Apollon Formularies Plc - Update on Global Hemp Group
Announcement provided by
Apollon Formularies plc · APOL02/08/2023 12:18
02 August 2023
Apollon Formularies Plc
Update on Global Hemp Group
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a
As announced on 12 January 2023, under the terms of the binding LOI dated January 9, 2023, GHG acquired the exclusive perpetual license for
Apollon expects to benefit from the Licensing Fee revenues which shall equal 10% of gross sublicensing fees received by GHG. During the term of this License Agreement, GHG shall pay a quarterly licensing fee to Apollon, the payment of which shall be triggered when revenues are first generated from sublicensing activities. Payment of the Licensing Fee shall commence in the subsequent quarter as agreed to in the License Agreement dated January 19, 2023, emanating from all gross sublicensing fees received by GHG in
Dr Stephen D Barnhill, CEO and Chairman of Apollon Formularies, commented: "Whilst the Disposal to GHG has now been terminated, the Company continues to retain all of its Assets and the Company is well placed to continue to grow its business globally. We are extremely pleased with our recent Exclusive License Agreement with PureCann Pty Ltd, as announced 24 July 2023. PureCann has already reached impressive commercial milestones allowing us to immediately expand the "Apollon" Brand with our full medical product portfolio for multiple medical conditions into
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: +44 771 198 0221
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-
Tel: +44 207 138 3204
Tim Blythe/Megan Ray apollon@blytheray.com
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