30 July 2021

Apollon Formularies plc

Extension of Right to Purchase on CBev Ventures Inc.

Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company") announces that it has agreed to extend its existing Right to Purchase ("RPU") option to acquire CBev Ventures Inc. ("CBev") which expires on 30 July 2021, for a further 90 days ending 28 October 2021 (the "Extended Option Period").

CBev is a US-based beverage company that develops, markets and distributes functional and craft proprietary non-alcoholic beverages in the legal CBD and medical cannabis industries.

The Company intends to use the Extended Option Period to conduct small-scale commercial trials on CBev's product range prior to any potential exercise of the RPU.

Apollon believes that medicinal use of cannabis-infused beverages, such as CBev's, is a potential treatment for substance dependencies such as alcohol use disorder ^[1]. If the Company decides to exercise the RPU to acquire CBev, Apollon will look to build upon the initial trial and commence further research into this area.

The Company will update the market in due course as to the progress of the CBev initial trial.

The Directors of the issuer accept responsibility for the contents of this announcement.

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For additional information, please visit www.apollon.org.uk or contact:

Apollon Formularies                                                     

Tel:                                         +44 207 907 9314

Stene Jacobs                      stene@apollon.org.uk 

Peterhouse Capital Limited (Corporate Adviser)             

Tel:                                         +44 207 220 9795

Guy Miller                           gm@peterhousecapital.com

Blytheweigh (Financial PR/IR-London)                 

Tel:                                         +44 207 138 3204

Tim Blythe                           tim.blythe@blytheweigh.com

Megan Ray                          megan.ray@blytheweigh.com

About Apollon and Apollon Jamaica

Apollon Formularies plc is an international medical cannabis company headquartered in the United Kingdom. Apollon Formularies Jamaica Limited is a pharmaceutical company incorporated and operating in the Commonwealth of Jamaica. Apollon Jamaica is licensed by the Jamaican government's Cannabis Licensing Authority (CLA) to cultivate, perform research and development, process, and sell medical cannabis therapeutic products that include legal medical cannabis in order to treat various illnesses under medical supervision. Apollon and Apollon Jamaica are parties to a Commitment Agreement whereby Apollon is entitled to 95% of Apollon Jamaica's Net Profits, and per a Stock Pledge Agreement that includes Stephen D. Barnhill, M.D., Apollon is to be assigned the entire 49% equity interest of Apollon Jamaica held by Dr. Barnhill, which is the maximum interest in a medical cannabis company allowed to be held by a non-Jamaican, upon the CLA approving the assignment.

About CBev Ventures Inc.

Apollon has an exclusive right to purchase assets and assume liabilities of CBev, a company incorporated and existing in the State of Georgia, USA, by 30 June 2021. CBev is a beverage company that develops, markets and distributes functional and craft beverages in the legal CBD and medical cannabis industries. Stephen D. Barnhill, Jr. is the sole director and Chief Executive Officer of CBev.

*Endnotes

1. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6554654/