LONDON – Apollon Formularies plc (AQSE: APOL), a UK based international medical cannabis pharmaceutical company trading on AQSE Growth Market, announced 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.”
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.
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(This information is primarily sourced from AfriAg Global Plc. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).