Last checked at 12 Jun 2023 08:07
12 June 2023
SEED Innovations Limited
("SEED" or the "Company")
Portfolio Company Update: Northern Leaf Limited
Northern Leaf Limited Awarded GMP Accreditation
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 announce an update from portfolio company Northern Leaf Limited ("Northern Leaf"), a Jersey based medical cannabis producer. Northern Leaf has been awarded Good Manufacturing Practices (''GMP'') accreditation for its flower product as an active pharmaceutical ingredient. The accreditation is from the UK's Medicines and Healthcare Products Regulatory Agency ("MHRA"), and a key regulatory milestone for the company to export its products to the European Union ("EU").
The Company owns 1,236,331 ordinary shares in Northern Leaf representing 2.2% of Northern Leaf's issued share capital.
Commenting on the accreditation, CEO at Northern Leaf, Don Perrott, said: "GMP accreditation is an extremely rigorous, costly and multi-year process. Receiving this accreditation from the MHRA, who is seen as the gold standard in the industry, is a significant achievement for Northern Leaf. It's the strongest possible endorsement of our people, processes and product as we seek to develop high quality cannabis-based medicines for the benefit of patients across the EU and internationally."
Ed McDermott, CEO at SEED, commented: "I am pleased to share Northern Leaf's latest development with SEED's shareholders. Along with its already granted Home Office permissions, the GMP accreditation puts Northern Leaf in a strong position to export medical-grade cannabis products across the rapidly growing EU markets. With Northern Leaf focused on becoming a key player in the European medical cannabis supply chain, I look forward to bringing further updates to the market in due course."
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For further information on the Company please visit: www.seedinnovations.com or contact:
Ed McDermott Lance de Jersey | SEED Innovations Ltd | E: info@seedinnovations.co
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James Biddle Roland Cornish | Beaumont Cornish Limited, Nomad | T: (0)20 7628 3396
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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: seed@stbridespartners.co.uk |
Notes to Editors
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 Northern Leaf Limited
Northern Leaf is a medical cannabis cultivator based in Jersey that, in December 2020, was granted the first UK commercial high THC medical cannabis license since UK based GW Pharmaceuticals (NASDAQ:GWPH) in 1998. The Company is leading the development of a new industry for the British Isles, creating centres of excellence, using state-of-the-art tracking systems and robust policies and procedures to ensure the highest levels of quality from seed to sale.
With a secure operational facility already built in Jersey where the favourable climate and sunshine hours contribute to a comparably lower cultivation cost, Northern Leaf will grow commercial quantities of medical cannabis for the rapidly growing European market, including the key markets of the UK, Germany, and Israel. For more information about Northern Leaf, please visit https://www.northern-leaf.com/.