Vancouver, BC -- (March 20, 2023) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTC Markets: GBHPF / FRANKFURT: GHG) is pleased to announce that it has completed its contractual obligations relating to the first stage of the binding Letter of Intent (“LOI”) and the Exclusive Licensing Agreement for the patents and Intellectual Property (“IP”) of Apollon Formularies plc (“Apollon”), by advancing a final payment of US$150,000 to Apollon (for further information on the binding LOI and the Exclusive Licensing Agreement see the Company’s news releases of January 11, 2023, January 23, 2023 and March 21, 2023).
Apollon is a UK-based international pharmaceutical company developing cancer treatments from natural biologics, including cannabinoids, functional mushrooms, psychedelic mushrooms and most importantly combinations of these compounds. These formulations have demonstrated significant success in independent, third-party pre-clinical testing.
Under the Exclusive Licensing Agreement, GHG has acquired the exclusive right to Apollon’s patents and IP for the United States, Canada, Mexico, the European Union, Morocco and Israel, which include:
Compositions and Methods for Treatment of Cancers
Compositions and Methods for Treatment of Inflammation
Methods for Treatment of Human Cancers Using Cannabis Compositions
Methods for Treatment of Human Cancers Using Mushroom Compositions
BIOENSIS Pre-clinical Data reflecting independent 3Dimensional cell culture testing of cannabinoid and mushroom formulations included in the patent applications.
The Company is now engaged in discussions with legally licensed manufacturers, distributors and retail partners in the United States and Canada to monetize this IP by sublicensing it on both an exclusive and non-exclusive basis.
Further, with the completion of this initial stage of the binding LOI, GHG will focus on completing due diligence of the Apollon assets, in order for the Company to determine if it will execute its option to acquire the entirety of the assets, per the binding LOI dated January 9, 2023. Due diligence and exercise of the option is required to be completed by April 28, 2023, as announced in the Company’s news release of March 20, 2023, unless waived by mutual agreement of the Parties prior to that date.
The Company also announces that it has entered into a loan agreement at arm’s length whereby it has received an amount of USD$150,000 on April 3, 2023. The loan is unsecured, bears interest at a rate of 12.0% per annum and is due on or before July 31, 2023.