Investee Company Update: Little Green Pharma Ltd

Seed Innovations Limited

20 February 2024

 

20 February 2024

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Little Green Pharma Ltd

SEED Innovations Ltd, the AIM-quoted investment company with a portfolio of disruptive, high-growth life sciences and technology companies, notes that portfolio company, Little Green Pharma Ltd ('LGP') has announced that the demerger of its wholly owned subsidiary, Reset, announced on 13 November 2023 is no longer proceeding and it shall remain as a subsidiary of LGP for the time being.

This is disappointing given SEED wished to invest in Reset following the demerger. Seed was unable to agree in the timeframe available with the relevant authorities in the UK whether Reset's proposed expansion into Psychedelic Assisted Psychotherapy ("PAP"), and which was legalised in Australia in July 2023 (see RNS of 6 February 2023), is permissible under the UK Proceeds of Crime Act ("POCA"). The Company had been advised by a leading KC that holding an interest in Reset on this basis did not breach POCA.

LGPs announcement in full can be accessed from the following link: www.investlittlegreenpharma.com/site/showdownloaddoc  

The Company will continue to work with LGP's management, and other industry participants, to lobby regulators and Government in the UK for clarity regarding the use of psychedelic compounds outside of clinical trials in the UK in the future, supporting companies develop treatment options to UK patients suffering from a range of conditions including treatment resistant depression and PTSD. In the meantime, the Board of SEED will continue to carefully monitor the activities of LGP to ensure that SEED can continue to comply with its legal and regulatory obligations.

The Company owns 7,324,796 ordinary shares in LGP representing 2.44% of LGP's issued share capital.

- Ends -

For further information on the Company please visit: www.seedinnovations.co  or contact:

Ed McDermott Lance de Jersey	SEED Innovations Ltd	E: [e-mail]
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
Ana Ribeiro Isabel de Salis Isabelle Morris	St Brides Partners Ltd Financial PR	E: [e-mail]

Notes

Seed Innovations Ltd

SEED Innovations Ltd is an AIM-quoted investment company providing shareholders with exposure to disruptive, high-growth life sciences and technology companies to which in normal circumstances they would have limited access. Its strategy is to identify early-stage opportunities that have upcoming investment catalysts and grow the value of its portfolio. To this end, it currently has eight active investments with a balance of liquid, pre-liquidity, and longer-term opportunities and is well positioned to move quickly on other investment opportunities.

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.

 

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