(Alliance News) - Apollon Formularies PLC on Tuesday said it has agreed a 28-day extension to complete final due diligence in order to conclude its sale to Global Hemp Group Inc.

The London-based medical cannabis pharmaceutical firm expects the asset sale to take place by April 28, subject to shareholder approval at Apollon's general meeting on April 11.

The agreed extension will allow for the final inspection of Apollon’s facilities in Jamaica, Apollon added.

As part of this process, the company said Stephen Barnhill Jnr has stepped down from his current role as non-board chief operating officer of Apollon. He will join Global Hemp as its interim as its interim chief executive officer.

"He will be instrumental in helping to complete the current process," Apollon Formularies said.

Apollon shares were flat at 0.25 pence each in London on Tuesday afternoon.

By Sophie Rose, Alliance News reporter

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