Vancouver, BC -- (May 11, 2023) -- GLOBAL HEMP GROUP INC. (“GHG” or the “Company”) (CSE: GHG / OTC Markets: GBHPF / FRANKFURT: GHG) wishes to provide an update on the Apollon Formularies plc (“Apollon”) transaction.
On April 4, 2023 the Company advised that it was focused on completing due diligence of the Apollon assets in order for the Company to determine if it would execute its option to acquire the entirety of the assets per the binding LOI dated January 9, 2023. Due diligence was originally expected to be completed by April 28, 2023. As of this news release, the Parties continue their due diligence, which the Company now expects to be completed by the end of May. When the due diligence is concluded, GHG will advise Apollon on the final decision of whether the Company will move forward with drafting the definitive Asset Purchase Agreement. Once a decision is reached, an announcement will be forthcoming to the market.