Apollon Formularies Plc Update on Global Hemp Group

 
TIDMAPOL 
 
02 August 2023 
 
Apollon Formularies Plc 
 
Update on Global Hemp Group 
 
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a UK based 
international pharmaceutical company trading on the AQSE Growth Market, that is 
licenced to research, develop, process, and sell medical cannabis therapeutic 
products that include legal medical cannabis to treat various illnesses under 
medical supervision, announces that the Company will not be proceeding with 
proposed deal with Global Hemp Group Inc. ("GHG") under the binding letter of 
intent ("LOI") released on the 12th of January 2023 
 
As announced on 12 January 2023, under the terms of the binding LOI dated 
January 9, 2023, GHG acquired the exclusive perpetual license for North America 
(specifically, the United States, Canada. and Mexico) to certain Apollon 
Intellectual Property and proprietary technology, for US$250,000 and 10,000,000 
common shares in GHG. On April 4, 2023 GHG announced that it completed its 
contractual payment obligations relating to the Exclusive Licensing Agreement 
for the patents and Intellectual Property ("IP") of Apollon. On March 21, 2023, 
GHG announced that the Company added additional exclusive licenses from Apollon 
for the countries of Israel, and the European Union (with extension to Morocco). 
 
Apollon expects to benefit from the Licensing Fee revenues which shall equal 10% 
of gross sublicensing fees received by GHG. During the term of this License 
Agreement, GHG shall pay a quarterly licensing fee to Apollon, the payment of 
which shall be triggered when revenues are first generated from sublicensing 
activities. Payment of the Licensing Fee shall commence in the subsequent 
quarter as agreed to in the License Agreement dated January 19, 2023, emanating 
from all gross sublicensing fees received by GHG in North America (the United 
States, Canada, and Mexico), the European Union with extension to Morocco and 
Israel. In addition, under the LOI, a due diligence period was allowed and if 
both the Company and GHG were satisfied, GHG would have the exclusive option to 
acquire all the assets of Apollon, other than cash, cash equivalents, and 
receivables, for a payment of 771,191,266 GHG common shares at a deemed price 
of$0.015per GHG common share, for a total consideration ofC$11,567,869 
("Disposal"). The Disposal has been terminated by mutual consent. 
 
Dr Stephen D Barnhill, CEO and Chairman of Apollon Formularies, commented: 
"Whilst the Disposal to GHG has now been terminated, the Company continues to 
retain all of its Assets and the Company is well placed to continue to grow its 
business globally. We are extremely pleased with our  recent Exclusive License 
Agreement withPureCann Pty Ltd, as announced 24 July 2023. PureCann  has 
already  reached  impressive  commercial milestones allowing us to immediately 
expand the "Apollon" Brand with our full medical product portfolio for multiple 
medical conditions into South Africa through their network  of dispensaries as 
well as in their proposed  treatment facilities." Dr Barnhill continued: "The 
Company is currently in discussions with additional companies in multiple 
countries also looking to license the Apollon intellectual property and 
products. We look forward to continuing to expand the Apollon brand into 
additional markets globally." 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
For additional information, please visitwww.apollon.org.ukor contact: 
 
Apollon Formularies 
 
Tel: +44 771 198 0221 
 
Stene Jacobsstene@apollon.org.uk 
 
Peterhouse Capital Limited(Corporate Adviser) 
 
Tel: +44 207 220 9795 
 
Guy Miller gm@peterhousecapital.com 
 
BlytheRay (Financial PR/IR-London) 
 
Tel: +44 207 138 3204 
 
Tim Blythe/Megan Ray apollon@blytheray.com 
 
 
This information was brought to you by Cision http://news.cision.com 
https://news.cision.com/apollon-formularies-plc/r/update-on-global-hemp-group,c3812667 
 
 
END
(END) Dow Jones Newswires
August 02, 2023 07:19 ET (11:19 GMT)
Apollon Formularies (AQSE:APOL)
Historical Stock Chart
From Apr 2024 to May 2024