AfriAg Global Plc undertakes first £300,000 official investment in Apollon Formularies, representing 0.71% of Apollon’s share capital, which has a significant interest in one of Jamaica’s leading Federally Licenced medical cannabis companies, Apollon Formularies Jamaica.
Apollon plans to open its first revenue generating federally licenced Retail (Therapeutic) Medical Cannabis Dispensary and State-of-the-Art Processing Facility by month end, which will be the only such dispensary and Processing Facility in Negril, Jamaica.
AfriAg Global has today undertaken its first £300,000 investment in Apollon Formularies Ltd as part of a multi-stage investment strategy in Apollon Formularies Ltd.
The full terms of this multi-stage Apollon Formularies investment plan have been previously announced to the market in May, 2019.
David Lenigas, AfriAg’s Chairman, commented: “AfriAg has contractually agreed to invest £1m into Apollon Formularies Ltd in two tranches to earn up to 2.34 per cent. of Apollon. Today’s announcement sees the investment of tranche 1, with tranche 2 being made subject to shareholder approval expected at a general meeting of AfriAg shareholders planned for 19 June 2019. AfriAg and Apollon Formularies Ltd are totally focused on opening Apollon’s federally licensed operations in Jamaica this month, which is to include its first revenue generating Retail (Therapeutic) Medical Cannabis Dispensary and a State-of-the-Art Processing Facility. These facilities are both located in the Negril, Jamaica, area, making it now both an idyllic destination for tourists and persons seeking medical cannabis treatment”
Apollon is a Federally Licensed vertically integrated medical cannabis company operating in Jamaica. Its Retail (Therapeutic) Medical Cannabis Dispensary will be located at Doc’s Place wellness center 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 products developed in its cultivation, processing and manufacturing facilities. Doc’s Place offers an all-inclusive, wellness resort that through its affiliation with Apollon is able to accommodate medical cannabis care and treatment involving Licensed Medical Doctors and other healthcare professionals.
This investment marks completion of the first of what is planned to be a two stage investment process, prior to offering a full share-based offer for all outstanding shares in Apollon, as previously announced on the 16th, 24th and 29th May 2019 .
Apollon Formularies Ltd will use these funds to advance the corporate and operational objectives, including the opening of Apollon’s fully licensed Retail (Therapeutic) Medical Cannabis Dispensary and Processing Facility.
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