Apollon Formularies gets green light for Jamaica medical cannabis licence renewal

The two renewed licences allow the company to operate its newly completed medical cannabis pharmaceutical processing laboratory and operate its consumer dispensaries and provide spa services.

Apollon Formularies PLC (AQSE:APOL) has received a renewed medical cannabis licence from the Jamaican government, allowing processing and retail activities for another three years.

The Caribbean island's Cannabis License Authority approved the renewal of Apollon's Processing (Tier 1) and Retail (Therapeutic) licences, adding to the company's current CLA approved Research & Development licence.

Apollon's processing licence allows the company to operate its newly completed state-of-the-art medical cannabis pharmaceutical processing laboratory, which has the capacity to produce roughly 20 litres of full-spectrum medical cannabis oil per day.

The company said the increased capacity allows it to significantly increase its inventory in preparation for global export to those countries where legal import is allowed, to have sufficient amounts of medical cannabis oil available for potential pharmaceutical partners to perform independent clinical trial validations, and provide medical cannabis products for its own clinical trials at the International Cancer and Chronic Pain Institute (ICCPI) in Kingston, Jamaica.

The retail license provides legal approval for Apollon to operate consumer dispensaries and provide therapeutic or spa services where medical cannabis products are used.

Under the experimental R&D license, the company is allowed to undertake cultivation, assessment, study, research, development and testing of products derived from all or any part of the cannabis plant, including analytical services to test the potency and quality of its medical cannabis products, as well as allowing clinical trials to be performed with the approval of the Jamaican Ministry of Health.

Stephen D. Barnhill, MD, chairman and chief executive of Apollon, said he was "very proud of our team for having met all of the very stringent CLA requirements" to facilitate approval of the licenses.

"Apollon is one of few companies in Jamaica to receive approval for all three of these vertically integrated medical cannabis licenses.

"The combination of these licenses provides the company with an opportunity to continue to successfully implement our business plan and achieve our goal of developing, processing, and manufacturing Apollon's proprietary formulations, selling Apollon's cannabis derived pharmaceutical and nutraceutical products, treating patients, performing clinical trials, and legally exporting our scientifically validated medical cannabis products globally."

Last year, third party independent clinical laboratory tests indicated that Apollon's medical cannabis formulations could kill prostate cancer, HER2+ and triple-negative breast cancer cells in 3D cell cultures.

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