Ananda Developments Plc Corporate Update

 
TIDMANA 
 
6 February 2023 
 
                            ANANDA DEVELOPMENTS PLC 
 
                          ("Ananda" or the "Company") 
 
                              Shareholder Update 
 
HIGHLIGHTS 
 
  * Test results from 2022 harvested cultivars demonstrate successful growth of 
    diverse strains 
  * Pre-qualification letters sent to prospective tenderers for manufacturing 
    facility construction 
  * Company believes that genetic breeding programme has commercial potential 
 
Ananda's ambition is to be a leading UK grower and provider of consistent, 
high-quality medical cannabis for the UK, and later international, markets. 
 
Ananda's wholly owned subsidiary, DJT Plants Limited ("DJT"), holds a licence 
from the Home Office to cultivate >0.2% THC medical cannabis for research at 
its site in Lincolnshire. Its current operations are focused on strain 
stabilisation, field trials and planning for its commercial medical cannabis 
processing facility. These initiatives are in preparation for its intended 
applications to the Home Office to grow medical cannabis for commercial 
purposes and to the MHRA (Medicines and Healthcare products Regulatory Agency) 
for the required GMP (Good Manufacturing Practice) certification. 
 
The Directors provide the following update on the Company's activities. 
 
Testing of 2022 harvested cultivars 
 
In late 2022, five of the cultivars grown in DJT's field trials were sent for 
detailed testing. The results confirm that DJT has successfully grown high THC, 
balanced THC/CBD, and high CBD cultivars. Detailed analysis of average 
cannabinoid profiles across a number of plants was conducted, as well as 
specific  analysis of individual plants selected for their superior agronomic 
qualities.  This showed variance between different plants of the same 
cultivars, which is to be expected and provides support for the Company's 
decision to undertake the genetic stabilisation programme. It was interesting 
to note the tradeoff between flower mass yield and cannabinoid yield. The 
terpene profiles indicate a predominance of myrcene, beta caryophyllene, 
limonene and alpha pinene. These are the key terpenes in medical cannabis 
cultivars and so results were as expected. 
 
Next steps are to choose a selection of the tested cultivars for the 2023 field 
season which will focus on cultivation to GACP (Good Agricultural Collection 
Practice) standards as part of the progression to commercial growing. Harvested 
flower is an ingredient for a cannabis medicine and so must be cultivated and 
harvested as such. 
 
DJT requires an amendment to its Home Office Licence and MHRA licensing to 
proceed to commercial cultivation and intends to make relevant applications to 
those authorities at the appropriate time. 
 
GMP1 facility 
 
Subject to receipt of the necessary approvals, grown and harvested flower will 
be moved to a pharmaceutical grade processing and manufacturing facility on 
site. It has been decided to construct the facility under a Design & Build 
contract. Pre-qualification letters have been sent to 6 shortlisted companies 
for them to present their pharmaceutical construction credentials. 
 
Strain Stabilisation 
 
The Company now believes it has developed a set of protocols to successfully 
self-pollinate cannabis and produce enough viable seeds to grow the next 
generation of plants, each generation of which will be more genetically 
homogenous than the previous one.  The Directors consider this to be a 
significant achievement with the commercial potential to claim IP (intellectual 
property) and sell stable genetics in seed form. The genetic breeding programme 
will continue, with the objective of achieving plants with over 98% genetic 
similarity by the sixth generation. 
 
The only other known way to achieve this level of genetic stability is to clone 
plants, which has its own challenges including: 
 
1. Mother plants' health reduces over time 
 
2. There are genetic changes when repeated cloning is conducted over an 
extended period 
 
3. There is a cost of energy, space, and personnel to maintain mothers and 
conduct cloning 
 
The advantages of seeds are that they can be easily and inexpensively stored 
and require no manipulation or attendant activities whilst not being used. They 
also do not suffer from genetic drift, and so are highly suitable as starting 
material to grow medical cannabis flower as an active pharmaceutical 
ingredient. 
 
Ananda's CEO, Melissa Sturgess commented: "We proceed with confidence. I am 
delighted we have assembled a best-in-class team which is committed to our 
objectives. In the cannabis industry we often see people move quickly between 
jobs and I have wanted to avoid this. All businesses need organisational 
stability to succeed, so our team remains our key asset. More widely we 
maintain a close watch on medical cannabis demand and the progress of research 
into cannabis as a useful medicine. We believe that everything is heading in 
the right direction and that we are perfectly positioned.  Our plan is 'prove 
and scale' thereby reducing risk, reducing the chance of misallocated capital 
and getting the best returns for shareholders." 
 
                                    -Ends- 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
ANANDA DEVELOPMENTS PLC                                 +44 (0)7463 686 497 
                                                  ir@anandadevelopments.com 
Chief Executive Officer 
Melissa Sturgess 
 
Investor Relations 
Jeremy Sturgess-Smith 
 
PETERHOUSE CAPITAL LIMTED                               +44 (0)20 7469 0930 
 
Corporate Finance 
Mark Anwyl 
 
Corporate Broking 
Lucy Williams 
Duncan Vasey 
 
About Ananda Developments 
 
Ananda is an AQSE-listed medical cannabis company creating UK-based operations 
to grow and provide carbon zero, consistent, medical cannabis for the UK and 
international markets. 
 
For more information, please visit: https://anandadevelopments.com. 
 
Market Abuse Regulation (MAR) Disclosure 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information. Upon the publication of this announcement via a 
Regulatory Information Service, this inside information is now considered to be 
in the public domain. 
 
 
 
END
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February 06, 2023 04:21 ET (09:21 GMT)
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