Seed Innovations Ltd

Seed Investee Company Update: Little Green Pharma

RNS Number : 9153Z
Seed Innovations Limited
28 January 2022
 

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

28 January 2022    

 

SEED Innovations Limited ("SEED" or the "Company")  

Investee Company Update: Little Green Pharma Ltd

 

SEED Innovations Ltd, the AIM quoted company investing in fast growing and industry leading businesses with a focus on the medical cannabis, health and wellness space, is pleased to note the announcement released on the ASX by its portfolio company, Little Green Pharma Ltd ('LGP') including its quarterly activities report and appendix for year ended 30 December 2021. SEED owns a holding of 7,324,796 ordinary shares in LGP representing 3.1% of LGP's issued share capital.

Alfredo Pascual, VP of Investment Analysis of SEED, commented: "It is very encouraging to see such a positive quarter from Little Green Pharma, seeing increasing revenue and record cash receipts of A$4.9 million. We are pleased to see the recent distribution agreements throughout Europe and Denmark's first locally produced cannabis medicine registration. With a strong cash balance of over A$25 million and a A$5.8 million financing facility from National Australia Bank, SEED are looking forward to a positive 2022 with further progress and news flow from the LGP team."

The following highlights is an extract from the report and the announcement in full can be accessed from the link below this section.

 

Quarterly Activities Report and Appendix 4c

 

Record revenue and cash receipts for quarter

LGP's EU distribution platform now with access to over 60% of EU population

Registration of first locally produced cannabis medicine in Denmark

Highlights

· Company achieves record quarterly revenue and cash-receipts, with ~$3.7 million revenue (unaudited) and $4.9 million in cash receipts

· Agreements signed for exclusive distribution partnerships in Germany and Greece, including for medicines produced from LGP's Danish Facility

· Granted Denmark's first locally produced cannabis medicine registration, with encouraging first sales in January 2022

· Danish Facility prequalifies for Italian government medicinal cannabis tender and submits first bid

· Strongly positioned to capitalise on French market, with LGP continuing to be the preferred primary supplier into the French trial with less than a year until completion

· Receives unconditional approval of $5.8 million financing facility from National Australia Bank

· Receives research and development rebate of $1.9 million

· Strong balance sheet with $25.2 million cash in bank

 

The announcement can be viewed in full including the relevant appendices on LGP's website via the following link: https://investor.littlegreenpharma.com/

 

*ENDS*  

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

   

Ed McDermott /

Lance de Jersey

SEED Innovations Ltd

Email:   [email protected]

 

James Biddle /

Roland Cornish

Beaumont Cornish Limited,

Nomad

 

Tel: +44 (0) 207 628 3396

Isabella Pierre /

Damon Heath

Shard Capital Partners LLP

 

Tel: +44 (0)20 7186 9927

Catherine Leftley /

Isabelle Morris

St Brides Partners Ltd,

Financial PR

 

Email: s eed @stbridespartners.co.uk

   

   

Notes  

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.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NRAEAAFXAENAEAA