AfriAg Global Plc - R&D license to Apollon Jamaica and Best Solvent prize PR Newswire

Thursday, 17, October 2019

AfriAg Global PLC

(‘AfriAg’ or the ‘Company’)

Apollon Formularies Jamaica, Ltd (“Apollon Jamaica”) receives its Third Medical Cannabis Licence Issued by the Cannabis Licensing Authority in Jamaica. The Newest Licence is for Research and Development (Experimental),

Apollon Jamaica wins 1st  place at the Prestigious Global Jack Herer Cup  held at the CanEx Jamaica Conference and Expo, Montego Bay, Jamaica for “Best Solvent Extract”

AfriAg Global PLC, a company whose shares are admitted to trading on London’s NEX Exchange, is pleased to announce that it has been advised by Apollon Formularies Ltd, that Apollon Jamaica has recently been granted a full Research and Development (Experimental) Licence from the Cannabis Licensing Authority in Jamaica. This licence allows the company to engage in all activities involved in the assessment, study, research, development and testing of products derived from all or any part of the cannabis plant.

This newly issued Research and Development (Experimental) Licence is a significant addition to Apollon Jamaica’s existing portfolio of issued licenses which includes Retail (Therapeutic) and Processing. This Research and Development (Experimental) License allows Apollon Jamaica to perform clinical trials as approved by the Ministry of Health at Doc’s Place Wellness Center and build research on patient outcomes using Apollon Jamaica’s  award winning “Best Solvent Extract” medical cannabis oil. Medical cannabis oil is the key ingredient for medical cannabis based pharmaceutials, neutraceutials, cosmaceuticals, foods and beverages.  

As announced on 19 September 2019, Doc’s Place Wellness Center in Negril, Jamaica will hold its Grand Opening Ceremony on 25 October 2019, along with Apollon Jamaica’s formal opening of the first Retail (Therapeutic) medical cannabis dispensary in Negril.  The ceremony will feature a keynote address by the Honourable Audley Shaw, Minister of Industry, Commerce, Agriculture and Fisheries, whose responsibility includes the Cannabis Licensing Authority.

Stephen D. Barnhill, MD, CEO of Doc’s Place Wellness Center and a Director of Apollon Formularies Jamaica, Ltd.,  stated, “The issuance to Apollon Jamaica of this Research and Development (Experimental) Licence, by the Cannabis Licensing Authority, brings a third and very important Licence to our vertically integrated portfolio. This is a very exciting milestone for Apollon Jamaica. We now have the federally legal ability to process the Apollon Jamaica brand of our 1st place award winning medical cannabis oil, associate our medical cannabis products with patient outcomes data and generate revenue by selling these products through our retail licence in Jamaica immediately, and later internationally after  the export regulations are approved in Jamaica.  According to Minister Audley Shaw, once export regulations are promulgated, Jamaica will be one of only 10 countries in the world with an export regime for medical cannabis. This could allow Apollon Jamaica to be a global provider of medical cannabis pharmaceuticals to countries that have legalized importation of those products.”

AfriAg Global’s relationship with Apollon Formularies Ltd:

As previously announced, AfriAg completed an investment in Apollon Formularies Ltd (“Apollon UK”) of 2.325 per cent of Apollon UK's issued share capital and is in negotiations with Apollon UK  and a majority of its shareholders to acquire all the issued and outstanding shares owned by shareholders.  Further investments in, or acquisition of, Apollon UK are subject to shareholder and regulatory approvals.   Apollon UK is an indirect investor in Apollon Formularies Jamaica, Ltd. and will have the right to receive 95 percent of the net profit of Apollon Formularies Jamaica, Ltd.  Apollon UK also has a right to acquire 90 percent of the issued and outstanding stock of Doc’s Place International, Inc.

David Lenigas, AfriAg’s Chairman, commented; “This is another very positive step forward for the Apollon Jamaica team in Jamaica. With respect to AfriAg taking a higher equity interest in Apollon Formularies Ltd, I am pleased to advise that a great deal of legal and regulatory due diligence is taking place and things are progressing well on this front. The Company will advise shareholders of more concrete developments as they come to fruition.”

As previously announced, AfriAg completed investment in Apollon Formularies Ltd to 2.325 per cent of Apollon's issued share capital and is in negotiations with Apollon Formularies Ltd and a majority of its shareholders to acquire all issued and outstanding shares owned by shareholders. Further investments in, or acquisition of, Apollon Formularies Ltd are subject to shareholder and regulatory approvals. Legal and regulatory work on increasing AfriAg’s potential shareholding in Apollon Formularies Ltd is progressing well.

About Apollon Jamaica

Apollon Formularies Jamaica, Ltd. is a Federally Licensed vertically integrated medical cannabis company operating in Jamaica. Its Retail (Therapeutic) Medical Cannabis Dispensary is located at Doc’s Place Wellness Center at 42 One Love Drive in Negril, Jamaica.  Doc’s Place offers an all-inclusive wellness resort that through its affiliation with Apollon Jamaica is able to accommodate medical cannabis care and treatment involving licensed medical doctors and other healthcare professionals.  Apollon Jamaica also has an  option to acquire 660 acres of agricultural land in Jamaica that it intends to use in part for growth of cannabis crops under its Tier-3 medical cannabis cultivation licence.

Notice Regarding Forward-Looking Statements

This announcement includes "forward-looking statements" involving the Company, the other entities referenced in this announcement, and the respective subsidiaries, affiliates and associates of the Company and such other entities (collective, the “Involved Entities”), which include all statements other than statements of historical facts, including, without limitation, those regarding the financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Involved Entities that could cause the actual results, performance or achievements of the Involved Entities to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Involved Entities and the environment in which the Involved Entities will operate in the future. These forward-looking statements speak only as of the date of this announcement. The Company, on behalf of itself and each of the Involved Entities, expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in expectations of any Involved Entities with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.

The directors of the Company accept responsibility for the contents of this announcement.

-ENDS-

For further information on AfriAg Global please visit the www.afriagglobal.com or please contact;

AfriAg Global Plc:                                                                 

David Lenigas (Executive Chairman)                                                    +44 (0)20 7440 0640

Peterhouse Capital Limited                                                                  +44 (0)20 7469 0930

Guy Miller