Investee Company Update: Little Green Pharma Ltd

SEED Innovations Ltd, the AIM-quoted 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 that its portfolio company, Little Green Pharma Ltd ('LGP'), has published its quarterly activities report and Appendix 4C for the period ending 31 December 2023 on the ASX.

The Company 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 25% surge in year-to-date revenue to A$18.1 million is an outstanding result, underscoring its commitment to driving sustainable growth and delivering value to its stakeholders. As well as strengthening its position in Australia where it is the second-largest flower portfolio holder having recorded a 75% rise in flower sales year-to-date, LGP is also making excellent inroads into the UK and European markets and is positioned to potentially benefit from any positive ripple effects from the U.S. Department of Health and Human Services' recommendation to reschedule cannabis. We look forward to receiving further updates as the year progresses."

Quarterly Activities Report and Appendix 4C

• Revenue of $5.4 million (unaudited) for quarter, with year-to-date revenue of $18.1 million (unaudited) up 25% on comparative period.
• Cash receipts of $5.3 million for quarter, with year-to-date receipts of $18.8 million up 33% on comparative period, and with majority of $1.0 million in overdue receivables collected in January.
• CherryCo brand launched late December 2023 with Little Buddies immediately becoming one of LGP's best performing flower products; LGP now has the second largest flower portfolio in Australian market.
• Total Australian flower sales increased 75% year-to-date on comparative period and vaping products increased 156% from previous quarter.
• LGP has received ~$1.0 million in white label sales orders for March 2024 quarter so far.
• Post quarter end, first shipment to Switzerland, first LGP Denmark shipment to the UK, first shipment to Italy outside of Government tender, and receipt of first import permit for Poland.
• New laws governing post-French Pilot supply framework announced with LGP anticipated to significantly benefit under the new regime.
• Reset Mind Sciences psilocybin clinical trial launched in December 2023 and fit-out of Reset Clinic close to completion.
• Cash in bank at 31 December 2023 of $3.7 million with outstanding $5.0 million R&D rebate expected in February.

The announcement in full can be accessed from the following link: https://www.investlittlegreenpharma.com/site/showdownloaddoc.aspx?AnnounceGuid=714498a1-66e4-4878-aed7-399d8cdcb19c

Subsequent to this announcement LGP announced the receipt of its A$5.0 million R&D rebate, to read the full ASX announcement click here: https://www.investlittlegreenpharma.com/

Little Green Pharma