AfriAg Global
PLC
(‘AfriAg’ or the
‘Company’)
UK FCA Policy on
Medical Cannabis Decision
AfriAg Global PLC (London AQSE: AFRI) notes recent FCA guidance
published on the 18th September regarding eligibility
requirements for admission to the Official List in the UK.
AfriAg would like to confirm that given this new guidance and
regulatory clarification we now have further confidence in our
previously announced deal with UK-based medical cannabis
company Apollon Formularies Ltd (“Apollon”).
Apollon holds an indirect 49% interest in the issued share
capital of Apollon Formularies Jamaica Limited (“AFJ”), a limited
company incorporated under the laws of Jamaica.
AFJ is a fully licensed vertically integrated medicinal cannabis
company approved by the Jamaican government to cultivate, process,
conduct human Research and Development as well manufacture
medicinal formulations that can be sold through their licenced
dispensary as used in their therapeutic and R&D clinical
trials.
Pursuant to the proposed deal, Apollon will be assigned a 49%
interest (the maximum allowed under Jamaican law) of the stock in
AFJ immediately on approval of the assignment by the Cannabis
Licensing Authority of Jamaica
(“CLA”), and be entitled to 95% of the net profit of the business
of AFJ. The proposed deal acquisition is subject to regulatory
approval and will constitutes a reverse takeover under the AQSE
Growth Market Rules and is therefore conditional amongst other
things, on the AfriAg Shareholders approval.
The full text of the announcement made by the Financial Conduct
Authority can be found at;
https://www.londonstockexchange.com/news-article/market-news/listings-of-cannabis-related-businesses/14690682
The Company looks forward to providing further updates in due
course.
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)
78821 825378
Peterhouse Capital
Limited
+44 (0) 20 7469 0930
Guy Miller
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.