Vancouver, British Columbia--(Newsfile Corp. - April 4, 2023) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG) ("GHG" or the "Company") 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:
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.
About Global Hemp Group Inc.
Global Hemp Group Inc. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG) is focused on developing and promoting hemp-based products that are sustainable, environmentally friendly, and have a positive impact on society. To further support and innovate, GHG has established a R&D Division to actively pursue the development of Intellectual Property that can be patented for implementation at its projects and beyond. The Division is led by Prof. Víctor M. Castaño, Ph.D. whose career has focused in the areas of applied science and technology. The R&D team is initially focused on development of Environmentally Friendly Construction Materials, Nanofertilizers and Enhanced Cannabinoid Extraction from Hemp.
For Further Information Contact Global Hemp Group
Cautionary Note Regarding Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Global Hemp Group Inc., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk, and the legality of cannabis and hemp. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of Page 2 of 2 preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Except as required by law, Global Hemp Group Inc. disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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