Thursday, 17, October 2019
AfriAg Global
PLC
(‘AfriAg’ or the
‘Company’)
Apollon Formularies Jamaica, Ltd
(“Apollon Jamaica”) receives its Third Medical Cannabis
Licence Issued by the Cannabis Licensing Authority in
Jamaica. The Newest Licence is for
Research and Development (Experimental),
Apollon Jamaica wins 1st place at the
Prestigious Global Jack Herer Cup held at the CanEx
Jamaica Conference and Expo, Montego Bay,
Jamaica for “Best Solvent Extract”
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 Jamaica
has recently been granted a full Research and Development
(Experimental) Licence from the Cannabis Licensing Authority in
Jamaica. This licence allows the
company to engage in all activities involved in the assessment,
study, research, development and testing of products derived from
all or any part of the cannabis plant.
This newly issued Research and Development (Experimental)
Licence is a significant addition to Apollon Jamaica’s existing
portfolio of issued licenses which includes Retail (Therapeutic)
and Processing. This Research and Development (Experimental)
License allows Apollon Jamaica to perform clinical trials as
approved by the Ministry of Health at Doc’s Place Wellness Center
and build research on patient outcomes using Apollon Jamaica’s
award winning “Best Solvent Extract” medical cannabis oil.
Medical cannabis oil is the key ingredient for medical cannabis
based pharmaceutials, neutraceutials, cosmaceuticals, foods and
beverages.
As announced on 19 September 2019,
Doc’s Place Wellness Center in Negril, Jamaica will hold its Grand Opening Ceremony
on 25 October 2019, along with
Apollon Jamaica’s formal opening of the first Retail (Therapeutic)
medical cannabis dispensary in Negril. The ceremony will
feature a keynote address by the Honourable Audley Shaw, Minister
of Industry, Commerce, Agriculture and Fisheries, whose
responsibility includes the Cannabis Licensing Authority.
Stephen D. Barnhill, MD, CEO of
Doc’s Place Wellness Center and a Director of Apollon Formularies
Jamaica, Ltd., stated, “The issuance to Apollon Jamaica of
this Research and Development (Experimental) Licence, by the
Cannabis Licensing Authority, brings a third and very important
Licence to our vertically integrated portfolio. This is a very
exciting milestone for Apollon Jamaica. We now have the federally
legal ability to process the Apollon Jamaica brand of our
1st place award winning medical cannabis oil, associate
our medical cannabis products with patient outcomes data and
generate revenue by selling these products through our retail
licence in Jamaica immediately,
and later internationally after the export regulations are
approved in Jamaica. According to Minister Audley Shaw, once export regulations are
promulgated, Jamaica will be one
of only 10 countries in the world with an export regime for medical
cannabis. This could allow Apollon Jamaica to be a global provider
of medical cannabis pharmaceuticals to countries that have
legalized importation of those products.”
AfriAg Global’s relationship with
Apollon Formularies Ltd:
As previously announced, AfriAg completed an investment in
Apollon Formularies Ltd (“Apollon UK”) of 2.325 per cent of Apollon
UK's issued share capital and is in negotiations with Apollon
UK and a majority of its shareholders to acquire all the
issued and outstanding shares owned by shareholders. Further
investments in, or acquisition of, Apollon UK are subject to
shareholder and regulatory approvals. Apollon UK is an
indirect investor in Apollon Formularies Jamaica, Ltd. and will
have the right to receive 95 percent of the net profit of Apollon
Formularies Jamaica, Ltd. Apollon UK also has a right to
acquire 90 percent of the issued and outstanding stock of Doc’s
Place International, Inc.
David Lenigas, AfriAg’s Chairman, commented; “This is another
very positive step forward for the Apollon Jamaica team in
Jamaica. With respect to AfriAg
taking a higher equity interest in Apollon Formularies Ltd, I am
pleased to advise that a great deal of legal and regulatory due
diligence is taking place and things are progressing well on this
front. The Company will advise shareholders of more concrete
developments as they come to fruition.”
As previously announced, AfriAg completed investment in Apollon
Formularies Ltd to 2.325 per cent of Apollon's issued share capital
and is in negotiations with Apollon Formularies Ltd and a majority
of its shareholders to acquire all issued and outstanding shares
owned by shareholders. Further investments in, or acquisition of,
Apollon Formularies Ltd are subject to shareholder and regulatory
approvals. Legal and regulatory work on increasing AfriAg’s
potential shareholding in Apollon Formularies Ltd is progressing
well.
About Apollon Jamaica
Apollon Formularies Jamaica, Ltd. is a Federally Licensed
vertically integrated medical cannabis company operating in
Jamaica. Its Retail (Therapeutic)
Medical Cannabis Dispensary is located at Doc’s Place Wellness
Center at 42 One Love Drive in Negril, Jamaica. Doc’s Place
offers an all-inclusive wellness resort that through its
affiliation with Apollon Jamaica is able to accommodate medical
cannabis care and treatment involving licensed medical doctors and
other healthcare professionals. Apollon Jamaica also has
an option to acquire 660 acres of agricultural land in
Jamaica that it intends to use in
part for growth of cannabis crops under its Tier-3 medical cannabis
cultivation licence.
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