LGP announces withdrawal of Reset offers

Little Green Pharma Ltd (ASX: $LGP) has announced that Reset Mind Sciences Limited has withdrawn its offers following the UK regulatory decision that Psychedelic Assisted Psychotherapy (PAP) is not currently permitted in the United Kingdom, preventing UK funds from investing and Reset from listing on a UK stock exchange. As a result, the Company has withdrawn Resolution 1 relating to the in-specie distribution of Reset shares from its upcoming general meeting on 21 February 2024.

Executive commentary on Reset's withdrawal

The Company believes that with the rapid advance of psychedelics globally, PAP services will be legal in the UK in the near term, at which time the Company will re-engage with regulators. In the meantime, the Company will continue to progress its globally leading psychedelics business. Reset's share registry has been instructed to promptly return all subscription funds to investors.

Summary of the announcement and outlook

Little Green Pharma (ASX: $LGP) has noted the withdrawal of Reset offers following the UK regulatory decision on Psychedelic Assisted Psychotherapy (PAP). The Company remains optimistic about the future legalization of PAP services in the UK and plans to re-engage with regulators at that time. In the meantime, Little Green Pharma will continue to advance its globally leading psychedelics business. The withdrawal of Resolution 1 relating to the in-specie distribution of Reset shares indicates the Company's proactive response to the evolving regulatory landscape. The Company's commitment to progressing its psychedelics business reflects its dedication to innovation and adaptability in the face of regulatory challenges.