Apollon Formularies Plc - 28 day due diligence extension for Asset sale

 21 March 2023

Apollon Formularies Plc

Apollon agrees a 28 day extension to complete final Due Diligence in order to conclude the proposed Asset sale to Global Hemp Group

Apollon Formularies plc (AQSE: APOL, “Apollon" or the "Company"), a UK based international medical cannabis pharmaceutical company trading on the AQSE Growth Market, that is licenced to research, develop, process, and sell medical cannabis therapeutic products that include legal medical cannabis to treat various illnesses under medical supervision,  announces that it has extended the due diligence period by 28 days to Global Hemp Group in order to facilitate final parts of the process which is expected to conclude the previously announced Asset sale by the 28 of April 2023, subject to Shareholder approval at the General Meeting on 11 April 2023. The agreed extension will allow for the final inspection of Apollon’s facilities in Jamaica.   

As part of this process, Stephen Barnhill Jnr has stepped down from his current role as non-board Chief Operating Officer of Apollon to join Global Hemp Group as its interim Chief Executive Officer. He will be instrumental in helping to complete the current process.

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

ENDS

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

Apollon Formularies                                                     

Tel:                                         +44 771 1980 221

Stene Jacobs                      stene@apollon.org.uk

Peterhouse Capital Limited (Corporate Adviser)               

Tel:                                         +44 207 220 9795

Guy Miller                           gm@peterhousecapital.com

BlytheRay (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.