31 May 2024
SEED Innovations
Limited
("SEED"
or the "Company")
Investee Company Update:
Little Green Pharma Ltd
Record annual revenue up 29%
on the previous year to A$25.6 million.
SEED Innovations Ltd, the AIM-quoted
quoted investment company offering exposure to disruptive,
high-growth, life sciences and technology ventures typically
inaccessible to everyday investors, is pleased to note an
announcement released on the ASX by its portfolio company, Little
Green Pharma Ltd ('LGP'), regarding its annual financial results
for the period ended 31 March 2024.
Highlights from LGP's Annual Report include:
·
Record annual revenue of A$25.6 million, up 29%
from A$19.9 million for the year ending 31 March 2023.
·
Loss after tax from continuing operations of A$8.2
million, a 5% improvement from the previous year.
·
Positive operating cash flow of A$66,791, compared
to a negative cash flow of A$6.9 million in the previous
year.
·
Cash at bank of A$5.0 million as of 31 March 2024,
down from A$12.4 million at 31 March 2023.
·
Significant reduction in borrowings to A$3.5
million, a 70% decrease from A$11.7 million the previous
year.
·
Significant operational updates from the previous
year.
o Introduction of 16 new products in FY2024, bringing the total
to 26 products across the LGP and CherryCo brands.
o Expansion to 11 distribution countries with 5 new distribution
partners added, totalling 11 distribution partners.
o Development of a genetics bank with 20 strains and involvement
in 13 studies/trials.
SEED owns 7,324,796 ordinary shares
in LGP representing 2.43% of LGP's issued share capital.
LGP's full Annual Report can be
accessed at
investlittlegreenpharma.com/site/investor-centre
-Ends-
For further information on the
Company please visit: www.seedinnovations.co or
contact:
Ed McDermott
Lance de Jersey
|
SEED Innovations Ltd
|
E: info@seedinnovations.co
|
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: seed@stbridespartners.co.uk
|
Notes
Seed Innovations Ltd
SEED Innovations Ltd is an
AIM-quoted investment company offering exposure to disruptive,
high-growth, life sciences and technology ventures typically
inaccessible to everyday investors. Its strategy focuses on
identifying early-stage opportunities with upcoming investment
catalysts, alongside more mature investments providing near-term
liquidity. With a portfolio of such investments and cash reserves,
the company is agile and poised to capitalize swiftly on new
investment opportunities.
About Little Green Pharma
Little Green Pharma is a global,
vertically integrated, and geographically diverse medicinal
cannabis business with operations spanning cultivation, production,
manufacturing, and distribution.
The company operates three
production facilities with a total production capacity of 30 tonnes
per annum (TPA), including a 21,500m² cultivation and 4,000m² GMP
manufacturing facility in Denmark and an indoor cultivation and
manufacturing facility in Western Australia capable of producing ~3
tonnes of medicinal cannabis biomass per annum.
Little Green Pharma has a total
product range to 26 across the LGP and CherryCo brands. The company
distributes its products to 11 countries and has recently added 5
new distribution partners, bringing the total to 11 distribution
partners.
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.
The company's achievements were highlighted by
multiple nominations for Cannabiz 2024 Awards, including Best
Patient-Focused Initiative and Company of the Year.
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.