TIDMFFWD
RNS Number : 8672O
FastForward Innovations Limited
12 February 2021
FastForward Innovations Ltd / AIM: FFWD / Sector: Closed End
Investments
12 February 2021
FastForward Innovations Ltd ("FastForward" or, "FFWD")
New Investment in ASX-Listed Vertically Integrated Medical
Cannabis Business
FastForward Innovations Ltd, the AIM quoted company focusing on
making investments in fast growing and industry leading businesses,
is pleased to announce that it has invested A$1 million
(GBP560,000) in a placing undertaken by Little Green Pharma (ASX:
LGP and 'LGP'), an ASX-Listed, vertically integrated, medicinal
cannabis business with operations from cultivation and production
through to manufacturing and distribution. The LGP placing raised a
total of A$22m at a price of $0.65c; accordingly, FFWD expects to
hold 0.9% of the Company following issue of the placing shares.
Highlights
-- Investment further develops FFWD's exposure to the medicinal cannabis industry
-- LGP supplies compliant medical-grade cannabis products to Australian and overseas markets
-- Strong support for LGP's A$22 million fundraise leaves the
business well capitalised for further growth
-- As announced by LGP on 29 January 2021, LGP achieved record
quarterly results for the December 2020 quarter with s ales revenue
up 90% on the previous quarter to A$2.45 million (unaudited)
-- Significant recent progress made in establishment of offshore
distribution channels including to the UK, Germany, and New
Zealand
-- A$0.65 placing price per share, as at today's date shares currently trading at A$0.85
Ed McDermott, CEO of FastForward, commented: "As an experienced
medical cannabis company investor, we have a very good
understanding of the market opportunity, the international
regulatory landscape and a team's ability to deliver. Having been
aware of their progress we are delighted to now support LGP, which
ticks all the boxes; it has great assets, strong management, is
well capitalised, and continuously delivers on its forecasts in a
market where many do not. Furthermore, having engineered excellent
European growth, we are confident that it will have further success
internationally and deliver strong newsflow in the coming months
and we look forward to supporting LGP and its management wherever
we can."
DETAILS
Investment
LGP has raised a total of A$22 million by way of a placement of
34 million new ordinary shares ('New Shares') at A$0.65 per New
Share to new and existing shareholders. The funds will be used to
execute LGP's next phase of growth by accelerating sales and
marketing efforts in Australia and in offshore markets; expanding
cultivation and manufacturing capacity; and providing general
working capital.
Having invested A$1 million (GBP560,000) in LGP's placing, and
following admission to trading on the ASX, FFWD will have a holding
of 1,538,462 ordinary shares in LGP.
About Little Green Pharma
Little Green Pharma is a vertically integrated medicinal
cannabis business with operations from cultivation and production
through to manufacturing and distribution. It has an indoor
cultivation facility and manufacturing facility in Western
Australia to produce its own-branded range of GMP-grade medicinal
cannabis products.
LGP's growing product range comply with all required Therapeutic
Goods Administration regulations and testing requirements. With a
growing range of products containing differing ratios of active
ingredients, LGP supplies medical-grade cannabis products to
Australian and overseas markets. Recently, it has made progress in
the establishment of offshore distribution channels including to
the UK, Germany, and New Zealand to further strengthen its
geographic reach.
LGP achieved record quarterly results for the December 2020
quarter :
-- Sales revenue of A$2.45 million (unaudited), up 90 per cent. on previous quarter;
-- 12,500+ unit sales in Australia, up 50 per cent. on previous quarter;
-- 20 per cent. growth in new patients on the previous quarter -
some 9,500 now been prescribed LGP medicines in Australia.
LGP has a strong focus on patient access in the emerging global
medicinal cannabis market and is actively engaged in promoting
education and outreach programmes, as well as participating in
clinical investigations and research projects to develop innovative
new delivery systems.
Based on the 11 February 2021 closing price of A$0.85, LGP has a
fully diluted market capitalisation of A$142 million, net assets as
at 30 June 2020 of A$12.3 million and reported a loss before tax of
A$9.3million on revenue of A$2.2million.
Further information about Little Green Pharma can be found at
www.littlegreenpharma.com .
ENDS
For further information on the Company please visit www.fstfwd.co or contact:
Ed McDermott FastForward Innovations E: info@fstfwd.co
Lance de Jersey Ltd
James Biddle Beaumont Cornish Limited, T: (0)20 7628 3396
Roland Cornish Nomad
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Isabella Pierre Shard Capital Partners T: (0)20 7186 9927
Damon Heath LLP
Broker
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Catherine Leftley St Brides Partners E: info@stbridespartners.co.uk
Beth Melluish Ltd,
Financial PR
-------------------------- -------------------------------
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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END
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