Investee Company Update: Little Green Pharma Ltd

Seed Innovations Limited

28 July 2023

 

28 July 2023 

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Little Green Pharma Ltd

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').

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

LGP has published its activities report and Appendix 4C for the quarter ending 30 June 2023.

Highlights:

·    Record quarterly revenue and cash receipts

o  Revenue up 22% to $6.5 million (unaudited), up 53% from first quarter FY23

o  Cash receipts up 3% to $6.9 million, up 86% from first quarter FY23

·    LGP launched seven new products

·    LGP was awarded tenders to supply CBD products to French trial, consolidating first mover advantage

·    Reset well positioned for imminent demerger

o  Reset agreed a strategic alliance with private health insurer, Health Insurance Fund of Australia.

·    Long term debt reduced by over 60%

o  Remaining $4.1 million Canopy Growth debt repaid

·    Cash in bank of $8.7 million as of 30 June 2023.

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

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For further information on the Company please visit:    www.seedinnovations.co     or contact: 

Ed McDermott  Lance de Jersey	SEED Innovations Ltd	E: [e-mail]
James Biddle  Roland Cornish	Beaumont Cornish Limited,  Nomad	T: (0)20 7628 3396
Isabella Pierre  Damon Heath	Shard Capital Partners LLP  Broker	T: (0)20 7186 9927
Catherine Leftley  Ana Ribeiro Isabelle Morris	St Brides Partners Ltd,  Financial PR	E: [e-mail]

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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