20 February 2024
SEED Innovations
Limited
("SEED"
or the "Company")
Investee Company Update:
Little Green Pharma Ltd
SEED Innovations Ltd, the AIM-quoted
investment company with a portfolio of disruptive, high-growth life
sciences and technology companies, notes that portfolio company, Little Green Pharma Ltd ('LGP') has
announced that the demerger of its wholly owned subsidiary, Reset,
announced on 13 November 2023 is no longer proceeding and it shall
remain as a subsidiary of LGP for the time being.
This is disappointing given SEED
wished to invest in Reset following the demerger. Seed was unable
to agree in the timeframe available with the relevant authorities
in the UK whether Reset's proposed expansion into Psychedelic
Assisted Psychotherapy ("PAP"), and which was legalised in
Australia in July 2023 (see RNS of 6 February 2023), is permissible
under the UK Proceeds of Crime Act ("POCA"). The Company had been
advised by a leading KC that holding an interest in Reset on this
basis did not breach POCA.
LGPs announcement in full can be
accessed from the following link: www.investlittlegreenpharma.com/site/showdownloaddoc
The Company will continue to work
with LGP's management, and other industry participants, to lobby
regulators and Government in the UK for clarity regarding the use
of psychedelic compounds outside of clinical trials in the UK in
the future, supporting companies develop treatment options to UK
patients suffering from a range of conditions including treatment
resistant depression and PTSD. In the meantime, the Board of SEED
will continue to carefully monitor the activities of LGP to ensure
that SEED can continue to comply with its legal and regulatory
obligations.
The Company owns 7,324,796 ordinary
shares in LGP representing 2.44% of LGP's issued share
capital.
- 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 providing shareholders with exposure
to disruptive, high-growth life sciences and technology companies
to which in normal circumstances they would have limited access.
Its strategy is to identify early-stage opportunities that have
upcoming investment catalysts and grow the value of its portfolio.
To this end, it currently has eight active investments with a
balance of liquid, pre-liquidity, and longer-term opportunities and
is well positioned to move quickly on other investment
opportunities.
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.