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Global Hemp Group Announces Execution of Exclusive Licensing Agreement for the Intellectual Property of Apollon Formularies PLC Covering the United States, Canada, and Mexico
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2023) -   GLOBAL HEMP GROUP INC. ...
About this update from Global Hemp Group, Inc.
[{"type":"text","content":"Global Hemp Group Announces Execution of Exclusive Licensing Agreement for the Intellectual Property of Apollon Formularies PLC Covering the United States, Canada, and MexicoVancouver, British Columbia--(Newsfile Corp. - January 23, 2023) -  GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG) (\"GHG\" or the \"Company\") is pleased to announce that further to the Company's announcement of January 11, 2023 regarding the execution of the binding LOI with Apollon Formularies Plc - (AQSE: APOL) (\"Apollon\"), the Parties have now executed an exclusive licensing agreement (the \"License Agreement\") dated January 19, 2023 covering the licensing of the right to Apollon's Patent Applications and the Technology for the United States, Canada, and Mexico.Apollon is a UK-based international pharmaceutical company developing cancer treatments from natural biologics, including medical cannabis, functional mushrooms, psychedelic mushrooms and most importantly combinations of these compounds. These formulations have demonstrated significant success in independent, third-party pre-clinical testing (see Apollon's July 19, 2021 news release \"Apollon Formulations Kill Prostate Cancer Cells\" for further information).Licensing Fee - During the Term of this License Agreement GHG shall pay a quarterly licensing fee to Apollon (\"Licensing Fee\"), the payment of which shall be triggered when revenues are first generated from sublicensing activities. Payment of the Licensing Fee shall commence with the subsequent quarter. The Licensing Fee shall equal 10% of gross sublicensing fees received by GHG, and the Parties agree to reconsider the Licensing Fee from time to time, and if circumstances warrant, the Parties agree to negotiate in good faith to determine a reasonable revised License Fee. Global Hemp Group will now look to begin an IP sub-licensing program to legally licensed manufacturers, distributors, and retailers in any and all locations where legally permitted in the United States, Canada, and Mexico. Until now, Apollon has been precluded from entering the North American market to license and sub-license its IP due to jurisdictional constraints placed on Apollon being an Aquis Exchange listed UK company. Dr. Stephen Barnhill, the Company's Special Medical Advisor and creator of Apollon's IP will assist GHG in ente...