Apollon Formularies Plc 28 day due diligence extension for Asset sale

 
TIDMAPOL 
 
21 March 2023 
 
                            Apollon Formularies Plc 
 
 Apollon agrees a 28 day extension to complete final Due Diligence in order to 
             conclude the proposed Asset sale to Global Hemp Group 
 
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a UK based 
international medical cannabis 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 it has extended 
the due diligence period by 28 days to Global Hemp Group in order to facilitate 
final parts of the process which is expected to conclude the previously 
announced Asset sale by the 28 of April 2023, subject to Shareholder approval 
at the General Meeting on 11 April 2023. The agreed extension will allow for 
the final inspection of Apollon's facilities in Jamaica. 
 
As part of this process, Stephen Barnhill Jnr has stepped down from his current 
role as non-board Chief Operating Officer of Apollon to join Global Hemp Group 
as its interim Chief Executive Officer. He will be instrumental in helping to 
complete the current process. 
 
The directors of the Company accept responsibility for the contents of this 
announcement. 
 
                                     ENDS 
 
For additional information, please visit www.apollon.org.uk or contact: 
 
Apollon Formularies 
 
Tel:                                         +44 771 1980 221 
 
Stene Jacobs                      stene@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                          tim.blythe@blytheweigh.com 
 
Megan Ray                          megan.ray@blytheweigh.com 
 
About Apollon and Apollon Jamaica 
 
Apollon Formularies plc is an international medical cannabis company 
headquartered in the United Kingdom. Apollon Formularies Jamaica Limited is a 
pharmaceutical company incorporated and operating in the Commonwealth of 
Jamaica. Apollon Jamaica is licensed by the Jamaican government's Cannabis 
Licensing Authority (CLA) to cultivate, perform research and development, 
process, and sell medical cannabis therapeutic products that include legal 
medical cannabis in order to treat various illnesses under medical supervision. 
Apollon and Apollon Jamaica are parties to a Commitment Agreement whereby 
Apollon is entitled to 95% of Apollon Jamaica's Net Profits, and per a Stock 
Pledge Agreement that includes Stephen D. Barnhill, M.D., Apollon is to be 
assigned the entire 49% equity interest of Apollon Jamaica held by Dr. 
Barnhill, which is the maximum interest in a medical cannabis company allowed 
to be held by a non-Jamaican, upon the CLA approving the assignment. 
 
 
 
END

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March 21, 2023 08:00 ET (12:00 GMT)

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