REG - Seed Innovations Ltd - Investee Company Update: Little Green Pharma Ltd

Seed InnovationsAnnouncement

31/05/2024 17:30

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RNS Number : 7311Q  Seed Innovations Limited  31 May 2024

31 May 2024

 

SEED Innovations Limited

("SEED" or the "Company")

 

Investee Company Update: Little Green Pharma Ltd

Record annual revenue up 29% on the previous year to A$25.6 million.

 

SEED Innovations Ltd, the AIM-quoted quoted investment company offering
exposure to disruptive, high-growth, life sciences and technology ventures
typically inaccessible to everyday investors, is pleased to note an
announcement released on the ASX by its portfolio company, Little Green Pharma
Ltd ('LGP'), regarding its annual financial results for the period ended 31
March 2024.

Highlights from LGP's Annual Report include:

·    Record annual revenue of A$25.6 million, up 29% from A$19.9 million
for the year ending 31 March 2023.

·    Loss after tax from continuing operations of A$8.2 million, a 5%
improvement from the previous year.

·    Positive operating cash flow of A$66,791, compared to a negative cash
flow of A$6.9 million in the previous year.

·    Cash at bank of A$5.0 million as of 31 March 2024, down from A$12.4
million at 31 March 2023.

·    Significant reduction in borrowings to A$3.5 million, a 70% decrease
from A$11.7 million the previous year.

·    Significant operational updates from the previous year.

o  Introduction of 16 new products in FY2024, bringing the total to 26
products across the LGP and CherryCo brands.

o  Expansion to 11 distribution countries with 5 new distribution partners
added, totalling 11 distribution partners.

o  Development of a genetics bank with 20 strains and involvement in 13
studies/trials.

SEED owns 7,324,796 ordinary shares in LGP representing 2.43% of LGP's issued
share capital.

LGP's full Annual Report can be accessed at
investlittlegreenpharma.com/site/investor-centre
(https://investlittlegreenpharma.com/site/investor-centre/annual-reports2)

 

-Ends-

 

For further information on the Company please visit:  www.seedinnovations.co
(http://www.seedinnovations.com/)  or contact:

 Ed McDermott                                   SEED Innovations Ltd         E: info@seedinnovations.co

 Lance de Jersey
 James Biddle                                   Beaumont Cornish Limited,    T: (0)20 7628 3396

 Roland Cornish                                 Nomad
 Isabella Pierre                                Shard Capital Partners LLP   T: (0)20 7186 9927

 Damon Heath                                    Broker
 Ana Ribeiro/ Isabel de Salis /Isabelle Morris  St Brides Partners Ltd,      E: seed@stbridespartners.co.uk

                                                Financial PR

 

Notes

Seed Innovations Ltd

SEED Innovations Ltd is an AIM-quoted investment company offering exposure to
disruptive, high-growth, life sciences and technology ventures typically
inaccessible to everyday investors. Its strategy focuses on identifying
early-stage opportunities with upcoming investment catalysts, alongside more
mature investments providing near-term liquidity. With a portfolio of such
investments and cash reserves, the company is agile and poised to capitalize
swiftly on new investment opportunities.

About Little Green Pharma

Little Green Pharma is a global, vertically integrated, and geographically
diverse medicinal cannabis business with operations spanning cultivation,
production, manufacturing, and distribution.

The company operates three production facilities with a total production
capacity of 30 tonnes per annum (TPA), including a 21,500m² cultivation and
4,000m² GMP manufacturing facility in Denmark and an indoor cultivation and
manufacturing facility in Western Australia capable of producing ~3 tonnes of
medicinal cannabis biomass per annum.

Little Green Pharma has a total product range to 26 across the LGP and
CherryCo brands. The company distributes its products to 11 countries and has
recently added 5 new distribution partners, bringing the total to 11
distribution partners.

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. The company's
achievements were highlighted by multiple nominations for Cannabiz 2024
Awards, including Best Patient-Focused Initiative and Company of the Year.

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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