Apollon Formularies PLC - London-based medical cannabis pharmaceutical firm - Signs exclusive license agreement with PureCann Pty Ltd, a South Africa-based medical cannabis company. PureCann "will produce, and actively distribute the entire Apollon product range throughout their dispensary network currently being rolled out in South Africa," Apollon says. Apollon will receive a once off licensing fee of GBP100,000 and an ongoing royalty of 6% of gross profit on sales by PureCann for the entire term of the licence. PureCann will roll out treatment facilities in the fourth quarter of this year. Shan Holmes, chief biomedical scientist of PureCann, says: "I believe the cannabis sector is starting to experience a 'second wave' of interest, both from a medical and commercial perspective and South Africa is well placed to position itself to be at the centre of this new dawn."
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By Tom Budszus, Alliance News reporter
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