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FastForward Inn Ltd (FFWD)

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Monday 28 June, 2021

FastForward Inn Ltd

Further Investment in Little Green Pharma Ltd

RNS Number : 2212D
FastForward Innovations Limited
28 June 2021
 

 

 

FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End Investments

 

28 June 2021

FastForward Innovations Ltd

("FastForward", "FFWD" or the "Company")

 

Further Investment in Little Green Pharma Ltd

FastForward Innovations Ltd, the AIM quoted company focusing on making investments in fast growing and industry leading businesses, is pleased advise that it has invested a further AUD$2,765,000 (approximately £1,500,000) (the 'Investment') in  its portfolio company, Little Green Pharma Ltd (ASX: LGP and 'LGP') an ASX-Listed, vertically integrated, medicinal cannabis business with operations from cultivation and production through to manufacturing and distribution. The Investment is part of the AUD$27.2 million placing at AUD$0.60 per share by LGP (as announced on 22 June 2021) (the 'Placing') to part fund the acquisition of a fully-operational GACP cultivation and GMP licensed medicinal cannabis asset in Denmark (the 'Facility').

 

Following the investment, FFWD has a holding of 7,324,796 ordinary shares in LGP representing 3.15% of LGP's enlarged issued share capital.

Highlights

· Investment further develops FFWD's exposure to the medicinal cannabis industry

· Strong support for LGP's A$27.2 million fundraise from institutional and sophisticated investors

· Placing proceeds to be used by LGP to part fund the acquisition of a world-class, fully-operational GACP cultivation and GMP licensed medicinal cannabis asset in Denmark (EU) with capacity to produce in excess of 20 tonnes of biomass per annum including 12 tonnes per annum of dried cannabis flower (the "Facility")

· The Facility is a clear strategic fit with LGP's existing operations and capabilities, immediately providing LGP with additional cultivation and manufacturing capacity and accelerating its planned capacity expansion by up to two years

· The Facility is in line with LGP's EU expansion strategy and provides platform to leverage LGP's early mover advantage in key EU markets

· The Facility positions LGP as a leading global pure play medicinal cannabis producer and owner of one of the largest cannabis production assets in Europe

· AUD$0.60 placing price per share, as at today's date shares currently trading at AUD$0.81

Ed McDermott, CEO of FastForward, commented :  "LGP are ambitious in their growth strategy and to date have delivered beyond our expectations. We are pleased to further support them in this fundraise as part of a very significant development in their history, which will contribute to increasing cultivation and manufacturing capacity accelerating their planned expansion by up to two years. With strong management, a broadening range of operations and being well capitalised, I believe they are well positioned to build on the very solid foundations already in place in Australia and increasingly so in Europe and with access to the Danish Facility now secured, this will provide immediate access to medical grade product at volumes that will allow LGP the opportunity for further growth.

"We look forward with confidence to further news and developments from LGP."

FURTHER DETAILS

LGP has raised a total of AUD$27.2 million by way of a placement of approximately 45.3 million new ordinary shares ('New Shares') at A$0.60 per New Share.  The funds will be used to part fund the acquisition of the Facility in Denmark, in addition to capital expenditure works to permit scaling of the Denmark Facility to 50% capacity, to build out LGP's European sales team and for working capital requirements.

 

Following the AUD$2,765,000 investment (c.£1.5m) in the Placing, and following admission to trading on the ASX, FFWD will have a holding of 7,324,796 ordinary shares in LGP representing 3.15% of LGP's enlarged issued share capital.

 

The full announcement by LGP of the Placing and acquisition of the Facility can be found at https://investor.littlegreenpharma.com/site/PDF/0bec6125-5777-4115-a8cc-896ff3b2fc33/LGPacquiresDenmarkfacilityandundertakesshareplacement  

 

Based on the 25 June 2021 closing price of A$0.785, LGP has a fully diluted market capitalization (pre-raise) of A$147million, net assets as at 31 December 2020 of A$14.9 million and reported a profit before tax of A$ 0.484 million on revenue of A$3.771million for the six months to 31 December 2020.

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 20 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.

 

For more information about Little Green Pharma go to: www.littlegreenpharma.com

 

*** ENDS***

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

Ed McDermott / Lance de Jersey

FastForward Innovations Ltd

Email: [email protected]  

 

James Biddle / Roland Cornish

Beaumont Cornish Limited,

Nomad

 

Tel: +44 (0) 207 628 3396

 

Isabella Pierre / Damon Heath

Shard Capital Partners LLP

 

T: +44 (0)20 7186 9927

Isabel de Salis / Charlotte Hollinshead

St Brides Partners Ltd,

Financial PR

 

Email: [email protected]

 

Notes

FastForward 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.

 

 

 

 

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