AfriAg Global Plc - First Investment of £300,000 into Apollon PR Newswire

5 June 2019

AfriAg Global PLC

(‘AfriAg’ or the ‘Company’)

Investee company, Apollon to open its first Licensed Retail (Therapeutic) Medical Cannabis Dispensary and State-of-the-Art Processing Facility in Negril, Jamaica this month.

Highlights

    --  AfriAg Global Plc undertakes first £300,000 official investment in
        Apollon Formularies, Ltd., representing 0.71% of Apollon’s share
        capital, which has a significant interest in one of Jamaica’s leading
        Federally Licenced medical cannabis companies, Apollon Formularies
        Jamaica, Ltd (“Apollon”).

    --  Apollon plans to open its first revenue generating federally licenced
        Retail (Therapeutic) Medical Cannabis Dispensary and State-of-the-Art
        Processing Facilityby month end, which will be the only such dispensary
        and Processing Facility in Negril, Jamaica.


AfriAg Global PLC, a company whose shares are admitted to trading on London’s NEX Exchange and one of the few companies listed in London and Europe authorised to invest in the legal medical cannabis sector, is pleased to announce it has today undertaken its first £300,000 investment in Apollon Formularies Ltd as part of a multi-stage investment strategy in Apollon Formularies Ltd.

The full terms of this multi-stage Apollon Formularies Ltd investment plan have been previously announced to the market in May, 2019.

David Lenigas, AfriAg’s Chairman, commented:

“AfriAg has contractually agreed to invest £1m into Apollon Formularies Ltd in two tranches to earn up to 2.34 per cent. of Apollon. Today’s announcement sees the investment of tranche 1, with tranche 2 being made subject to shareholder approval expected at a general meeting of AfriAg shareholders planned for 19 June 2019. AfriAg and Apollon Formularies Ltd are totally focused on opening Apollon’s federally licensed operations in Jamaica this month,  which is to include its first revenue generating Retail (Therapeutic) Medical Cannabis Dispensary  and a State-of-the-Art Processing Facility These facilities are both located in the Negril, Jamaica, area, making it now both an idyllic destination for tourists and persons seeking medical cannabis treatment”

Apollon is a Federally Licensed vertically integrated medical cannabis company operating in Jamaica. Its Retail (Therapeutic) Medical Cannabis Dispensary will be located at Doc’s Place wellness center at 42 One Love Drive in Negril, Jamaica, which is owned and operated by Doc’s Place International, Inc., an entity that Apollon Formularies Ltd has the right to acquire. Apollon offers a full suite of medical cannabis pharmaceutical products developed in its cultivation, processing and manufacturing facilities. Doc’s Place offers  an all-inclusive, wellness resort that through its affiliation with Apollon is able to accommodate medical cannabis care and treatment involving Licensed Medical Doctors and other healthcare professionals.

This investment marks completion of the first of what is planned to be a two stage investment process, prior to offering a full share-based offer for all outstanding shares in Apollon, as previously announced on the 16th, 24th and 29th May 2019.

Apollon Formularies Ltd will use these funds to advance the corporate and operational objectives, including  the openning of Apollon’s fully licensed Retail (Therapeutic) Medical Cannabis Dispensary and Processing Facility. . 

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/Fungai Ndoro