Business
Global Hemp Group Concludes First U.S. Sublicense Related to Its Recently Acquired Exclusive North American License of Apollon Formularies IP
Vancouver, British Columbia--(Newsfile Corp. - April 28, 2023) - GLOBAL HEMP GROUP INC.  (C...
About this update from Global Hemp Group, Inc.
[{"type":"text","content":"Global Hemp Group Concludes First U.S. Sublicense Related to Its Recently Acquired Exclusive North American License of Apollon Formularies IPVancouver, British Columbia--(Newsfile Corp. - April 28, 2023) - GLOBAL HEMP GROUP INC. (CSE: GHG) (OTC Pink: GBHPF) (FSE: GHG) (\"GHG\" or the \"Company\") is pleased to announce that the Company has executed the first North American sublicense for sales and revenue generation in the United States, relating to the recently acquired exclusive license to Apollon Formularies plc's (\"Apollon\") patents and IP.Global Hemp Group, Inc. issued a Non-Exclusive Sublicense to Medicinal One, LLC, a Florida corporation, specifically for online eCommerce sales of the Apollon Branded products including both functional mushroom and hemp-based products. This will include Apollon's unique patent protected mushroom/hemp-based combination product line.Under the terms of the agreement, Medicinal One will pay an in-kind up-front payment that will cover the costs of creating and hosting the eCommerce website, manufacturing the products, promoting the products through various targeted social media ad campaigns, product order fulfilment and direct shipping. In exchange for this non-exclusive sublicense, Medicinal One will pay GHG a 20% gross revenue royalty on all sales monthly. This represents a significant opportunity for GHG to generate revenue in the online eCommerce market throughout the United States where functional mushroom and hemp-based products are legal.According to Zion Market Research, the global functional mushroom market size was evaluated at $15.3 Billion in 2022 and is slated to hit $23.3 Billion by the end of 2030 with a CAGR of nearly 10.1% between 2023 and 2030…. North America is anticipated to lead the global functional mushroom market growth over the projected timeline due to a surge in the intake of mushrooms as superfoods¹.The manufacturer that the Company is working with to supply these products has a long history in developing and supplying hemp-based products to the market and has recently expanded into functional mushroom formulations, making them the ideal manufacturer for this project. In addition, the Company has been in discussions with this manufacturer to partner with the Company to manufacture and distribute additional Apollon products not currently c...