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Apollon Formularies (APOL)

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Wednesday 15 September, 2021

Apollon Formularies

Substantial Increase to Production Capacity

RNS Number : 7748L
Apollon Formularies plc
15 September 2021
 

15 September 2021

Apollon Formularies Plc

Substantially Increases Production Capacity in Jamaica

 

Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company"), a UK based international medical cannabis pharmaceutical company trading on Aquis Stock Exchange, is pleased to announce that it has expanded its production facility in Negril, Jamaica.

Highlights include:

The purchase of a new state of the art distiller, increases production significantly by more than 50 fold when compared to our current level of maximum output

• The production facility expansion will lead to the generation of additional revenue for the Company through opportunities such as tolling processes and white labelling

Installation of a specialist sonicator which allows for the production of nano-particle medicines as well as water-oil emulsions

The acquisition of an industrial freeze drier, allowing Apollon more flexibility to store freeze dried biomass for use on demand as well as pharmaceutical applications

Opens the path to further revenue generation opportunities to the wider domestic market before expansion to export markets in Q1 of 2022

 

Stephen Barnhill Jnr, COO of Apollon Jamaica, commented: "We are delighted to have expanded our state-of-the-art production facility in Negril. Our new extraction facility significantly increases our production capabilities whilst also deepening our future product offering and improving product storage. Upgrading our facility means that we have more than enough production capability to operationally support Apollon's activities as we continue our strategy to expand our local and, eventually, global footprint.

Additionally, the expansion provides the opportunity to not only generate additional revenue for the Company, through tolling agreements with local cultivators and white labelling arrangements, but also means we are able to manufacture our high-grade oils for our medical facilities and dispensaries attached to these facilities. Our team in Jamaica are actively looking for companies in Jamaica to work with in this capacity."

 

Further Information

As a key part of the facility expansion, the Company has purchased a new imported distiller from the US which will significantly increase Apollon's high-quality cannabis oil production capability to over 50 times our current production level.

To expand its product offering, Apollon has also invested in a specialist sonicator. This technology gives the Company the ability to create any type of water-oil emulsion, including nano-emulsions, for Apollon's medicinal product line. To the Company's knowledge, Apollon's sonicator is the first of its kind being used in medical cannabis industry in Jamaica.

Apollon has also purchased a freeze drier which will support the Company's increased production capability by enabling the storage of fresh cannabis flowers and this will increase additional extraction capacity by double the current rate from this source.

Fundamental to Apollon's production facility expansion is the generation of additional revenue for the Company through opportunities such as tolling processes and white labelling. The Company is actively engaging with cultivators and other cannabis companies in Jamaica to formalise these relationships.

The expansion also supports Apollon as it continues to build its local footprint in Jamaica through its newly leased International Cancer Centre which will be the base for our extensive Research and Development and patient treatment rollout in the country's capital, Kingston.

 

ENDS

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

 

Apollon Formularies 

Tel:  +44 207 907 9314

Stene Jacobs  [email protected]  

 

Peterhouse Capital Limited (Corporate Adviser)  

Tel:  +44 207 220 9795

Guy Miller  [email protected]

 

Blytheweigh (Financial PR/IR-London)   

Tel:  +44 207 138 3204

Tim Blythe  [email protected]

Megan Ray  [email protected]  

 

About Apollon and Apollon Jamaica

Apollon Formularies plc is an international medical cannabis company headquartered in the United Kingdom. Apollon Formularies Jamaica Limited is a pharmaceutical company incorporated and operating in the Commonwealth of Jamaica. Apollon Jamaica is licensed by the Jamaican government's Cannabis Licensing Authority (CLA) to cultivate, perform research and development, process, and sell medical cannabis therapeutic products that include legal medical cannabis in order to treat various illnesses under medical supervision. Apollon and Apollon Jamaica are parties to a Commitment Agreement whereby Apollon is entitled to 95% of Apollon Jamaica's Net Profits, and per a Stock Pledge Agreement that includes Stephen D. Barnhill, M.D., Apollon is to be assigned the entire 49% equity interest of Apollon Jamaica held by Dr. Barnhill, which is the maximum interest in a medical cannabis company allowed to be held by a non-Jamaican, upon the CLA approving the assignment.

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