An anonymous director reports

GLOBAL HEMP GROUP PROVIDES UPDATE ON APOLLON FORMULARIES TRANSACTION

Global Hemp Group Inc. has provided an update on the Apollon Formularies PLC transaction.

On April 4, 2023, the company advised that it was focused on completing due diligence of the Apollon assets in order for the company to determine if it would execute its option to acquire the entirety of the assets per the binding letter of intent dated Jan. 9, 2023. Due diligence was originally expected to be completed by April 28, 2023. As of this news release, the parties continue their due diligence, which the company now expects to be completed by the end of May. When the due diligence is concluded, the company will advise Apollon on the final decision of whether the company will move forward with drafting the definitive asset purchase agreement. Once a decision is reached, an announcement will be forthcoming to the market.

About Global Hemp Group Inc.

Global Hemp Group is focused on developing and promoting hemp-based products that are sustainable, environmentally friendly and have a positive impact on society. To further support and innovate, the company has established a research and development division to actively pursue the development of intellectual property that can be patented for implementation at its projects and beyond. The division is led by Prof. Victor M. Castano, PhD, whose career has focused in the areas of applied science and technology. The R&D team is initially focused on development of environmentally friendly construction materials, nanofertilizers and enhanced cannabinoid extraction from hemp.

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