Fri, 1st Jul 2022 17:30
Feed Innovations Ltd / AIM: SEED / Sector: Closed End Investments
1 July 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, notes an announcement released on the ASX by its portfolio company, Little Green Pharma Ltd ('LGP') of its annual report for the nine-month period ended 31 March 2022 (requiring a shortened annual report following a change of year end to 31 March), including key highlights for the period.
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:
"It has been an exceptional year for LGP, as it continued its growth in Australia and advanced its strategy to expand into other markets. During the period, LGP became a leading cannabis company in the European Union with its GMP-licensed Danish facility and its continued development of its supply channels into new markets such as Italy and Denmark.
"LGP also reported strong growth with revenue of AUD10.52 million for the 9-month reporting period, an increase of 50% on the previous 12-month financial year, a significant achievement and we look forward to following LGP's progress in the next year."
· 50% revenue growth from the previous 12-month financial year
· 63% and 64% increase in Australian patients and active prescribers respectively*
· 114% increase in international sales*
* Comparisons with the comparative reporting period of 1 July 2020 - 31 March 2021
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/1a906fbf-c947-4f74-8d10-7669c6af6ee4/AnnualReporttoshareholders
- Ends -
For further information on the Company please visit: www.seedinnovations.com or contact:
Lance de Jersey
SEED Innovations Ltd
Beaumont Cornish Limited,
T: (0)20 7628 3396
Shard Capital Partners LLP
T: (0)20 7186 9927
St Brides Partners Ltd,
Seed Innovations Ltd
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