Last checked at 1 Jun 2023 07:00
1 June 2023
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 an announcement released on the ASX by its portfolio company, Little Green Pharma Ltd ('LGP').
The Company owns 7,324,796 ordinary shares in LGP representing 2.45% of LGP's issued share capital.
LGP has announced its unaudited Financial Report for the year ended 31 March 2023.
Highlights:
· LGP generated A$19.9 million in revenue, up 89% from A$10.5 million in the previous 9-month reporting period.
· Continued to reduce its other costs, reducing its loss after tax by A$9.1 million from A$18.3 million to A$9.2 million.
· LGP improved its gross margin excluding fair value adjustments from 40% to 51%.
· LGP finished its financial year with A$12.4 million cash in bank. The A$4.1 million balance of its Canopy loan was repaid post year end, in early April 2023.
· LGP raised A$10.1 million during the year from two placements and a share purchase plan.
· LGP increased its cannabis sales by 90% compared to its previous 9-month reporting period, with flower sales increasing by over 160% and oil sales by over 50%.
· LGP has now supplied into seven jurisdictions: Australia, Germany, Italy, France, the UK, Denmark and Belgium with further supply agreements into Spain, Portugal and Poland.
The announcement in full can be accessed from the following link: https://investor.littlegreenpharma.com/site/investor-centre
Alfredo Pascual, VP of Investment Analysis at SEED, commented: "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 A$20 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."
- Ends -
For further information on the Company please visit: www.seedinnovations.co or contact:
Ed McDermott Lance de Jersey | SEED Innovations Ltd | E: info@seedinnovations.co
|
James Biddle Roland Cornish | Beaumont Cornish Limited, Nomad | T: (0)20 7628 3396
|
Isabella Pierre Damon Heath | Shard Capital Partners LLP Broker | T: (0)20 7186 9927 |
Catherine Leftley Isabelle Morris Max Bennett | St Brides Partners Ltd, Financial PR | E: info@stbridespartners.co.uk |
Notes
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 30 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.