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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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