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: 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: info@stbridespartners.co.uk
|
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.