Apollon Formularies - Approval of Medical Cannabis License Renewals
RNS Number : 6523X
Apollon Formularies plc
06 January 2022
 

6 January 2022

 

Apollon Formularies Announces Approval of Processing and Retail (Therapeutic)

Medical Cannabis License Renewals.

Apollon Formularies has approval from the Cannabis License Authority (CLA) for the following Medical Cannabis Licenses:

·    Processing (Tier 1)

·    Retail (Therapeutic)Research

·    Development (Experimental) 

Apollon Formularies plc (AQSE: APOL) ("Apollon" or the "Company"), a UK based international medical cannabis pharmaceutical company trading on AQSE Growth Market, is pleased to announce that the Cannabis License Authority (CLA) acting on behalf of the government of Jamaica has approved the renewal of Apollon's Processing (Tier 1) and Retail (Therapeutic) Medical Cannabis Licenses for an additional 3 years. Apollon also has a current CLA approved Research and Development (Experimental) License.

Apollon's Processing (Tier 1) License allows the Company to operate its newly completed state-of-the-art medical cannabis pharmaceutical processing laboratory. This upgraded facility has the capacity to produce approximately 20 litres of full spectrum medical cannabis oil per day, allowing Apollon to significantly increase its inventory in preparation for global export to those countries where legal import is allowed, to have sufficient amounts of medical cannabis oil available for potential pharmaceutical partners to perform independent clinical trial validations, and provide medical cannabis products for Apollon to perform clinical trials at the International Cancer and Chronic Pain Institute ("ICCPI") in Kingston, Jamaica.

Apollon's Retail (Therapeutic) License provides legal approval for the Company to operate retail dispensaries and to provide therapeutic or spa services utilizing medical cannabis products.

Apollon's Research and Development (Experimental) License allows the Company to undertake all activities, including cultivation, involved in the assessment, study, research, development and testing of products derived from all or any part of the cannabis plant, including analytical services to test the potency and quality of our medical cannabis products. This Research and Development License also allows the performance of clinical trials with the approval of the Ministry of Health.

"We are very proud of our team for having met all of the very stringent Cannabis Licensing Authority (CLA) requirements to facilitate approval of Apollon's Processing and Retail (Therapeutic) Licenses for an additional 3 years" stated Stephen D. Barnhill, MD, Chairman and CEO of Apollon Formularies, plc, "Apollon is one of few companies in Jamaica to receive approval for all three of these vertically integrated medical cannabis licenses. The combination of these licenses provides the Company with an opportunity to continue to successfully implement our business plan and achieve our goal of developing, processing, and manufacturing Apollon's proprietary formulations, selling Apollon's cannabis derived pharmaceutical and nutraceutical products, treating patients, performing clinical trials, and legally exporting our scientifically validated medical cannabis products globally. "

Further Information

On 19 July 2021, Apollon announced that its proprietary medical cannabis formulations were shown in third party independent clinical laboratory testing to be effective in killing both hormone-resistant and hormone-sensitive prostate cancer cells in 3D cell cultures by direct cytotoxicity.

June 28, 2021, Apollon announced that its proprietary medical cannabis formulations were shown in third party independent clinical laboratory testing to be effective in killing triple-negative breast cancer cells in 3D cell culture by direct cell cytotoxicity.

May 18, 2021, Apollon announced that its proprietary medical cannabis formulations were shown in third party independent clinical laboratory testing to be effective in killing HER2+ breast cancer cells in 3D cell culture by direct cytotoxicity.

ENDS

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

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 pharmaceutical company headquartered in the United Kingdom. Apollon Formularies Jamaica, Ltd is a pharmaceutical company incorporated and operating in the Commonwealth of Jamaica and a contractual affiliate of Apollon. Apollon Jamaica is licensed by the Jamaican government's Cannabis Licensing Authority (CLA) to purchase cannabis under tripartite agreements from licensed cultivators, process, perform research and development, and sell medical cannabis therapeutic products that include legal medical cannabis in order to treat various illnesses under medical supervision.

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