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AfriAg Global Plc - UK FCA Policy on Medical Cannabis Decision

·3-min read

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.