Investee Company Update: Little Green Pharma Ltd

Seed Innovations Limited

16 August 2023

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

16 August 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, notes the change of leadership at its portfolio company, Little Green Pharma Ltd ('LGP'). 

The board of SEED wishes the new CEO, Paul Long, who joined Little Green Pharma as Chief Operations Officer in 2018, and Fleta Solomon, who has transitioned from CEO to Executive Director, success in their new roles.

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

The following announcement, which was released on the ASX is set out without any material changes.

Change in Leadership at Little Green Pharma

Highlights:

•     CEO Fleta Solomon to transition to Executive Director role

•     Current long-term COO, Paul Long, to be appointed CEO

•     Transition effective from the AGM on 29 August

Little Green Pharma (ASX: LGP) announces a leadership transition with Chief Executive Officer, Ms. Fleta Solomon, to step aside from the CEO position at the end of August. The Board of Directors has appointed Mr Paul Long, the current Chief Operating Officer (COO), as the incoming CEO. This change represents a seamless leadership transition that will see the Company continue on its journey of growth and innovation in the medicinal cannabis industry. Ms Solomon, the founder of LGP, has been a driving force behind the company's success and growth and will remain on the Board with a part-time executive role focused on external communications, market positioning, ESG, and branding.

She said "After seven years in the role as CEO, living and breathing Little Green Pharma, I've elected to reduce my workload and focus increasingly on those parts of the LGP business I'm most passionate about. While this is a difficult decision personally, it was made much easier knowing we have a ready-made replacement in our COO Paul Long."

LGP Chairman Mr Michael Lynch-Bell said "Fleta remains extremely passionate about Little Green Pharma and will continue to be an invaluable asset to the company in her new role as Executive Director. Despite stepping aside from the CEO position, Fleta's presence and commitment to the business remain unwavering. I would like to formally acknowledge the commitment, energy, drive and success she has achieved in her term as CEO."

The announcement in full can be accessed from the following link: https://investor.littlegreenpharma.com/site/showdownloaddoc.aspx?AnnounceGuid=d96a9de3-22a0-4f3e-ad23-63c39d3eee7a&TE=[e-mail]

- Ends -

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. 

 

END