5 June 2019
AfriAg Global
PLC
(‘AfriAg’ or the
‘Company’)
Investee company,
Apollon to open its first Licensed Retail (Therapeutic) Medical
Cannabis Dispensary and State-of-the-Art Processing Facility in
Negril, Jamaica this month.
Highlights
-
AfriAg Global Plc undertakes first
£300,000 official investment in Apollon Formularies, Ltd.,
representing 0.71% of Apollon’s share capital, which has a
significant interest in one of Jamaica’s leading Federally Licenced
medical cannabis companies, Apollon Formularies Jamaica, Ltd
(“Apollon”).
-
Apollon plans to open its first
revenue generating federally licenced Retail (Therapeutic) Medical
Cannabis Dispensary and State-of-the-Art Processing Facilityby
month end, which will be the only such dispensary and Processing
Facility in Negril, Jamaica.
AfriAg Global PLC, a company whose shares are admitted to
trading on London’s NEX Exchange and one of the few companies
listed in London and Europe authorised to invest in the legal
medical cannabis sector, is pleased to announce it has today
undertaken its first £300,000 investment in Apollon Formularies Ltd
as part of a multi-stage investment strategy in Apollon Formularies
Ltd.
The full terms of this multi-stage Apollon Formularies Ltd
investment plan have been previously announced to the market in
May, 2019.
David Lenigas,
AfriAg’s Chairman, commented:
“AfriAg has
contractually agreed to invest £1m into Apollon Formularies Ltd in
two tranches to earn up to 2.34 per cent. of Apollon. Today’s
announcement sees the investment of tranche 1, with tranche 2 being
made subject to shareholder approval expected at a general meeting
of AfriAg shareholders planned for 19 June
2019. AfriAg and Apollon Formularies Ltd are totally focused
on opening Apollon’s federally licensed operations in Jamaica this month, which is to include
its first revenue generating Retail (Therapeutic) Medical Cannabis
Dispensary and a State-of-the-Art Processing Facility These
facilities are both located in the Negril, Jamaica, area, making it now both an idyllic
destination for tourists and persons seeking medical cannabis
treatment”
Apollon is a Federally Licensed vertically integrated medical
cannabis company operating in Jamaica. Its Retail (Therapeutic) Medical
Cannabis Dispensary will be located at Doc’s Place wellness center
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.
This investment marks completion of 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, as
previously announced on the 16th, 24th and
29th May 2019.
Apollon Formularies Ltd will use these funds to advance the
corporate and operational objectives, including the openning
of Apollon’s fully licensed Retail (Therapeutic) Medical Cannabis
Dispensary and Processing Facility. .
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