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