.   Not only is LGP
solidifying its foothold in Australia with increasing revenues there, but it
is also expanding its presence and sales in the European markets, positioning
itself to potentially capitalise on the recent cannabis legislative change in
Germany. We are encouraged by this quarter's sales growth, bolstered cash
reserves, and debt reduction, and look forward to further updates as the year
unfolds."

 

LGP's full Quarterly Report can be accessed at  https://bit.ly/3Umtjz2
(https://bit.ly/3Umtjz2)

 

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
 Ana Ribeiro         St Brides Partners Ltd,          E: info@stbridespartners.co.uk

 Isabel de Salis     Financial PR

 Isabelle Morris

 

Notes

Seed Innovations Ltd 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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