Investee Company Update: Little Green Pharma Ltd

Seed Innovations Limited

17 April 2024

 

17 April 2024 

SEED Innovations Limited

("SEED" or the "Company")

Investee Company Update: Little Green Pharma Ltd

Record quarterly revenue up 34% on the previous quarter to A$7.3 million.

 SEED Innovations Ltd, the AIM-quoted company investment company providing shareholders with exposure to early-stage health, wellness, and medical cannabis companies, to which, in normal circumstances they have limited access to, is pleased to note an announcement released on the ASX by its portfolio company, Little Green Pharma Ltd ('LGP'), regarding its quarterly activities for the period ended 31 March 2024. 

Highlights from LGP's Quarterly Report include:

·    Record quarterly cash receipts of A$8.1 million, up over 50% on previous quarter and over 20% on previous corresponding period.

·    Record quarterly revenue of A$7.3 million (unaudited), up 34% on previous quarter and over 36% on previous corresponding period.

·    Record revenue of A$25.6 million (unaudited) for FY24, up nearly 30% on previous financial year resulting in positive operating cashflow of A$0.5 million for financial year.

·    Cash in bank of A$5.0 million at 31 March 2024 up from A$3.7 million at 31 December 2023.

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

Commenting on the announcement, Ed McDermott, CEO of Seed said: "LGP's quarterly surge in cash receipts and revenue is outstanding, highlighting its growing reputation in the medical cannabis space.   Not only is LGP solidifying its foothold in Australia with increasing revenues there, but it is also expanding its presence and sales in the European markets, positioning itself to potentially capitalise on the recent cannabis legislative change in Germany. We are encouraged by this quarter's sales growth, bolstered cash reserves, and debt reduction, and look forward to further updates as the year unfolds."

LGP's full Quarterly Report can be accessed at  https://bit.ly/3Umtjz2

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 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. 

 

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