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Ananda Developments #ANA – Final Results
The Directors of Ananda are pleased to present the audited financial; statements of Ananda Developments plc for the year ended 31 January 2021.
Business Review, Development and Performance
The Company was admitted to trading on the Aquis Stock Exchange (‘AQSE’), formerly NEX Exchange Growth Market on 4 July 2018 as an investment vehicle to invest in the developing market for medicinal or therapeutic cannabis. Initially, the Company’s strategy was focused specifically on companies, projects or products in Israel, Canada and the Netherlands, although this strategy was broadened in September 2018 to permit investment in any jurisdiction which has well established laws in relation to medicinal cannabis.
Since the Company was listed in 2018, the directors have pursued their primary objective of creating long term value for Shareholders through the acquisition of strategic stakes in companies in the medicinal cannabis sector which the directors believe have potential for substantial growth. The current investments are:
- a shareholding of 0.90% in iCAN Israel-Cannabis Limited (‘iCAN’), an international cannabis conference platform and cannabis company incubator and advisor. In the year under review, iCAN has expanded its conference platform and increased the number of companies in its incubator group. Since the end of the reporting period, iCAN has transitioned to an online offering to maintain revenue streams during the COVID-19 pandemic. Also, since the end of the period, Ananda converted its convertible debt into additional equity in iCAN.
- 15% interest in Liberty Herbal Technologies Limited (‘LHT’), the 100 per cent owner and developer of hapac®, ready to use sachets of pre-ground dried herbs for portable vaporisers. During the period under review, LHT continued to sell its hap® devices and sachets in Italy. It has also commenced a range of discussions regarding potential collaborations to expand the footprint of the company.
- 50% (via 100% owned Tiamat Agriculture and 50% owned DJT Group Limited) interest in DJT Plants Limited, which has applied to the Home Office of the UK government for a licence to grow medicinal cannabis first for research. Its ultimate objective is to grow medicinal cannabis in the UK for commercial purposes. Subsequent to the end of the period under review the licence was granted.
The Company is very much in its early stages with its investments not yet generating any revenue. The Company has had no revenue for the year and incurred a loss of £495,109.
Statement of Comprehensive Income
| 31 Jan 2021 | 31 Jan 2020 | ||
| £ | £ | ||
| Administrative expenses | (496,110) | (375,224) | |
| Interest receivable | 114 | 9,056 | |
| Loss from operations | (495,996) | (366,168) | |
| Other Comprehensive Income | |||
| Foreign Exchange Translation Gain/(Loss) | 887 | (8,292) | |
| Total comprehensive loss for the year | (495,109) | (374,460) |
Statement of Financial Position
| 31 Jan 2021 | 31 Jan 2020 | ||
| £ | £ | ||
| Non-Current assets | |||
| Investments | 1,280,618 | 1,287,762 | |
| 1,280,618 | 1,287,762 | ||
| Current assets | |||
| Loan Notes | – | 75,878 | |
| Trade and other receivables | 12,718 | 56,499 | |
| Total current assets | 12,718 | 132,377 | |
| Trade and other payables | 462,299 | 191,742 | |
| Net current assets | (449,581) | (59,365) | |
| Total assets less current liabilities | 831,037 | 1,228,397 | |
| Capital and reserves | |||
| Share capital | 928,278 | 836,111 | |
| Share premium | 689,229 | 689,229 | |
| Share options reserve | 447,337 | 441,755 | |
| Retained earnings | (1,233,807) | (738,698) | |
| Total equity and liabilities | 831,037 | 1,228,397 |
The financial statements were approved and authorised for issue by the Board and were signed on its behalf by:
Melissa Sturgess
Director
5 July 2021
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7463 686 497 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Allie Feuerlein Corporate Broking |
+44 (0)20 7469 0930 |
Alan Green talks to Melissa Sturgess, CEO of Ananda Developments #ANA
Alan Green talks to Melissa Sturgess, CEO of Ananda Developments #ANA, a company and platform that allows cannabis investors to gain exposure to the sector. Melissa outlines the company mission and activities, before bring investors up to date on the most recent development with the UK cannabis research facility build. We then look at the company’s investments into ICAN and Hapac, before Melissa provides some key milestones for investors to look out for in the coming months.
Ananda Developments #ANA – Shareholder Update
Ananda’s ambition is to become a significant participant in the medicinal cannabis sector as a UK-based grower of consistent, high quality medicinal cannabis for domestic and international markets. In 2025, the UK medicinal cannabis market is expected to be worth £450m and the European market is expected to be worth £2.7bn.
Highlights
- Construction of purpose-built research facility to commence in July 2021
- Strains of medicinal cannabis for research have been selected
- Liberty Herbal Technologies has received a US Patent for its vaping device
Construction of Research Facility
Following receipt of a Licence from the Home Office to grow >0.2% THC cannabis in the UK for research purposes (the “Licence”) by the Company’s 50% owned subsidiary DJT Plants Limited (“DJT Plants”), the Directors of Ananda report that the research facility construction project will commence in July 2021. It is being overseen by the Farms Director of JEPCO Limited (“JEPCO”) who has considerable experience in the construction of facilities of this nature. JEPCO owns 51% of Anglia Salads which is the other 50% shareholder of DJT Plants.
The Home Office approved research site currently comprises a large storage area with a concrete base and a large shed which was previously used for crop storage. Modular work rooms will be installed inside the shed to provide laboratory space, indoor breeding spaces and clean and secure areas for handling the harvested flower. Two multi-chapelle units (greenhouses) will be constructed in a field adjacent to the modular facilities to accommodate the field trials. The whole research facility will be fenced, secured and monitored. Field trials are a critical precursor to commercial growing in order to identify the strains with the best agronomic traits and to fine tune growing techniques.
The directors of Ananda gave approval for the £300,000 raised in March 2021 to be applied to the construction of the research facility.
Choice of medicinal cannabis strains for research trials
13 strains have been chosen for DJT Plants’ research trials. 5 seeds of each strain will be planted to create the total of 65 potential strains, as high variability is expected within each strain. The chosen strains exhibit a range of profiles, based on current prescribing and researched information, including:
- low THC / high CBD content
- high THC / low CBD content
- balanced THC / CBD content
From the 65 genetically stable strains, a selection will be made to match the best resulting strains with medical conditions. This information will add to the body of knowledge about efficacious medicinal cannabis grown in UK conditions and will, subject to further Home Office licensing, provide stable strains of medicinal cannabis for commercial growing.
Subject to further Home Office licensing, DJT Plants intends to move to commercial growing.
Liberty Herbal Technologies (“LHT”) Patent granted
LHT has been awarded a US Patent for its hapac® inhalation system. This system enables measured doses of medicinal cannabis to be vaped. More information about hapac can be found at www.hapac.tech. The company’s rollout in Italy was stalled due to COVID and other opportunities for re-launch are being pursued.
LHT’s system has a potential future application in medicinal cannabis because it will ultimately allow:
- medicinal cannabis to be consumed as a measured dose
- a ‘heat not burn’ mechanism for receiving the benefits of medicinal cannabis
- a method of receiving the benefits of medicinal cannabis without smoking or the inconvenience of oils.
Background
On 17 May 2021, Ananda’s 50% owned subsidiary, DJT Plants, received a licence from the Home Office to grow >0.2% THC cannabis in the UK for research purposes. The licence conditions enable a research plan to stabilise 65 strains of cannabis and conduct research field trials.
DJT Plants is a wholly owned subsidiary of DJT Group Limited (“DJT Group”), which is owned 50/50 by Ananda’s wholly owned subsidiary, Tiamat Agriculture Limited, and Anglia Salads Limited (“Anglia Salads”).
On 8 June 2021, the Company announced it had signed non-binding Heads of Terms to acquire the 50% of DJT Group it does not own from Anglia Salads. A circular containing further information and convening a General Meeting to approve this acquisition will be sent to Ananda shareholders as soon as possible.
The Directors will provide shareholders with further updates as plans progress.
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa Sturgess Investor Relations |
+44 (0)7463 686 497 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Allie Feuerlein Corporate Broking |
+44 (0)20 7469 0930 |
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