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AFRI - Afriag Global News Story

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Last Trade - 06/08/20

Sector
Industrials
Size
Micro Cap
Market Cap £1.90m
Enterprise Value £667k
Revenue £n/a
Position in Universe 1760th / 1819

AfriAg Global Plc: R&D license to Apollon Jamaica and Best Solvent prize

Thu 17th October, 2019 12:41pm
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 1(st) 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



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