Sat, 29 Jan 2022

Apollon Formularies Enters Agreements with CLA-Licensed Medical Cannabis Cultivators to Increase Supply of Medical Cannabis Allowing Accelerated Increase in Product Inventory

  • Apollon has signed more than a dozen Tripartite Agreements with CLA-Licensed Cultivators
  • Apollon has established the Apollon Kannabiz Cooperative to work with local Jamaican farmers

LONDON, UK / ACCESSWIRE / January 10, 2022 / Apollon Formularies plc (AQSE: APOL, 'Apollon' or the 'Company'), a UK based international medical cannabis pharmaceutical company trading on AQSE Growth Market, is pleased to announce that the Company has signed more than a dozen Tripartite Agreements with Cannabis License Authority (CLA) licensed cultivators allowing access to consistent availability of large quantities of high-quality, fresh harvests of cannabis buds to be used by Apollon to accelerate processing and manufacturing of medical cannabis products for patients, clinical trials, and export.

Director of Enforcement and Monitoring at the Cannabis Licensing Authority (CLA), Faith Graham, speaking at a recent Jamaica Information Service (JIS) Think Tank, stated that 'by insisting on a standard for our licence holders and those interested in becoming a part of our local market, we are showing that we operate at an international level as we apply best practices for the global industry'. Ms. Graham continued, 'the CLA operates a closed loop system, characterized by a tripartite agreement that is fundamental to the industry maintaining its integrity. The tripartite agreement ensures that the ganja (cannabis) that is cultivated is sold to another licensee.'¹

In addition, the Company has established the Apollon Kannabiz Cooperative in an effort to ensure that traditional growers are not left out of the regulated medical cannabis system. Apollon believes that the local farmers should not only 'grow for us' but should also be given an opportunity to 'grow with us'.

Minister of State in the Ministry of Industry, Commerce, Agriculture and Fisheries, Hon. Floyd Green,

who was speaking at the official opening of Apollon Formularies Limited in Westmoreland, Jamaica, in October 2019, hailed the community-based initiative, Apollon Kannabiz Cooperative, through which traditional ganja farmers are able to move into the legal industry. Hon. Floyd Green stated 'Apollon is, indeed, cognizant of the need to develop a holistic sector, which does not overlook the traditional farmers. Indeed, let us allow our farmers to not just grow for the sector but to also grow with the sector in a meaningful and sustainable way.'²

'We are pleased that so many CLA-Licensed cultivators have signed Tripartite Agreements with the Company indicating their interest and willingness to grow and provide substantial quantities of high-quality, freshly harvested cannabis buds to be used by Apollon to process and manufacture large quantities of medical cannabis products which will significantly accelerate and increase our inventory for patients, clinical trials, and export,' stated Stephen D. Barnhill, MD, CEO of Apollon Formularies, plc, 'We also recognize and appreciate the experience and dedication of traditional Jamaican ganja farmers and look forward to expanding the Apollon Kannabiz Cooperative to provide jobs and income to help local farmers have a better way of life for themselves and their families.'

Paul Burke, CEO of Apollon Formularies Jamaica Limited stated, 'Apollon's goal is to reposition Jamaica's medical cannabis industry, in terms of science, research and development, product manufacturing, affordable patient care, and legal export, while becoming an industry leader in the global pharmaceutical and nutraceutical medical cannabis space.'

References:

¹ https://mckoysnews.com/cla-urges-compliance-with-regulations/

² https://jis.gov.jm/cannabis-can-provide-big-boost-for-tourism/

Further Information

On 19 July 2021, Apollon announced that its proprietary medical cannabis formulations were shown in third party independent clinical laboratory testing to be effective in killing both hormone-resistant and hormone-sensitive prostate cancer cells in 3D cell cultures by direct cytotoxicity.

June 28, 2021, Apollon announced that its proprietary medical cannabis formulations were shown in third party independent clinical laboratory testing to be effective in killing triple-negative breast cancer cells in 3D cell culture by direct cell cytotoxicity.

May 18, 2021, Apollon announced that its proprietary medical cannabis formulations were shown in third party independent clinical laboratory testing to be effective in killing HER2+ breast cancer cells in 3D cell culture by direct cytotoxicity.

ENDS

The Directors of the Company accept responsibility for the contents of this announcement.

For additional information, please visit www.apollon.org.uk or contact:

Apollon Formularies

Tel: +44 207 907 9314

Stene Jacobs stene@apollon.org.uk

Peterhouse Capital Limited (Corporate Adviser)

Tel: +44 207 220 9795

Guy Miller gm@peterhousecapital.com

Blytheweigh (Financial PR/IR-London)

Tel: +44 7875744070

Tim Blythe apollon@blytheweigh.com

Megan Ray

Alice McLaren

About Apollon and Apollon Jamaica

Apollon Formularies plc is an international medical cannabis pharmaceutical company headquartered in the United Kingdom. Apollon Formularies Jamaica, Ltd is a pharmaceutical company incorporated and operating in the Commonwealth of Jamaica and a contractual affiliate of Apollon. Apollon Jamaica is licensed by the Jamaican government's Cannabis Licensing Authority (CLA) to purchase cannabis under tripartite agreements from licensed cultivators, process, perform research and development, and sell medical cannabis therapeutic products that include legal medical cannabis in order to treat various illnesses under medical supervision.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

SOURCE: Apollon Formularies PLC



View source version on accesswire.com:
https://www.accesswire.com/681670/Apollon-Formularies-PLC-Announces-Tripartite-Agreements-with-Licensed-Cultivators

More New York News

Access More

Sign up for New York State News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!