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

 
TIDMAFRI 
 
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 1st 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 
 
 
 
END 
 

(END) Dow Jones Newswires

October 17, 2019 07:41 ET (11:41 GMT)