Apollon Formularies CEO says is an 'exciting time’ to be in the medical cannabis business
Apollon Formularies PLC (AQSE:APOL) chief executive Stephen Barnhill said it was an ‘exciting time’ to be in the medical cannabis business as he cited two big transactions as indicative of the growing interest in the sector.
He said Pfizer’s US$6.7bn purchase of Arena Pharmaceuticals and Jazz Pharmaceuticals’ US$7.2bn swoop for GW Pharma underscored big pharma's intent to take a slice of an industry forecast to generate US$54bn by 2030.
Barnhill’s observations were made in a round-up of the company’s progress in 2021, which has been significant.
It included a public listing of the Jamaica-focused medical cannabis business on the Aquis Exchange in the UK and the successful pre-clinical testing of 12 Apollon cancer formulations.
Following on from this, it opened the doors of its first International Cancer and Chronic Pain Institute (ICCPI) in Kingston in December.
It has a dual role: to treat private patients and perform human clinical trials to validate the results seen in the successful lab tests.
“We are pleased to announce that the ICCPI has welcomed the first cancer patients, including our first international cancer patient from the UK in December to be treated with Apollon's proprietary medical cannabis products,” said CEO Barnhill.
“Only nine months after our IPO and we continue to be astonished and humbled by the level of interest from cancer sufferers globally enquiring about treatment at the ICCPI.”
During the year, the group announced the expansion of its production plant and an upgrade to the facility in the town of Negril, Jamaica, and the launch of a retail therapeutic dispensary.
Importantly, it also has its licences renewed with the island’s authorities for an additional three years.
Looking ahead, Apollon has made key hires as it draws up plans to expand into Europe and North America.
“As an operating business, Apollon has multiple revenue streams including both in-patient and out-patient treatments and consultations, dispensary sales of Apollon products in Jamaica, and most recently through the facility expansion, the opportunity for export of our products globally where legal import is allowed,” said Barnhill.< Back to News