Seed Innovations Ltd

Investee Company Update - Little Green Pharma

RNS Number : 9697J
Seed Innovations Limited
03 May 2022
 

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

3 May 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 quarter ended 31 March 2022. 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 at SEED, commented : "We are pleased to see that during the quarter, LGP's revenue (unaudited) and cash receipts increased 30% and 100% respectively from the previous corresponding period. We note the quarter over quarter slowdown of international flower sales due to the required shutdown of the Australian GMP facility that had to be commissioned after an upgrade, and expect to see LGP's international sales continue their growth trajectory in the following quarters. 

"Among the encouraging highlights of the period, we're pleased about LGP winning its first Italian supply tender and continuing to gain patients in Australia." 

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

 

 

29 April 2022

 

Quarterly Activities Report and Appendix 4c

 

Highlights

· LGP signs its largest offtake agreement to date with long-standing foundation distribution partner Demecan in Germany, representing an annual revenue opportunity of ~$9 million (€6 million) post ramp-up for its Danish facility

· LGP Denmark wins its first Italian tender, the sole route into the Italian flower market

· New patient growth rate in Australia increased 18% for the quarter

· Global sales momentum with supply pathways into 7 European countries and access to over 65% of EU and UK citizens

· Ethics approval obtained to commence QUEST Global Initiative following the completion of the highly successful first QUEST Initiative

· LGP launches two new portals connecting eligible patients with prescribers and providing direct online delivery of product to patients in Australia

· Investment in LGP Denmark facility and genetics program results in the doubling of the yield per plant in the upgraded grow rooms without increased cultivation costs

· Australian manufacturing facility expansion completed and commissioned

· Psychedelics business demerger progresses, indent licence obtained and psilocybin clinical trial protocol development nearing completion

· Revenue of $3.2 million (unaudited) representing an increase of 30% from previous corresponding period

· GMP facility commissioning impacted international flower sales -sales momentum to resume in line with previous quarters

· Cash in bank of $20.1 million at end of Quarter

The announcement can be viewed in full including the relevant appendices on LGP's website via the following link:  https://investor.littlegreenpharma.com/site/PDF/afdfa844-b1f3-4b0e-baa8-795b901da45a/QuarterlyActivitiesReportAppendix4C  

 

- 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: [email protected]

 

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.

 

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 20 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. For more information about Little Green Pharma go to: www.littlegreenpharma.com

 

 

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