Last checked at 28 Jan 2022 07:00
Seed Innovations Ltd / AIM: SEED / Sector: Closed End Investments
28 January 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, is pleased to note the announcement released on the ASX by its portfolio company, Little Green Pharma Ltd ('LGP') including its quarterly activities report and appendix for year ended 30 December 2021. 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 of SEED, commented: "It is very encouraging to see such a positive quarter from Little Green Pharma, seeing increasing revenue and record cash receipts of A$4.9 million. We are pleased to see the recent distribution agreements throughout Europe and Denmark's first locally produced cannabis medicine registration. With a strong cash balance of over A$25 million and a A$5.8 million financing facility from National Australia Bank, SEED are looking forward to a positive 2022 with further progress and news flow from the LGP team."
The following highlights is an extract from the report and the announcement in full can be accessed from the link below this section.
Quarterly Activities Report and Appendix 4c
Record revenue and cash receipts for quarter
LGP's EU distribution platform now with access to over 60% of EU population
Registration of first locally produced cannabis medicine in Denmark
Highlights
· Company achieves record quarterly revenue and cash-receipts, with ~$3.7 million revenue (unaudited) and $4.9 million in cash receipts
· Agreements signed for exclusive distribution partnerships in Germany and Greece, including for medicines produced from LGP's Danish Facility
· Granted Denmark's first locally produced cannabis medicine registration, with encouraging first sales in January 2022
· Danish Facility prequalifies for Italian government medicinal cannabis tender and submits first bid
· Strongly positioned to capitalise on French market, with LGP continuing to be the preferred primary supplier into the French trial with less than a year until completion
· Receives unconditional approval of $5.8 million financing facility from National Australia Bank
· Receives research and development rebate of $1.9 million
· Strong balance sheet with $25.2 million cash in bank
The announcement can be viewed in full including the relevant appendices on LGP's website via the following link: https://investor.littlegreenpharma.com/
*ENDS*
For further information on the Company please visit www.seedinnovations.co or contact:
Ed McDermott / Lance de Jersey | SEED Innovations Ltd | Email: info@seedinnovations.co
|
James Biddle / Roland Cornish | Beaumont Cornish Limited, Nomad
| Tel: +44 (0) 207 628 3396 |
Isabella Pierre / Damon Heath | Shard Capital Partners LLP
| Tel: +44 (0)20 7186 9927 |
Catherine Leftley / Isabelle Morris | St Brides Partners Ltd, Financial PR
| Email: seed @stbridespartners.co.uk |
Notes
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.