AfriAg Global Plc - Apollon's 3rd harvest for cannabis medical research PR Newswire

17 June 2019

AfriAg Global PLC
(‘AfriAg’ or the ‘Company’)

Investee, Apollon Formularies Jamaica, Ltd (‘Apollon’) completes third successful harvest of legal medical cannabis for Research in Jamaica.

 Apollon, with its new State-of-the-Art Licensed Processing Facility, moving forward to Process and Manufacture its first Legal Medical Cannabis Pharmaceuticals in Jamaica.

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 has now completed its third harvest of legal Medical Cannabis in Negril, Jamaica and is progressing rapidly towards opening its first approved Medical Cannabis facilities in Jamaica with plans for expansion.

Highlights

    --  Three harvests of medical cannabis plants for research have now been
        successfully completed in Negril, Jamaica, as permitted per Apollon’s
        permits from the Jamaican Ministry of Science & Technology. These first
        cultivations also allow for the establishment of mother plants and clone
        stock for the increased benefit of future harvests.

    --  Jamaican Cannabis Licensing Authority (“CLA”) Licenses for Processing
        and Retail with harvest produced by third party producers (Therapeutic)
        have been approved and issued. The CLA has also issued a conditional
        Tier 1 Cultivation License to Apollon for its roof top greenhouse.

    --  Apollon’s new State-of-the-Art Processing Facility in Negril, Jamaica is
        taking steps to initiate its 1st production run in order to manufacture
        Apollon’s retail medical cannabis pharmaceuticals, with the medical
        cannabis flower procured for retail purposes, being sourced by Apollon
        from licenced third party growers in Jamiaca as set out in CLA approved
        tripartied agreements.

    --  Apollon’s Retail (Therapeutic) Dispensary in Negril, Jamaica is now
        nearing completion and is expected to begin generating revenue by 1 July
        2019.

    --  Doc’s Place Wellness Resort, which leases space exclusively to Apollon
        for it to operate a medical cannabis pharmaceutical dispensary and
        treatment centre, is currently in the final stages of a major
        refurbishment and upgrade and is on schedule to open and begin
        generating revenue by the end of July 2019.

    --  Apollon has received it’s CLA Conditional Approval for
        Cultivation.Apollon is implementing CLA required changes to its
        properties in order to obtain approval so that it can begin cultivating
        retail crop, by third party producers, as set out in the CLA Tier 3
        Cultivation Licence it has been awarded.Apollon expects such approval
        within the next 3 months.


David Lenigas, AfriAg’s Chairman, commented:

“Apollon is developing its fully vertically integrated medical cannabis business in Jamaica at speed and we welcome the news of their successful harvests and progress with facility renovations and retail manufacturing launch.  The opening of their first revenue generating Retail (Therapeutic) Medical Cannabis Dispensary and a State-of-the-Art Processing Facility in Negril, Jamaica that is expected within weeks will be a significant milestone for this business. The move by Apollon to upgrade its farms to obtain approval per its conditional Tier-3 cultivation license from the CLA is very significant, as the initial 5 acres (which Apollon can seek the right to increase on its 660 acre farm) are earmarked for this cultivation programme that will improve profitability and provide substantial room for growth.”

As previously announced, AfriAg has secured its first 0.71% investment in Apollon Formularies Ltd, which is 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 Formularies Ltd, as previously announced on the 16th, 24th and 29th May 2019. Further investments in Apollon Formularies Ltd are subject to shareholder and regulatory approvals.

About Apollon

Apollon is a Federally Licensed vertically integrated medical cannabis company operating in Jamaica that is 49% beneficially-owned and managed by Apollon Formularies Ltd and its co-founder Stephen D. Barnhill, M.D. Apollon’s Retail (Therapeutic) Medical Cannabis Dispensary will be located at Doc’s Place Wellness Centre 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. Apollon also has a contractual option to acquire 660 acres of prime agricultural land in Jamaica that could be developed and used per a CLA Tier-3 medical cannabis cultivation license (greater than 5 acres).

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