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Seed Innovations Ltd (SEED)

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Tuesday 07 September, 2021

Seed Innovations Ltd

Investee Company Update: Little Green Pharma

RNS Number : 8952K
Seed Innovations Limited
07 September 2021
 

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

7th September 2021

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

Investee Company Update: Little Green Pharma

 

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 an announcement by its portfolio company, Little Green Pharma Ltd ('LGP'). SEED owns a holding of 7,324,796 ordinary shares in LGP representing 3.1% of LGP's issued share capital.

 

LGP completed its first product shipment of its own branded cannabis flower medicines to the Australian market from its newly acquired Danish Facility ("the Facility") and also announced two key appointments.

 

The announcement by LGP is set out below without material changes or adjustments:

 

First Danish shipment to Australia, key appointments

Successful import of first Denmark facility flower into Australia

LGP appoints group CFO and General Manager (EU)

 

Highlights

· LGP has successfully imported its first shipment of ~50 kilograms of "Billy Buttons" THC 16 cannabis flower medicine from its recently-acquired Danish Facility into Australia - in just over 2 months since acquisition

· Billy Buttons THC 16 has a tetrahydrocannabinol (THC) content of 16% and is available for sale in Australia in 15g packs

· LGP expects to import two further flower shipments of cannabis flower medicines from its Danish facility by end October 2021

· These shipments are expected to help meet the growing demand in Australian for cannabis flower medicines

· LGP has also appointed Morten Snede, former Managing Director of LGP's Danish Facility, as CFO and Tony Roberts, former Managing Director of Tasmanian Botanics, as its General Manager (EU).

 

Little Green Pharma Ltd (ASX: LGP, "LGP" or the "Company") is pleased to announce its successful first shipment of cannabis flower medicines to Australia from its recently acquired Danish Facility ("the Facility").

 

The shipment comprises ~50kgs of LGP's "LGP Flower THC 16 - Billy Buttons" flower medicine, named after the eponymous Australian wildflower. Billy Buttons THC 16 has a THC content of 16% and is available in the Australian market in 15g packs. LGP's Billy Buttons medicine is grown under Good Agricultural and Collection Practices ("GACP"), manufactured under EU Good Manufacturing Practices ("EU GMP"), and conforms with Therapeutic Goods (TGO 93) Order 2017.

 

The Company was able to successfully import the shipment in just over 2 months following its acquisition of the Facility.

 

LGP's Billy Buttons THC 16 medicine is now available for sale in Australia through all pharmacies. LGP anticipates two further shipments of LGP cannabis flower medicines (totalling ~65kgs) from the Facility arriving by end October 2021.

 

Dried flower medicine sales in Australia have seen an increase in demand as doctors become more comfortable with this method of administration, with cannabis flower frequently prescribed due to its rapid onset of therapeutic benefit.

 

Key appointments

In addition, the Company is pleased to announce two key appointments, being Morten Snede as Chief Financial Officer and Tony Roberts as the Group's General Manager (EU).

 

Morten Snede, Chief Financial Officer. Morten brings more than 20 years of experience from various senior level managerial positions in the financial and maritime industries as both a CFO and Group Director. In 2018 Morten joined Canopy Growth as Managing Director (Denmark) tasked with the establishment and development of the Facility. Morten has also been on several Boards within the Maritime industry as well as being Chairman of the Board of the Medical Cannabis Industry Association in Denmark.

 

Morten holds a MSc in Commercial law and Business administration and a Service Engineering degree from his time in the Danish Royal Navy. He also has a Postgraduate diploma in International and Maritime Law from the London Metropolitan University.

 

Tony Roberts, General Manager (EU). Tony was previously the Managing Director of Tasmanian Botanics Pty Ltd for 3.5 years, during which time he established one of the first fully integrated seed to sale, TGA-GMP certified, medicinal cannabis facilities engaged in cultivation, genetic research, and manufacturing in Australia and capable of producing substantial quantities of dry biomass.

 

Prior to this, Tony was an independent business consultant for over 10 years in Australia and overseas, working with businesses in strategic planning, corporate governance, product development and organisational design; and before he had over 34 years' experience in an Australian ASX listed agribusiness, with 20 years as a senior corporate executive involved in financial services, business acquisition, strategic planning, IT design and implementation and customer development. Tony has also acted as a Chairman and Director of various companies and community organisations and is a Member of the Institute of Credit Management and a Justice of the Peace.

 

LGP Managing Director Fleta Solomon said: "The import of this first shipment so quickly following the acquisition is a milestone achievement by our new Denmark team. To be able to meet all the regulatory requirements to supply and import product within this timeframe is a significant achievement and consistent with our reputation as a leading global medicinal cannabis business.

 

Flower medicines are becoming increasingly popular with Australian doctors in prescribing to patients for quick onset of effects, mainly for breakthrough pain or to assist with sleep, and with access to this Denmark-grown product we are able to provide a new supply chain of high-quality, medicinal cannabis flower in an under-supplied market.

 

In addition, I am very pleased to announce the appointment of Morten Snede to the role of Group CFO and Tony Roberts to the role of General Manager (EU). Both bring a huge amount of expertise in the medicinal cannabis industry to LGP, having both overseen the creation and development of significant medicinal cannabis businesses in their own right. We are very excited that they have agreed to join the LGP team and help us realise LGP's ambition of continuously improving patient access to GMP cannabis medicines and being the leading pure-play medicinal cannabis supplier globally."

 

For further information please contact:

Fleta Solomon Managing Director Little Green Pharma E: [email protected] T: +61 8 6280 0050 Alistair Warren Company Secretary Little Green Pharma E: [email protected] T: +61 8 6280 0050

 

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 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.co

 

*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.

 

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