AfriAg Global PLC has been advised by Apollon Formularies Ltd that Apollon has now completed its third harvest of legal Medical Cannabis in Negril, Jamaica and is progressing rapidly towards opening its first approved Medical Cannabis facilities in Jamaica with plans for expansion.
Highlights
- Three harvests of medical cannabis plants for research have now been successfully completed in Negril, Jamaica, as permitted per Apollon’s permits from the Jamaican Ministry of Science & Technology. These first cultivations also allow for the establishment of mother plants and clone stock for the increased benefit of future harvests.
- Jamaican Cannabis Licensing Authority (“CLA”) Licenses for Processing and Retail with harvest produced by third-party producers (Therapeutic) have been approved and issued. The CLA has also issued a conditional Tier 1 Cultivation License to Apollon for its roof top greenhouse.
- Apollon’s new State-of-the-Art Processing Facility in Negril, Jamaica is taking steps to initiate its 1st production run in order to manufacture Apollon’s retail medical cannabis pharmaceuticals, with the medical cannabis flower procured for retail purposes, being sourced by Apollon from licenced third-party growers in Jamaica as set out in CLA approved tripartied agreements.
- Apollon’s Retail (Therapeutic) Dispensary in Negril, Jamaica is now nearing completion and is expected to begin generating revenue by 1 July 2019.
- Doc’s Place Wellness Resort, which leases space exclusively to Apollon for it to operate a medical cannabis pharmaceutical dispensary and treatment centre, is currently in the final stages of a major refurbishment and upgrade and is on schedule to open and begin generating revenue by the end of July 2019.
- Apollon has received it’s CLA Conditional Approval for Cultivation.Apollon is implementing CLA required changes to its properties in order to obtain approval so that it can begin cultivating retail crop, by third-party producers, as set out in the CLA Tier 3 Cultivation Licence it has been awarded. Apollon expects such approval within the next 3 months
David Lenigas, AfriAg’s Chairman, commented: “Apollon is developing its fully vertically integrated medical cannabis business in Jamaica at speed and we welcome the news of their successful harvests and progress with facility renovations and retail manufacturing launch. The opening of their first revenue-generating Retail (Therapeutic) Medical Cannabis Dispensary and a State-of-the-Art Processing Facility in Negril, Jamaica that is expected within weeks will be a significant milestone for this business. The move by Apollon to upgrade its farms to obtain approval per its conditional Tier-3 cultivation license from the CLA is very significant, as the initial 5 acres (which Apollon can seek the right to increase on its 660 acre farm) are earmarked for this cultivation programme that will improve profitability and provide substantial room for growth.”
For more information:
AfriAg Global
+44 (0) 7798 576 877
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afriagglobal.com