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DJ AfriAg Global Plc Apollon Update: Production of Medical Cannabis Oils

 
TIDMAFRI 
 
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 
 
 
 
END 
 

(END) Dow Jones Newswires

July 16, 2019 02:00 ET (06:00 GMT)