funding - a.storyblok.com
TRANSCRIPT
Fundinginnovations
to create future solutions
Corporate presentation ndash H22021
1
This presentation and any additional documents handed out at any meeting or provided directly
to potential investors (together the ldquoPresentation Materialsrdquo) have not been approved by (i)
the London Stock Exchange plc or by any authority which could be a competent authority for
the purposes of the Prospectus Directive (Directive 200371EC)or (ii) an authorised person
within the meaning of the Financial Services and Markets Act 2000 (ldquoFSMArdquo)The securities
mentioned herein have not been and will not be registered under the US Securities Act of
1933as am ended (the ldquoSecurities Actrdquo)or under any USState securities laws and may not
be offered or sold in the United States unless they are registered under the Securities Act or
pursuant to an exemption from or in a transaction not subject to the registration requirements
of the Securities Act Neither the USSecurities and Exchange Commission nor any USstate
regulatory authority has approved the securities to be offered or the terms of such of fer ing or
passed upon the accuracy or adequacy of the presentation and these Presentation Materials
Any representation to the contrary is a criminal offence
The Presentation Materials are being supplied to you for information purposes only by Seed
Innovations Limited (the ldquoCompanyrdquo) References to the Company will also be deemed to
include its subsidiaries (if any) both directly and indirectly held (including through nominees)
all or wholly owned These Presentation Materials have been prepared by and are the sole
responsibility of the CompanyThe Directors of the Company have taken all reasonable care
to ensure that the facts stated herein are true to the best of their knowledge information and
belief Inve sting in the Company may expose an individual to significant risk of losing all of the
property or other assets invested
These Presentation Materials being this presentation and any additional documents handed
out in the meeting or provided directly to potential investors are being issued on a strictly
private and confidential basis and solely to and directed (i) at persons in the UK (a) who have
professional experience in matters relating to investments being investment professionals as
defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the ldquoFPOrdquo) (b) high net worth companies as defined in Article 49(2) of the FPO (c)
certified sophisticated investors as defined in Article 50(1) of the FPO or (d) persons to whom
it may otherwise lawfully be communicated or (ii) persons in the United States or who are US
persons who are ldquoaccredited investor srdquo as defined in Rule 501 of Regulation D promulgated
under the Securities Act (ldquoAccredited Investorsrdquo) (together ldquoRelevant Personsrdquo) In order to
qualify as a certified sophisticated investor you must have a current certificate signed by a
person authorised by the Financial Conduct Authority to the effect that you are sufficiently
knowledgeable to understand the risks associated with this particular type of investment and
you must have signed within the last 12months a statement in the terms set out in Article 50(1)
(b) of the FPO The ordinary shares are available only to and any invitation offer or agreement
to subscribe purchase or otherwise acquire the ordinary shares will be engaged in only with
Relevant Persons Any person who is not a Relevant Person should not rely on this document nor
take any action upon it but should return it immediately to the Company
These Presentation Materials do not constitute or form part of a prospectus or admission
document relating to the Companynor do they constitute or contain any invitation or offer to
any person to subscribe for purchase or otherwise acquire any shares in the Company or advise
persons to do so in any jurisdiction nor shall it or any part of i t form the basis of or be relied on
in connection with any contract or as any inducement to enter into a contract or commitment
with the CompanyNo reliance may be placed for any purpose whatsoever on the information or
opinions contained in the Presentation Materials or on their completenessNo representation or
warrantyexpress or implied is given by the Company as to the accuracy of the information or
opinions contained in the Presentation Materialsor any further written or oral information made
available to you or your advisorsand is subject to updatingcompletion revisionamendment or
verification which may result in material changes
Any recipient of these Presentation Materials who is in any doubt about the investment to
which this presentation relates should consult an authorised person specialising in advising on
investments of this kind These Presentation Materials do not constitute a recommendation
regarding the shares of the Company and should not be construed as le gal business tax or
investment advice Prospective investors are encouraged to obtain separate and independent
verification of information and opinions contained in the Presentation Materials as part of their
ow n due diligence By accepting these Presentation Materials the Recipient agrees to keep
permanently confidential the information contained herein or sent herewith or made available in
connection with further enquiries It is a condition of the issue of these Presentation Materials
that they will not be reproduced copied distributed or circulated to any third party in whole
or in partor published in whole or in part for any purpose without the express prior consent
of the CompanyNeither the Companynor its advisers accept liability whatsoever for any
loss howsoever arisingdirectly or indirectly from use of these Presentation Materials or their
contents or otherwise arising in connection therewith The Company in its sole discretion
reserves the right to amend or supplement these Presentation Materials at any timeThe
Company also reserves the right in its sole discretion to terminate discussions with any person
at any time The reproduction copying or distribution of these Presentation Materials in other
jurisdictions may be restricted by law and persons into whose possession these Presentation
Materials come should inform themselves about and observe any such restrictions These
Presentation Materials are not for distribution outside the United Kingdom (other than to the
United States in certain circumstances) and in particular they or any copy of them should not
be distributed directly or indirectlyby any means (including electronic transmission) either
to persons with addresses in Canada Australia Japan the Republic of South Africa or the
Republic of Irelandor to any citizens nationals or residents thereofor to any corporation
partnership or other entity created or organized under the laws thereof Any failure to comply
with these restrictions may constitute a violation of the laws of any such other jurisdictions
These Presentation Materials contain certain forward looking information about the Company
which are statements beliefs opinions or projections that are not historical facts and which
may be identified by the use of terminology such as ldquoproposesrdquo ldquomayrdquo ldquobelievesrdquo ldquoanticipatesrdquo
ldquoprojectsrdquo ldquoexpectsrdquo estimatesrdquo or ldquoforecastsrdquo or comparable terminology and which reflect
the Companyrsquos or as appropriate the Companyrsquos Directors current expectations and beliefs
about future events By their nature forward looking statements involve a number of risks
uncertainties and assumptions that could cause actual results or events to differ materially
from those expressed in such statements beliefs and opinions depending on a variety of
factors Past performance trends or activities of the Company or its shares cannot be relied
on as a guide to future performance trends or activities Any forward looking information
contained in these Presentation Materials has been prepared on the basis of a number of
assumptions which may prove to be incorrect and accordingly actual results may vary from
those projected as a result of among other factors changes in economic and market conditions
changes in the regulatory environment and other business and operational risksRecipients of
these Presentation Materials should not place reliance on forward looking statements which
speak only as of the date of the Presentation MaterialsThe Comp any does not undertake
any obligation to update or revise any forward looking statementswhether as a result of new
information future events circumstances or otherwise or to reflect the occurrence or non
occurrence of any events
Please note that the photographs and images used in these Presentation Materials are
illustrative and may not show a complete picture of all relevant informationBy attending
the presentation andor retaining these Presentation Materials you will be taken to have
represented warranted and undertaken that (i) you a re a Relevant Person (ii) you have read
and agree to comply with the contents and restrictions of this disclaimer (iii) you will use
the information in these Presentation Materials solely for evaluating your possible interest
in acquiring securities of the Company and (iv) you will conduct your own analysis or other
verification of the data and information set out in these Presentation Materials and will bear the
responsibility for all or any costs incurred in doing so
DISCLAIMER
2
OVERVIEW
Our Fund
AIM listed closed end investment fund
regulated by the Guernsey Financial Services
Commission (lsquoGFSCrsquo)
Experienced Network
Team with extensive investment experience
amp broad international network of advisors
Market Focused
Recent FCA guidance enables increased focus
on medical cannabis
Balanced
Balance of early stage opportunities that have
an upcoming investment catalyst amp more
mature investments which offer liquidity in the
near term
Versatile Portfolio
Eleven investments with a balance of
liquid pre-liquidity and longer term
Returns
Track record of delivering real returns in
medical cannabis cannabinoid wellness and
life sciences
3
KEY DATA
Share graph
Share price
830 p(GBX) wwwlondonstockexchangecomstockSEED
Notable Shareholders
Investor Number of Ordinary Shares of issued share capital
Rhonda Abony 17784388 836
Peter Saladino 17194590 808
Jim Mellon 14783722 695
Richard Hackett 9817478 461
Norbert Teufelberger 7557005 355
4
Market Cap
1766 (poundm)(Instrument market cap) wwwlondonstockexchangecomstockSEED
Shares in issue
212747395Ticker
SEED
O UR TEAM
Our established team has a wealth of knowledge and
experience in capital markets licensing arrangements
establishing supply chains compliance (including
PoCA 2002) as well as the processing and distribution
of medical c annabis and related produc ts
5
Lancede Jersey Financial Director
Ian BurnsNon Executive Chairman
Lance is member of the Institute of
Chartered Secretaries and Administrators
and Institute of Directors He previously
headed Partners Groupsup1s Guernsey office
serving on the Guernsey boards and chairing
the Risk amp Audit and AML committees and a
member of the Investment Oversight
committee He has circa 10 yearsrsquo
experience in private equity investment
administration and management In the
past Lance has owned and operated retail
franchises marketed and sold small
businesses as a business broker and worked
as a financial adviser in New Zealand He is
currently a non-executive director of Pearl
Holding Limited (an investment fund
managed by Partners Group) and is former
secretary and vice chairman of the Channel
Island Private Equity and Venture Capital
Association
Ian a fellow of both the Institute of Chartered
Accountants in England amp Wales and a
member of STEP is a serial entrepreneur and
one of the original founders of the Company
He also founded and is Executive Director of
Via Executive Limited a specialist
management consulting company and the MD
of Regent Mercantile Holdings Limited a
privately owned investment company He is
licensed by the Guernsey Financial Services
Commission as a personal fiduciary Other
positions Ian currently holds include non-
executive director and audit committee
chairman of River amp Mercantile UK Micro Cap
Ltd and Twenty Four Income Fund Limited
non-executive director of Darwin Property
Management (Guernsey) Limited Curlew
Capital Guernsey Limited and Premier Asset
Management (Guernsey) Ltd and Chairman of
One Hyde Park Limited
Luke CairnsNon Executive Director
Luke Cairns is a highly experienced finance
professional with a strong network having
worked in the City of London for 19 years in
corporate finance A Guernsey resident Luke
was previously Head of Corporate Finance
and Managing Director at Northland Capital
Partners an AIM focused Nomad and Broker
and has worked with many growth
companies across several sectors and
regions on a wide range of transactions
including IPOs secondary fundraisings
corporate restructurings and takeovers Luke
has also held directorships on both listed
and private companies across various
sectors
BOARD amp ADVISORS
Ed McDermottChief Executive Officer
Ed a former investment banker has nearly
20 yearsrsquo experience in the management
financing and strategic development of
growth companies He has broad experience
in several high growth sectors and
previously held several Executive and Non-
Executive roles with publicly quoted
companies including Emmerson Plc quoted
on the London stock exchange main board
As a finance specialist he has been pivotal
in raising over $750m for public and private
companies during his career Ed is co-
founder and was Managing Director of
Europersquos largest medical cannabis company
EMMAC Life Sciences which was acquired by
Curaleaf international in a deal worth over
$400m Ed is regularly interviewed as a
thought leader in the legal cannabis
industry
Alfredo Pascual
Vice President of
Investment Analysis
Having worked in the cannabis space since
the end of 2016 Alfredo is a well-known
name in the sector across global markets
Alfredo most recently worked as
International Analyst at Marijuana Business
Daily (MJBizDaily) the US-based business
news and information resource where he
focussed on how cannabis markets and
investments were evolving internationally
6
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
This presentation and any additional documents handed out at any meeting or provided directly
to potential investors (together the ldquoPresentation Materialsrdquo) have not been approved by (i)
the London Stock Exchange plc or by any authority which could be a competent authority for
the purposes of the Prospectus Directive (Directive 200371EC)or (ii) an authorised person
within the meaning of the Financial Services and Markets Act 2000 (ldquoFSMArdquo)The securities
mentioned herein have not been and will not be registered under the US Securities Act of
1933as am ended (the ldquoSecurities Actrdquo)or under any USState securities laws and may not
be offered or sold in the United States unless they are registered under the Securities Act or
pursuant to an exemption from or in a transaction not subject to the registration requirements
of the Securities Act Neither the USSecurities and Exchange Commission nor any USstate
regulatory authority has approved the securities to be offered or the terms of such of fer ing or
passed upon the accuracy or adequacy of the presentation and these Presentation Materials
Any representation to the contrary is a criminal offence
The Presentation Materials are being supplied to you for information purposes only by Seed
Innovations Limited (the ldquoCompanyrdquo) References to the Company will also be deemed to
include its subsidiaries (if any) both directly and indirectly held (including through nominees)
all or wholly owned These Presentation Materials have been prepared by and are the sole
responsibility of the CompanyThe Directors of the Company have taken all reasonable care
to ensure that the facts stated herein are true to the best of their knowledge information and
belief Inve sting in the Company may expose an individual to significant risk of losing all of the
property or other assets invested
These Presentation Materials being this presentation and any additional documents handed
out in the meeting or provided directly to potential investors are being issued on a strictly
private and confidential basis and solely to and directed (i) at persons in the UK (a) who have
professional experience in matters relating to investments being investment professionals as
defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2005 (the ldquoFPOrdquo) (b) high net worth companies as defined in Article 49(2) of the FPO (c)
certified sophisticated investors as defined in Article 50(1) of the FPO or (d) persons to whom
it may otherwise lawfully be communicated or (ii) persons in the United States or who are US
persons who are ldquoaccredited investor srdquo as defined in Rule 501 of Regulation D promulgated
under the Securities Act (ldquoAccredited Investorsrdquo) (together ldquoRelevant Personsrdquo) In order to
qualify as a certified sophisticated investor you must have a current certificate signed by a
person authorised by the Financial Conduct Authority to the effect that you are sufficiently
knowledgeable to understand the risks associated with this particular type of investment and
you must have signed within the last 12months a statement in the terms set out in Article 50(1)
(b) of the FPO The ordinary shares are available only to and any invitation offer or agreement
to subscribe purchase or otherwise acquire the ordinary shares will be engaged in only with
Relevant Persons Any person who is not a Relevant Person should not rely on this document nor
take any action upon it but should return it immediately to the Company
These Presentation Materials do not constitute or form part of a prospectus or admission
document relating to the Companynor do they constitute or contain any invitation or offer to
any person to subscribe for purchase or otherwise acquire any shares in the Company or advise
persons to do so in any jurisdiction nor shall it or any part of i t form the basis of or be relied on
in connection with any contract or as any inducement to enter into a contract or commitment
with the CompanyNo reliance may be placed for any purpose whatsoever on the information or
opinions contained in the Presentation Materials or on their completenessNo representation or
warrantyexpress or implied is given by the Company as to the accuracy of the information or
opinions contained in the Presentation Materialsor any further written or oral information made
available to you or your advisorsand is subject to updatingcompletion revisionamendment or
verification which may result in material changes
Any recipient of these Presentation Materials who is in any doubt about the investment to
which this presentation relates should consult an authorised person specialising in advising on
investments of this kind These Presentation Materials do not constitute a recommendation
regarding the shares of the Company and should not be construed as le gal business tax or
investment advice Prospective investors are encouraged to obtain separate and independent
verification of information and opinions contained in the Presentation Materials as part of their
ow n due diligence By accepting these Presentation Materials the Recipient agrees to keep
permanently confidential the information contained herein or sent herewith or made available in
connection with further enquiries It is a condition of the issue of these Presentation Materials
that they will not be reproduced copied distributed or circulated to any third party in whole
or in partor published in whole or in part for any purpose without the express prior consent
of the CompanyNeither the Companynor its advisers accept liability whatsoever for any
loss howsoever arisingdirectly or indirectly from use of these Presentation Materials or their
contents or otherwise arising in connection therewith The Company in its sole discretion
reserves the right to amend or supplement these Presentation Materials at any timeThe
Company also reserves the right in its sole discretion to terminate discussions with any person
at any time The reproduction copying or distribution of these Presentation Materials in other
jurisdictions may be restricted by law and persons into whose possession these Presentation
Materials come should inform themselves about and observe any such restrictions These
Presentation Materials are not for distribution outside the United Kingdom (other than to the
United States in certain circumstances) and in particular they or any copy of them should not
be distributed directly or indirectlyby any means (including electronic transmission) either
to persons with addresses in Canada Australia Japan the Republic of South Africa or the
Republic of Irelandor to any citizens nationals or residents thereofor to any corporation
partnership or other entity created or organized under the laws thereof Any failure to comply
with these restrictions may constitute a violation of the laws of any such other jurisdictions
These Presentation Materials contain certain forward looking information about the Company
which are statements beliefs opinions or projections that are not historical facts and which
may be identified by the use of terminology such as ldquoproposesrdquo ldquomayrdquo ldquobelievesrdquo ldquoanticipatesrdquo
ldquoprojectsrdquo ldquoexpectsrdquo estimatesrdquo or ldquoforecastsrdquo or comparable terminology and which reflect
the Companyrsquos or as appropriate the Companyrsquos Directors current expectations and beliefs
about future events By their nature forward looking statements involve a number of risks
uncertainties and assumptions that could cause actual results or events to differ materially
from those expressed in such statements beliefs and opinions depending on a variety of
factors Past performance trends or activities of the Company or its shares cannot be relied
on as a guide to future performance trends or activities Any forward looking information
contained in these Presentation Materials has been prepared on the basis of a number of
assumptions which may prove to be incorrect and accordingly actual results may vary from
those projected as a result of among other factors changes in economic and market conditions
changes in the regulatory environment and other business and operational risksRecipients of
these Presentation Materials should not place reliance on forward looking statements which
speak only as of the date of the Presentation MaterialsThe Comp any does not undertake
any obligation to update or revise any forward looking statementswhether as a result of new
information future events circumstances or otherwise or to reflect the occurrence or non
occurrence of any events
Please note that the photographs and images used in these Presentation Materials are
illustrative and may not show a complete picture of all relevant informationBy attending
the presentation andor retaining these Presentation Materials you will be taken to have
represented warranted and undertaken that (i) you a re a Relevant Person (ii) you have read
and agree to comply with the contents and restrictions of this disclaimer (iii) you will use
the information in these Presentation Materials solely for evaluating your possible interest
in acquiring securities of the Company and (iv) you will conduct your own analysis or other
verification of the data and information set out in these Presentation Materials and will bear the
responsibility for all or any costs incurred in doing so
DISCLAIMER
2
OVERVIEW
Our Fund
AIM listed closed end investment fund
regulated by the Guernsey Financial Services
Commission (lsquoGFSCrsquo)
Experienced Network
Team with extensive investment experience
amp broad international network of advisors
Market Focused
Recent FCA guidance enables increased focus
on medical cannabis
Balanced
Balance of early stage opportunities that have
an upcoming investment catalyst amp more
mature investments which offer liquidity in the
near term
Versatile Portfolio
Eleven investments with a balance of
liquid pre-liquidity and longer term
Returns
Track record of delivering real returns in
medical cannabis cannabinoid wellness and
life sciences
3
KEY DATA
Share graph
Share price
830 p(GBX) wwwlondonstockexchangecomstockSEED
Notable Shareholders
Investor Number of Ordinary Shares of issued share capital
Rhonda Abony 17784388 836
Peter Saladino 17194590 808
Jim Mellon 14783722 695
Richard Hackett 9817478 461
Norbert Teufelberger 7557005 355
4
Market Cap
1766 (poundm)(Instrument market cap) wwwlondonstockexchangecomstockSEED
Shares in issue
212747395Ticker
SEED
O UR TEAM
Our established team has a wealth of knowledge and
experience in capital markets licensing arrangements
establishing supply chains compliance (including
PoCA 2002) as well as the processing and distribution
of medical c annabis and related produc ts
5
Lancede Jersey Financial Director
Ian BurnsNon Executive Chairman
Lance is member of the Institute of
Chartered Secretaries and Administrators
and Institute of Directors He previously
headed Partners Groupsup1s Guernsey office
serving on the Guernsey boards and chairing
the Risk amp Audit and AML committees and a
member of the Investment Oversight
committee He has circa 10 yearsrsquo
experience in private equity investment
administration and management In the
past Lance has owned and operated retail
franchises marketed and sold small
businesses as a business broker and worked
as a financial adviser in New Zealand He is
currently a non-executive director of Pearl
Holding Limited (an investment fund
managed by Partners Group) and is former
secretary and vice chairman of the Channel
Island Private Equity and Venture Capital
Association
Ian a fellow of both the Institute of Chartered
Accountants in England amp Wales and a
member of STEP is a serial entrepreneur and
one of the original founders of the Company
He also founded and is Executive Director of
Via Executive Limited a specialist
management consulting company and the MD
of Regent Mercantile Holdings Limited a
privately owned investment company He is
licensed by the Guernsey Financial Services
Commission as a personal fiduciary Other
positions Ian currently holds include non-
executive director and audit committee
chairman of River amp Mercantile UK Micro Cap
Ltd and Twenty Four Income Fund Limited
non-executive director of Darwin Property
Management (Guernsey) Limited Curlew
Capital Guernsey Limited and Premier Asset
Management (Guernsey) Ltd and Chairman of
One Hyde Park Limited
Luke CairnsNon Executive Director
Luke Cairns is a highly experienced finance
professional with a strong network having
worked in the City of London for 19 years in
corporate finance A Guernsey resident Luke
was previously Head of Corporate Finance
and Managing Director at Northland Capital
Partners an AIM focused Nomad and Broker
and has worked with many growth
companies across several sectors and
regions on a wide range of transactions
including IPOs secondary fundraisings
corporate restructurings and takeovers Luke
has also held directorships on both listed
and private companies across various
sectors
BOARD amp ADVISORS
Ed McDermottChief Executive Officer
Ed a former investment banker has nearly
20 yearsrsquo experience in the management
financing and strategic development of
growth companies He has broad experience
in several high growth sectors and
previously held several Executive and Non-
Executive roles with publicly quoted
companies including Emmerson Plc quoted
on the London stock exchange main board
As a finance specialist he has been pivotal
in raising over $750m for public and private
companies during his career Ed is co-
founder and was Managing Director of
Europersquos largest medical cannabis company
EMMAC Life Sciences which was acquired by
Curaleaf international in a deal worth over
$400m Ed is regularly interviewed as a
thought leader in the legal cannabis
industry
Alfredo Pascual
Vice President of
Investment Analysis
Having worked in the cannabis space since
the end of 2016 Alfredo is a well-known
name in the sector across global markets
Alfredo most recently worked as
International Analyst at Marijuana Business
Daily (MJBizDaily) the US-based business
news and information resource where he
focussed on how cannabis markets and
investments were evolving internationally
6
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
OVERVIEW
Our Fund
AIM listed closed end investment fund
regulated by the Guernsey Financial Services
Commission (lsquoGFSCrsquo)
Experienced Network
Team with extensive investment experience
amp broad international network of advisors
Market Focused
Recent FCA guidance enables increased focus
on medical cannabis
Balanced
Balance of early stage opportunities that have
an upcoming investment catalyst amp more
mature investments which offer liquidity in the
near term
Versatile Portfolio
Eleven investments with a balance of
liquid pre-liquidity and longer term
Returns
Track record of delivering real returns in
medical cannabis cannabinoid wellness and
life sciences
3
KEY DATA
Share graph
Share price
830 p(GBX) wwwlondonstockexchangecomstockSEED
Notable Shareholders
Investor Number of Ordinary Shares of issued share capital
Rhonda Abony 17784388 836
Peter Saladino 17194590 808
Jim Mellon 14783722 695
Richard Hackett 9817478 461
Norbert Teufelberger 7557005 355
4
Market Cap
1766 (poundm)(Instrument market cap) wwwlondonstockexchangecomstockSEED
Shares in issue
212747395Ticker
SEED
O UR TEAM
Our established team has a wealth of knowledge and
experience in capital markets licensing arrangements
establishing supply chains compliance (including
PoCA 2002) as well as the processing and distribution
of medical c annabis and related produc ts
5
Lancede Jersey Financial Director
Ian BurnsNon Executive Chairman
Lance is member of the Institute of
Chartered Secretaries and Administrators
and Institute of Directors He previously
headed Partners Groupsup1s Guernsey office
serving on the Guernsey boards and chairing
the Risk amp Audit and AML committees and a
member of the Investment Oversight
committee He has circa 10 yearsrsquo
experience in private equity investment
administration and management In the
past Lance has owned and operated retail
franchises marketed and sold small
businesses as a business broker and worked
as a financial adviser in New Zealand He is
currently a non-executive director of Pearl
Holding Limited (an investment fund
managed by Partners Group) and is former
secretary and vice chairman of the Channel
Island Private Equity and Venture Capital
Association
Ian a fellow of both the Institute of Chartered
Accountants in England amp Wales and a
member of STEP is a serial entrepreneur and
one of the original founders of the Company
He also founded and is Executive Director of
Via Executive Limited a specialist
management consulting company and the MD
of Regent Mercantile Holdings Limited a
privately owned investment company He is
licensed by the Guernsey Financial Services
Commission as a personal fiduciary Other
positions Ian currently holds include non-
executive director and audit committee
chairman of River amp Mercantile UK Micro Cap
Ltd and Twenty Four Income Fund Limited
non-executive director of Darwin Property
Management (Guernsey) Limited Curlew
Capital Guernsey Limited and Premier Asset
Management (Guernsey) Ltd and Chairman of
One Hyde Park Limited
Luke CairnsNon Executive Director
Luke Cairns is a highly experienced finance
professional with a strong network having
worked in the City of London for 19 years in
corporate finance A Guernsey resident Luke
was previously Head of Corporate Finance
and Managing Director at Northland Capital
Partners an AIM focused Nomad and Broker
and has worked with many growth
companies across several sectors and
regions on a wide range of transactions
including IPOs secondary fundraisings
corporate restructurings and takeovers Luke
has also held directorships on both listed
and private companies across various
sectors
BOARD amp ADVISORS
Ed McDermottChief Executive Officer
Ed a former investment banker has nearly
20 yearsrsquo experience in the management
financing and strategic development of
growth companies He has broad experience
in several high growth sectors and
previously held several Executive and Non-
Executive roles with publicly quoted
companies including Emmerson Plc quoted
on the London stock exchange main board
As a finance specialist he has been pivotal
in raising over $750m for public and private
companies during his career Ed is co-
founder and was Managing Director of
Europersquos largest medical cannabis company
EMMAC Life Sciences which was acquired by
Curaleaf international in a deal worth over
$400m Ed is regularly interviewed as a
thought leader in the legal cannabis
industry
Alfredo Pascual
Vice President of
Investment Analysis
Having worked in the cannabis space since
the end of 2016 Alfredo is a well-known
name in the sector across global markets
Alfredo most recently worked as
International Analyst at Marijuana Business
Daily (MJBizDaily) the US-based business
news and information resource where he
focussed on how cannabis markets and
investments were evolving internationally
6
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
KEY DATA
Share graph
Share price
830 p(GBX) wwwlondonstockexchangecomstockSEED
Notable Shareholders
Investor Number of Ordinary Shares of issued share capital
Rhonda Abony 17784388 836
Peter Saladino 17194590 808
Jim Mellon 14783722 695
Richard Hackett 9817478 461
Norbert Teufelberger 7557005 355
4
Market Cap
1766 (poundm)(Instrument market cap) wwwlondonstockexchangecomstockSEED
Shares in issue
212747395Ticker
SEED
O UR TEAM
Our established team has a wealth of knowledge and
experience in capital markets licensing arrangements
establishing supply chains compliance (including
PoCA 2002) as well as the processing and distribution
of medical c annabis and related produc ts
5
Lancede Jersey Financial Director
Ian BurnsNon Executive Chairman
Lance is member of the Institute of
Chartered Secretaries and Administrators
and Institute of Directors He previously
headed Partners Groupsup1s Guernsey office
serving on the Guernsey boards and chairing
the Risk amp Audit and AML committees and a
member of the Investment Oversight
committee He has circa 10 yearsrsquo
experience in private equity investment
administration and management In the
past Lance has owned and operated retail
franchises marketed and sold small
businesses as a business broker and worked
as a financial adviser in New Zealand He is
currently a non-executive director of Pearl
Holding Limited (an investment fund
managed by Partners Group) and is former
secretary and vice chairman of the Channel
Island Private Equity and Venture Capital
Association
Ian a fellow of both the Institute of Chartered
Accountants in England amp Wales and a
member of STEP is a serial entrepreneur and
one of the original founders of the Company
He also founded and is Executive Director of
Via Executive Limited a specialist
management consulting company and the MD
of Regent Mercantile Holdings Limited a
privately owned investment company He is
licensed by the Guernsey Financial Services
Commission as a personal fiduciary Other
positions Ian currently holds include non-
executive director and audit committee
chairman of River amp Mercantile UK Micro Cap
Ltd and Twenty Four Income Fund Limited
non-executive director of Darwin Property
Management (Guernsey) Limited Curlew
Capital Guernsey Limited and Premier Asset
Management (Guernsey) Ltd and Chairman of
One Hyde Park Limited
Luke CairnsNon Executive Director
Luke Cairns is a highly experienced finance
professional with a strong network having
worked in the City of London for 19 years in
corporate finance A Guernsey resident Luke
was previously Head of Corporate Finance
and Managing Director at Northland Capital
Partners an AIM focused Nomad and Broker
and has worked with many growth
companies across several sectors and
regions on a wide range of transactions
including IPOs secondary fundraisings
corporate restructurings and takeovers Luke
has also held directorships on both listed
and private companies across various
sectors
BOARD amp ADVISORS
Ed McDermottChief Executive Officer
Ed a former investment banker has nearly
20 yearsrsquo experience in the management
financing and strategic development of
growth companies He has broad experience
in several high growth sectors and
previously held several Executive and Non-
Executive roles with publicly quoted
companies including Emmerson Plc quoted
on the London stock exchange main board
As a finance specialist he has been pivotal
in raising over $750m for public and private
companies during his career Ed is co-
founder and was Managing Director of
Europersquos largest medical cannabis company
EMMAC Life Sciences which was acquired by
Curaleaf international in a deal worth over
$400m Ed is regularly interviewed as a
thought leader in the legal cannabis
industry
Alfredo Pascual
Vice President of
Investment Analysis
Having worked in the cannabis space since
the end of 2016 Alfredo is a well-known
name in the sector across global markets
Alfredo most recently worked as
International Analyst at Marijuana Business
Daily (MJBizDaily) the US-based business
news and information resource where he
focussed on how cannabis markets and
investments were evolving internationally
6
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
O UR TEAM
Our established team has a wealth of knowledge and
experience in capital markets licensing arrangements
establishing supply chains compliance (including
PoCA 2002) as well as the processing and distribution
of medical c annabis and related produc ts
5
Lancede Jersey Financial Director
Ian BurnsNon Executive Chairman
Lance is member of the Institute of
Chartered Secretaries and Administrators
and Institute of Directors He previously
headed Partners Groupsup1s Guernsey office
serving on the Guernsey boards and chairing
the Risk amp Audit and AML committees and a
member of the Investment Oversight
committee He has circa 10 yearsrsquo
experience in private equity investment
administration and management In the
past Lance has owned and operated retail
franchises marketed and sold small
businesses as a business broker and worked
as a financial adviser in New Zealand He is
currently a non-executive director of Pearl
Holding Limited (an investment fund
managed by Partners Group) and is former
secretary and vice chairman of the Channel
Island Private Equity and Venture Capital
Association
Ian a fellow of both the Institute of Chartered
Accountants in England amp Wales and a
member of STEP is a serial entrepreneur and
one of the original founders of the Company
He also founded and is Executive Director of
Via Executive Limited a specialist
management consulting company and the MD
of Regent Mercantile Holdings Limited a
privately owned investment company He is
licensed by the Guernsey Financial Services
Commission as a personal fiduciary Other
positions Ian currently holds include non-
executive director and audit committee
chairman of River amp Mercantile UK Micro Cap
Ltd and Twenty Four Income Fund Limited
non-executive director of Darwin Property
Management (Guernsey) Limited Curlew
Capital Guernsey Limited and Premier Asset
Management (Guernsey) Ltd and Chairman of
One Hyde Park Limited
Luke CairnsNon Executive Director
Luke Cairns is a highly experienced finance
professional with a strong network having
worked in the City of London for 19 years in
corporate finance A Guernsey resident Luke
was previously Head of Corporate Finance
and Managing Director at Northland Capital
Partners an AIM focused Nomad and Broker
and has worked with many growth
companies across several sectors and
regions on a wide range of transactions
including IPOs secondary fundraisings
corporate restructurings and takeovers Luke
has also held directorships on both listed
and private companies across various
sectors
BOARD amp ADVISORS
Ed McDermottChief Executive Officer
Ed a former investment banker has nearly
20 yearsrsquo experience in the management
financing and strategic development of
growth companies He has broad experience
in several high growth sectors and
previously held several Executive and Non-
Executive roles with publicly quoted
companies including Emmerson Plc quoted
on the London stock exchange main board
As a finance specialist he has been pivotal
in raising over $750m for public and private
companies during his career Ed is co-
founder and was Managing Director of
Europersquos largest medical cannabis company
EMMAC Life Sciences which was acquired by
Curaleaf international in a deal worth over
$400m Ed is regularly interviewed as a
thought leader in the legal cannabis
industry
Alfredo Pascual
Vice President of
Investment Analysis
Having worked in the cannabis space since
the end of 2016 Alfredo is a well-known
name in the sector across global markets
Alfredo most recently worked as
International Analyst at Marijuana Business
Daily (MJBizDaily) the US-based business
news and information resource where he
focussed on how cannabis markets and
investments were evolving internationally
6
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
Lancede Jersey Financial Director
Ian BurnsNon Executive Chairman
Lance is member of the Institute of
Chartered Secretaries and Administrators
and Institute of Directors He previously
headed Partners Groupsup1s Guernsey office
serving on the Guernsey boards and chairing
the Risk amp Audit and AML committees and a
member of the Investment Oversight
committee He has circa 10 yearsrsquo
experience in private equity investment
administration and management In the
past Lance has owned and operated retail
franchises marketed and sold small
businesses as a business broker and worked
as a financial adviser in New Zealand He is
currently a non-executive director of Pearl
Holding Limited (an investment fund
managed by Partners Group) and is former
secretary and vice chairman of the Channel
Island Private Equity and Venture Capital
Association
Ian a fellow of both the Institute of Chartered
Accountants in England amp Wales and a
member of STEP is a serial entrepreneur and
one of the original founders of the Company
He also founded and is Executive Director of
Via Executive Limited a specialist
management consulting company and the MD
of Regent Mercantile Holdings Limited a
privately owned investment company He is
licensed by the Guernsey Financial Services
Commission as a personal fiduciary Other
positions Ian currently holds include non-
executive director and audit committee
chairman of River amp Mercantile UK Micro Cap
Ltd and Twenty Four Income Fund Limited
non-executive director of Darwin Property
Management (Guernsey) Limited Curlew
Capital Guernsey Limited and Premier Asset
Management (Guernsey) Ltd and Chairman of
One Hyde Park Limited
Luke CairnsNon Executive Director
Luke Cairns is a highly experienced finance
professional with a strong network having
worked in the City of London for 19 years in
corporate finance A Guernsey resident Luke
was previously Head of Corporate Finance
and Managing Director at Northland Capital
Partners an AIM focused Nomad and Broker
and has worked with many growth
companies across several sectors and
regions on a wide range of transactions
including IPOs secondary fundraisings
corporate restructurings and takeovers Luke
has also held directorships on both listed
and private companies across various
sectors
BOARD amp ADVISORS
Ed McDermottChief Executive Officer
Ed a former investment banker has nearly
20 yearsrsquo experience in the management
financing and strategic development of
growth companies He has broad experience
in several high growth sectors and
previously held several Executive and Non-
Executive roles with publicly quoted
companies including Emmerson Plc quoted
on the London stock exchange main board
As a finance specialist he has been pivotal
in raising over $750m for public and private
companies during his career Ed is co-
founder and was Managing Director of
Europersquos largest medical cannabis company
EMMAC Life Sciences which was acquired by
Curaleaf international in a deal worth over
$400m Ed is regularly interviewed as a
thought leader in the legal cannabis
industry
Alfredo Pascual
Vice President of
Investment Analysis
Having worked in the cannabis space since
the end of 2016 Alfredo is a well-known
name in the sector across global markets
Alfredo most recently worked as
International Analyst at Marijuana Business
Daily (MJBizDaily) the US-based business
news and information resource where he
focussed on how cannabis markets and
investments were evolving internationally
6
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
1
2
3
4
Identify undertake rigorous due diligence and invest in a balanced portfolio of
early stage opportunities that have an upcoming investment catalyst such as an
IPO potential re-rating or acquisition as well as invest in more mature investments
which offer liquidity in the near term
Support investee companies to strengthen the businesses and facilitate key liquidity
catalyst events
Grow the portfolio in terms of value whilst limiting the number of investee companies
to a level where relevant time can be devoted to each
Be an investment destination for individuals and institutions seeking exposure to
disruptive companies in the medical cannabis life sciences and wellness arena
without the large outlay and illiquidity typical of dedicated private market funds
INVESTMENT APPROACH
7
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
PORTFOLIO OVERVIEW
Medical Cannabis amp
Cannabinoid WellnessLife Sciences amp Biotech Technology amp Fintech
8
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
LIQUID INVESTMENTS
Portage Biotech Inc Yooma Wellness L ittle G reen Pharma
Supports nine subsidiary companies focused on
cutting edge RampD to treat various cancers eye
disease and acute kidney injury
Experienced team with track record of
developing five separate billion-dollar drugs
building several companies valued +US$10
billion and taking four companies public
Asiarsquos first HEMP and CBD focused lifestyle and
wellness company delivering the benefits of high
quality safe and compliant HEMP and CBD
products
Develops proprietary brands with data-driven
digital marketing expertise from an international
team with extensive experience in digital
marketing ecommerce and social media who
utilises best in class global partnerships
Vertically integrated medicinal cannabis business
with operations from cultivation and production
through to manufacturing and distribution
With a growing range of products containing
differing ratios of active ingredients LGP supplies
medical-grade cannabis products to European and
Australian markets
portagebiotechcom yoomacom
LIQUID LIQUID LIQUID
9
littlegreenpharmacom
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
PRE-LIQUIDITY INVESTMENTS
South West Brands
London-based group that is seeking to
establish itself as a multi-brand consumer
goods group developed specifically for the CBD
industry
Female-ledworld-class teamof experts in cannabis
CBD brand building consumergoods
licensing value creation and finance
southwestbrandsco
PRE-LIQUIDITY
10
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
PRE-LIQUIDITY INVESTMENTS
PRE-LIQUIDITY
11
Leap Gaming
B2B developer of high-end virtual reality gaming
applications whose games are offered by
international online and retail gamingoperators
generating tens of thousands of engagementpoints
with end-users
Partnershipswith leading brands including online
bettingand gamingplatform
leap-gamingcom
PRE-LIQUIDITY
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
MEDIUM-TERM INVESTMENTS
Northern Leaf
Medical cannabis cultivator that in December2020
was granted the firstUK commercial highTHC medical
cannabis license since UK based GW Pharmaceuticals
in 1998
Leading thedevelopmentof anewindustryfor theBritish
Islescreatingcentres of excellenceusingstate-of-the-
art trackingsystemsand robust policiesandprocedures
to ensure thehighest levelsof quality fromseed to sale
northern-leafcom
LONGER-TERM
12
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
NON-CORE INVESTMENTS
13
Inveniam
Recently completed the acquisition of the
assets of Factom IncBased in the US Inveniam
has built Inveniamio a powerful technology
platform that utilises big data AI and
blockchain technology to provide not only
surety of data but high-functioning use of that
data in a distributed data ecosystem
inveniamio
LONGER-TERM
Vemo Education
Designsimplementsand manages income
share agreementprogrammesfor its partnersan
agreement between a school and student to defer
some of their cost in exchange for a fixed percentage
of their post-graduation income for a fixed period
vemocom
LONGER-TERM
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
The table below lists the Companyrsquos holdings at 31 March 2021 and 31 March 2020
14
Holding
Share Class
Category
Country of
Incorp- oration
Portfolio
Number of Shares Held at 31 March
2021
Valuation at 31 March
2021 pound000
Number of shares held at 31 March
2020
Valuation at 31 March
2020 pound000
Fralis LLC Units
Loan
Gaming
Nevis 3941 1512 9174 1512 7148
(Leap Gaming) 107 NA 249 -
EMMAC Life Ordinary Biotech
England 1432 6666667 3333 6666667 2400
Sciences Ltd Loan Healthcare 732 NA 1703 - -
Yooma
Wellness Inc
Common
Shares
CBD
Wellness Canada 1389 4007165 3234 27255 50
Juvenescence
Limited Ordinary
Biotech
Healthcare BVI 989 128205 2301 128205 2561
Portage
Biotech Inc Ordinary
Biotech
Healthcare BVI 596 68306 1389 12980610 946
Little Green
Pharma Ordinary
Biotech
Healthcare Australia 357 2146462 831 - -
Northern Leaf
Ltd
Convertible
Loan
Biotech
Healthcare Jersey 258 - 600 - -
South West
Brands
Convertible
Loan
CDB
Wellness England 108 - 252 - -
Vemo
Education Inc
Pref Series
Seed 2
Edtech
USA
092
1000000
214
1000000
267
Factom Inc Series Seed
Series A
Blockchain
Tech USA
-
-
400000
5911330
-
-
400000
-
-
Total Investment Value 23280 13372
Cash and receivables net of payables and accruals 1659 866
Net Asset Value 24939 14238
Performance and valuation
The Companyrsquos Net Asset Value (ldquoNAVrdquo) per share at the end of the year improved to 1172pper share from 882p at 31 March 2020 thanks in part to the acquisition of Yooya Media by
and our subsequent investment in Yooma Corp and the continued growth of Leap Gaming
PORTFOLIO
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
15
PROFIT AND LOSSThe table below lists the Statement of Comprehensive Income For the year ended 31 March 2021
BALANCE SHEETThe table below lists the Statement of Financial Position As at 31 March 2021
Year ended Year ended
31 March 202131 March
2020
poundrsquo000 poundrsquo000
Net realised gain on disposal of financial assets
designated at fair value through profit and loss 443 165
Net unrealised gain(loss) in fair value of financial
assets designated at fair value through profit and loss 6864 (4148)
Interest income on investments at fair value through
profit and loss 31 69
Total investment income(loss) 7338 (3914)
Other Income
Bank interest income 2 12
Arrangement fee 45 -
Total other income 47 12
Expenses
Directors remuneration and expenses (258) (427)
Recognition of Directorsrsquo share-based payment
expense (47) (162)
Legal and professional fees (166) (172)
Other expenses (193) (147)
Administration fees (77) (97)
Adviser and brokerrsquos fees (95) (74)
Total expenses (836) (1079)
Net profit(loss) before losses and gains on foreign
currency exchange 6549 (4981)
Net foreign exchange loss (20) (15)
Total comprehensive income(loss) for the year 6529 (4996)
Earnings(loss) per Ordinary Share ndash basic and diluted 374p (309)p
Year ended Year ended
31 March 2021 31 March
2020
poundrsquo000 poundrsquo000
Non-current assets
Financial assets designated at fair value through
profit or loss 23280 13372
Current assets
Other receivables 53 50
Cash and cash equivalents 1675 1213
1728 1263
Total assets 25008 14635
Current liabilities
Other payables (69) (397)
Total liabilities (69) (397)
Net assets 24939 14238
Equity
Share capital 2127 1615
Deferred share reserve - 630
Employee stock option reserve 180 1263
Other distributable reserves 22632 10730
Total equity 24939 14238
Net assets per Ordinary Share ndash basic and diluted 1172p 882p
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
POTENTIAL INVESTMENTS
New or follow-on investments in medical cannabis and
cannabinoid wellnessndash recent FCA guidance enables
increased focus and activity in this space which has
already been seen
Opportunities include highly scalable businesses focused
on specific parts of the medical cannabis supply chain with
low capital outlay for large interest and pre-IPO medical
cannabis companies
Exploring early stage and more advanced companies to
maintain a balanced portfolio
16
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
TRENDING MARKETS
Demand for cannabinoid wellness outstrips supply in most markets
Legal Status of Medical CannabisGrowth Drivers
International
Cannabis Market
20+Europeancountrieshave legalizedmedical cannabis
in different waysSeveral of these countries including
Germanymandate health insurance coverage and havebeen
showingdouble-digit year over year growth since inception
The global legal cannabis market size is expected
to go from $213billion in 2020 to $559billionin
2026a compound annual growthrate(CAGR)of
morethan17
Increasing market acceptance
Increasing legalisation
Increasing disease burden of chronic
pain and growingneed for effective pain
management remedies
Increased number of medical applications
Increasing research and development of
novel products for delivery solutions
Increasing acceptance from the financial
markets with listings in London being seen
SourceBDSA
20+SourceResearch and Markets
$559B
17CARG
Illegal
Legal
Legal with conditions
Cannabis-derived drugs
Unknown
Legal in some regionsSourcewwwcanexcouk
17
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
FOCUS ON HIGH GROWTH MARKETS
28CARG
The market for techmanity which is technology to
increase human lifespan is worth USD 110 Bn today
growingat a 28CAGR to USD $610 Bn by 2025
SourceImmortal combatndash Future Human Primer
Source wwwmarketwatchcom
Market conditionsdriven by the
COVID 19 pandemichighlight the
need for continued innovation in
the healthcare sector
54CARG
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
$775BThe global biotechnology
market will surpass
US$775 billion by 2024
SourceGlobal Market Insights
$7057B$415B
The overall virtual reality in gamingand entertainment
market is expected to grow from US$415 Billion in
2018to US$7057 Billionby 2026 at a CAGR of 401
during the forecast period
18
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
GROWTH ACROSS GLOBAL MARKETS
1617INCREASE IN AUTHORISED PATIENTS
The cumulative number of
authorized patients over time has
risen
As of July 2021 there were almost
100000 authorized patients rising
from 5800 at the end of 2011
2018- 2022global
healthcare spending is
expected to increase
ataCAGRof 54
ISRAEL
19
Israel Ministry of Health publicly available
httpswwwhealthgovilSubjectscannabisDocumentslicenses-status-july-2021pdf
Patient numbers have grown rapidly
in Australia
Risen from ~30000 active patients
at the end of 2020 to ~45000 at the
close of Q1 2021
AUSTRALIA
pound100MMarket expected to exceed pound100M in 2021doubling 2020 sales
httpsfreshleafanalyticscomaureport-h1-2021
Cannabis flower imports have risen
substantially since 2017 from 125kg
in Q1 17 to 3259kg in Q1 21 ndash a rise
of c2500
GERMANY
2017Total flower imports of 1210 kg
2020Total flower imports of 9442 kg
+680httpswwwbfarmdeSharedDocsBilderDEDiagrammeBund
eopiumstelleEinfuhren_Cannabisbluetenjpg__blob=normal
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
INVESTMENT CASE
Balanced Portfolio
Balanced actively managed multi-sector
jurisdiction portfolio now targeting fast-growing
medical cannabis arena
Experienced Network
Strongteamamp extensive international advisory
networkunparalleled cannabis experience amp track
record in the sector
Market Focused
Accelerating opportunitiesnew listings in the
cannabis sector followingguidanceby the FCA
Agile Pipeline
Robust pipeline of new investment opportunities
as existinginvestee companies approach near term
liquidity events
Future Leader
EstablishingSEED as one of the UKrsquos leading
quoted medical cannabis investment fund
20
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
APPENDIX
21
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
CASE STUDY
$3M 12 pound144M 48 X
Proven strategy that delivers financial gains
pound2m investment in
European medical
cannabis company
EMMAC
Cash
reinvested
into
portfolio
C$3m seed investment
in Canadian medical
cannabis company
Nuuvera
Provided financial amp
advisory support incl
participation inCLN at a
cash cost of pound750k
Supported amp advised
team to strengthen
underlyingbusiness
dynamics over 12 months
Sold entire interest to
Curaleaf comprising
shares and a CLN for
c pound5m cash
Sold to publicly traded
Aphriaresulting in the
issue of shares which
were sold for
C$144m
186Xcashreturn
on invested capital
48Xcash return on
invested capital
pound2M
MARCH 2019
March 2017
pound750K
2019-2021
2017
pound5M
April 2021
March 2018
186 X
June 2021
June 2018
22
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
SUPPORTING GROWTH
Leap Gaming ndash B2B Developer of High-End Gaming Applications
Highlights
State-of-the-art technologies with 3D
generation infrastructure delivering
modular solutions to gaming operators
worldwide
Virtual sports and online gaming growing
rapidlyndashsurge in traction and sales pipeline
since COVID-19 pandemic
Expanding list of partnerships and
agreements - created unique new vintage
betting product EuroLeague Legends
launched by IMG Arena in partnership with
EuroLeague Basketball in February 2021
Virtual sports and casino applications
generating tens of thousands of
engagement points with end-users
Exploring options with regard to potential
liquidity opportunities in the next 12
months
23
SHAPETHE FUTUREseedinnovationsco
24
SHAPETHE FUTUREseedinnovationsco
24