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

Seed InnovationsAnnouncement

23/07/2024 07:00

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RNS Number : 3590X  Seed Innovations Limited  23 July 2024

Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments

23 July 2024

SEED Innovations Limited

("SEED" or the "Company")

 

Investee Company Update: Little Green Pharma Ltd

 

SEED Innovations Ltd, the AIM-quoted investment company offering exposure to
disruptive, high-growth, life sciences and technology ventures typically
inaccessible to everyday investors, 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 30 June 2024.

 

Highlights from LGP's Quarterly Report include:

·      Achieved a revenue of A$7.3 million (unaudited) for the quarter,
marking a 12% increase compared to the same quarter in 2023, reflecting strong
sales performance.

·      Cash receipts reached A$8.2 million, up 19% from the previous
year's corresponding quarter.

·      Sales of CherryCo branded products hit a record A$2.2 million, a
19% increase from the previous quarter.

·    Significant growth in oil sales, up 17%, and vaporiser sales, up
23%. Plans to launch new brands and product formulations in the next two
quarters.

·      First commercial shipment to France, for A$0.65 million, are
scheduled for the end of July.

·      Reset's psilocybin clinical trial showed encouraging results, and
the clinic fit out, supported by the Health Insurance Fund of Australia, is
now complete.

·      A$4.3 million in cash as of 30 June 2024.

SEED owns 7,324,796 ordinary shares in LGP representing 2.43% of LGP's issued
share capital.

LGP's full Quarterly Report can be accessed at here.
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02829905-6A1216584&v=4015c7b87631faf94ecd96975272ff9ad5cb14c3)

 

OTO International Limited ("OTO")

As previously noted in the Company's Annual Report, SEED wrote down its
investment in OTO to £nil as of 31 March 2024 due to concerns regarding its
solvency. OTO has now gone into administration. SEED held 71,502 shares in
OTO, representing approximately 0.44% of the issued share capital.

- Ends -

 

For further information visit: www.seedinnovations.co or contact:

 

  Ed McDermott       SEED Innovations Ltd             info@seedinnovations.co  

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

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

 Damon Heath         Broker
 Ana Ribeiro         St Brides Partners Ltd,          seed@stbridespartners.co.uk

 Isabel de Salis     Financial PR

 Isabelle Morris

 

Notes

Seed Innovations Ltd is an AIM quoted investment company offering exposure to
disruptive, high-growth, life sciences and technology ventures typically
inaccessible to everyday investors. Its strategy focuses on identifying
early-stage opportunities with upcoming investment catalysts, alongside more
mature investments providing near-term liquidity. With a portfolio of such
investments and cash reserves, the company is agile and poised to capitalise
swiftly on new investment opportunities.

 

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.

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

 

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