- Global Hemp Group (GHG) has executed a binding letter of intent with Apollon Formularies
- According to the LOI, Global Hemp Group will acquire an exclusive, perpetual license for North America for certain Apollon intellectual property
- This will include four key patents and any associated preclinical and clinical data relating to the patents
- Shares of Global Hemp Group are up 50 per cent C$0.015 as of 12:31 p.m. EST on Tuesday
Global Hemp Group Inc. (GHG) has entered into a binding letter of intent (LOI) with Apollon Formularies.
Under the terms of the LOI, Global Hemp Group will acquire an exclusive license in the US, Canada and Mexico for certain Apollon intellectual property and proprietary technologies and any associated preclinical data.
The intellectual property and proprietary technologies 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 Preclinical Data reflecting independent 3D cell culture testing of cannabis and mushroom formulations included in the patent applications.
These patents include claims to the treatments of cancers and inflammatory conditions using natural biologics, including compounds in medical cannabis, functional mushrooms, and psychedelic mushrooms.
Global Hemp Group will also have the rights to sublicense the intellectual property to licensed producers in the US, Canada and Mexico.
Global Hemp Group will also pay a total of US$250,000 in two separate tranches and issue Apollon 10 million common shares at a price of C$0.015 per share. Global Hemp Group will also pay to Apollon ongoing licensing fees related to the IP.
Apollon Formularies is a UK-based pharmaceutical company developing cancer treatments from natural biologics such as medical cannabis, functional mushrooms and psychedelic mushrooms. Apollon uses an artificial intelligence-based drug discovery platform.
Shares of Global Hemp Group are up 50 per cent C$0.015 as of 12:31 p.m. EST on Tuesday.