RE: RNS...............30 Jul 2021 11:28
Apollon Formularies plc (AQSE: APOL, "Apollon" or the "Company") announces that it has agreed to extend its existing Right to Purchase ("RPU") option to acquire CBev Ventures Inc. ("CBev") which expires on 30 July 2021, for a further 90 days ending 28 October 2021 (the "Extended Option Period").
CBev is a US-based beverage company that develops, markets and distributes functional and craft proprietary non-alcoholic beverages in the legal CBD and medical cannabis industries.
The Company intends to use the Extended Option Period to conduct small-scale commercial trials on CBev's product range prior to any potential exercise of the RPU.
Apollon believes that medicinal use of cannabis-infused beverages, such as CBev's, is a potential treatment for substance dependencies such as alcohol use disorder [1]. If the Company decides to exercise the RPU to acquire CBev, Apollon will look to build upon the initial trial and commence further research into this area.
The Company will update the market in due course as to the progress of the CBev initial trial.
The Directors of the issuer accept responsibility for the contents of this announcement.