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(Alliance News) - Seed Innovations Ltd on Thursday said its portfolio company Little Green Pharma Ltd posted a surge in revenue as its loss narrowed.
The AIM-listed investor in the medical cannabis, health, and wellness space, which owns a 2.5% stake in LGP, said LGP reported AUD19.9 million, or GBP10.4 million, in revenue for the year ended March 31, an 89% increase from AUD10.5 million in its previous 9-month reporting period.
LGP is a medical cannabis business with operations in cultivation, production, manufacturing and distribution.
The firm added that LGP saw pretax loss of AUD9.2 million, narrowing from a loss of AUD18.3 million a year ago.
LGP also increased cannabis sales by 90% compared to the previous 9-month period, with flower sales more than doubling and oil sales up by 50%.
Alfredo Pascual, vice president of investment analysis at Seed said: "I am pleased to share that LGP has achieved improved financial growth during the fiscal year ending on March 31, 2023. As we expected, LGP's revenue increased significantly to nearly AUD20 million, representing strong growth compared to the previous period. With cash in the bank and a now unencumbered Danish facility, I believe LGP is in a unique opportunity to capitalise on the growth of medical cannabis markets in Europe and Australia.
"The progress in the year reflects LGP's dedication to driving sustainable success in the medicinal cannabis industry and echoes the positive trajectory we have previously shared. I look forward to sharing news of LGP's further advancing position as a leading player in this rapidly evolving market."
Seed Innovations shares fell 6.6% to 1.70 pence each in London on Thursday morning.
By Harvey Dorset, Alliance News reporter
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