July 16, 2019 - 2:00 AM EDT
AfriAg Global Plc - Apollon Update: Production of Medical Cannabis Oils
AfriAg Global Plc - Apollon Update: Production of Medical Cannabis Oils

16 July 2019

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

First production of licensed legal medical cannabis oils for commercial sale in Jamaica by Apollon Formularies Jamaica Ltd (“Apollon”) completed.

 Apollon, with its new State-of-the-Art Licensed Processing Facility in operation, will now focus on using its medical cannabis oil to produce medical cannabis products and pharmaceuticals for retail sales. 

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 first production of licensed medical cannabis oils at its processing facility in Negril, Jamaica. These oils are the primary ingredient for medical cannabis-based pharmaceuticals, nutraceuticals, cosmeceuticals, and beverages. Apollon is continuing to progress rapidly towards producing products for retail sale in its Jamaican Cannabis Licensing Authority  (“CLA”) Retail (Therapeutic Services) Licensed dispensary.

Highlights

  • Apollon’s  State-of-the-Art Processing Lab is capable of producing large commercial amounts of medical  cannabis oils and extracts. Extraction of medical oils has now begun, with efforts now focused upon the production of the first medical cannabis products to be available for use and sale in the company’s CLA Retail (Therapeutic Services) Licensed dispensary located on the premises of the Doc’s Place Wellness Resort in Negril, Jamaica.
  • Apollon medical service staff has been extended to include Dr. Marjorie Vassell and Dr. Alfred Dawes.
  • Apollon Cannabis Collective has been established. This collective is a commercial platform to facilitate and engage local  farmers to grow medical cannabis crop for processing by Apollon at its licensed facilities, giving Apollon access to additional growers and land and reinforcing Apollon’s commitment to working with Jamaican farmers and businesses.
  • Continued work is underway by Apollon towards Tier 3 cultivation licence approval.

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 its first successful production of medical cannabis oil.  The availability and sale of these oils will facilitate production by Apollon of medical cannabis-based pharmaceuticals, nutraceuticals, and cosmeceuticals at its State-of-the-Art Processing Facility in Negril, Jamaica and provide cash flow that will be used to accelerate Apollon’s operational and expansion plans, which include: (i) pursuit of CLA Tier 3 cultivation license approval, and (ii) the completion and distribution of products for sale at Apollon’s fully licensed dispensary. Imminent revenue generation is a significant milestone for the business.”

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. 

About Apollon

Apollon is a Federally Licensed vertically integrated medical cannabis company operating in Jamaica. Its Retail (Therapeutic) Medical Cannabis Dispensary will be leased and 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, nutraceutical and cosmeceutical products developed in its cultivation, processing and manufacturing facilities. Doc’s Place is a  wellness resort that allows international medical tourism patients and Jamaican medical cannabis patients access to wellness services and a facility while receiving their treatment in Jamaica. Apollon, with its on-site medical cannabis Retail (Therapeutic Services) Licensed dispensary, is able to fill the medical cannabis prescriptions  written for them by their Licensed Medical Doctors in Jamaica. 

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
Guy Miller/Fungai Ndoro
+44 (0)20 7469 0930


Source: PR Newswire (July 16, 2019 - 2:00 AM EDT)