Pharma C Investments - Interim Results

28 September 2021

Pharma C Investments Plc

("Pharma C" or the "Company")

Interim Results

Pharma C Investments (AQSE: PCIL), an early-stage investor and venture builder in the medical cannabis industry with a particular focus on companies that provide ancillary products and services to the medicinal cannabis sectors, announces its interim results for the period ended 30 June 2021.

Highlights

•     Admitted to London's AQSE Growth Market ("Admission") in May 2021

•     £1 million fundraise at Admission

•     Appointed Toby Shillito to the Board as Chief Business Development Officer

•     Focusing on developing a proper process to funnel and assess a pipeline of fairly priced, promising companies engaged in the ancillary medical cannabis sector

Chair's Statement

I am honoured to be reporting our first set of results as a listed company on the AQSE Growth Market. This year has been a challenging one for many reasons, but I am proud of all the hard work that went in to ensuring Pharma C was able to achieve a successful fundraise and Admission in May this year.

Since going public, the Board has been focusing on shortlisting a number of deals in the ancillary space and sourcing the right investment. There is a pipeline and the management team are concentrating on delivering the right investment for our shareholders.

In order to facilitate this process, Pharma C welcomed Toby Shillito to the Board team as Chief Business Development Officer. Toby provides a wealth of experience across the medical cannabis industry and has been a key addition to the team in helping us identify relevant investment opportunities and evaluate them in line with our strict investment thesis.

As per our strategy, we are pursuing investment opportunities in the United Kingdom, Europe and Israel, the latter renowned as a global leader and innovator in cannabis and where the Board has significant expertise.

The ancillary sector offers an attractive opportunity, allowing investors to play a key role in a growing industry without infringing on any restrictive cannabis legislation. Ancillary businesses are generally viewed as more stable than those which are plant-touching.

Given the phenomenal uptake in this rapid growth sector, ancillary businesses who serve the medical cannabis community are well placed to capitalise on the need for advice around regulations, tools and ag-tech to grow consistent crop, innovation for synthetic cannabinoid products and facilitate the growth of the general marketplace of this industry. 

I would like to thank our shareholders for their continued support, and I look forward to providing the market with an update on our first investment in the near future.

Financial Results

Notes to the interim results

1.    The interim results together with the related notes set out below have been approved by the board of directors of the Company.

2.    No interim results were published for the period ended 30 June 2020.

3.    These financial results are unaudited and do not constitute statutory accounts within the meaning of Section 434 of the Companies Act 2006 nor have they been reviewed by the auditors of the Company.

4.    The interim results have been prepared using the accounting policies set out in the statutory accounts for the year ended 31 December 2020.

5.    Loss per share - the earnings per share for the six months ended 30 June 2021 have been calculated on the basis of the loss after taxation for the period of £247,000 and the weighted average number of shares in issue during the period of 141,768,718.

- Ends -

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