Pharma & Biotech
Pharma & Biotech
08:15 Tue 07 Dec 2021
Follow Oliver on:
SEED Innovations sees progress across its portfolio
Positive progress was reported for all its investee companies, but the board has been frustrated by unfavourable stock market sentiment around cannabis-related companies in recent months
SEED Innovations Ltd (AIM:SEED) reported results for the six months to 30 September where it realised a £1.9mln gain from the sale of its stake in EMMAC Life Sciences, a 1.86 times return on the original investment, and made two investments into new companies.
However, while positive progress was reported for all its investee companies, the SEED board has been frustrated by recent unfavourable stock market sentiment around cannabis-related companies.
Publicly listed cannabis stocks across the globe have come under pressure in the past six months, leading to SEED’s net asset value at 30 September 2021 of £23.35mln being down from £24.94mln at the end of March. Net assets per share were 10.98p compared to 11.72p six months earlier.
Chairman Ian Burns said the company remains a firm believer in investing in the medical cannabis, health and wellness space, and is well positioned to capitalise on growth in the short, medium and long term.
The two new investments in the half-year were a €3mln invested in Germany’s Eurox Group, a revenue generating, vertically integrated medical cannabis company, and £175,000 in research-led cannabis healthcare company CiiTECH Limited ahead of an agreed London listing.
Burns said SEED is evaluating a large number of potential investment opportunities brought in by its strengthened investment analysis team.
He concluded: “As one of the only London-listed vehicles that provides exposure to opportunities in the health, wellness and medical cannabis spaces, and with a strong balance sheet, I am confident of SEED’s continually evolving future and look forward to reporting on further progress over the coming months.”
Price: 5.8 GBX
Add related topics to MyProactive
Create your account: sign up and get ahead on news and events
The above has been published by Proactive Investors Limited (the “Company”) on its website and is made available subject to the terms and conditions of use of its website (see T&C ). …
Innovations Limited (SEED Innovations Ltd (AIM:SEED)) Chief executive Ed McDermott joins Proactive London's Katie Pilbeam to talk about their results for the six months to 30 September. Publicly listed cannabis stocks across the globe have come under pressure in the past six months, leading…
Only registered members can use this feature.
© Proactive 2021.
Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority. Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.
‘This too shall pass away’ this famous Persian adage seems to be defeating us again and again in the case of COVID-19. Despite every effort