EXMceuticals Inc. names Paulo Martins as Chief Executive Officer for Portugal operations
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a producer of cannabis extractions and refined ingredients for the pharmaceutical, nutraceutical, therapeutical and cosmetic industries, has appointed Paulo Martins as Chief Executive Officer and Country Director of its operations in Portugal.
“We are fortunate to have someone of Paulo Martin’s calibre and experience to step up to lead EXM Portugal.” said Jonathan Summers, CEO and Chairman of EXM board. “As we commence building our commercial refinery we are at a critical moment in our journey. Having the right leadership will allow EXM to successfully implement our strategy and take advantage of the market opportunities ahead. Paulo has been a major driving force these last few months and helped, together with the team, EXM obtain its cannabis Research and Development licence from Infarmed. Paulo has a proven track record of execution, is a strong communicator, is deeply business focused and clear leadership capabilities. Furthermore, as a member of EXM’s Portugal team for the past nine months he has a solid understanding of our objectives, the opportunities, as well as the potential pitfalls of growing a cannabis business on a demanding regulatory environment.”
Martins said, “I am honored and excited to lead EXM Portugal. I believe in our team and our plan – I know this company has everything to succeed in this challenging and exciting new business area.’’
Speaking on behalf of the board, Summers said, “The board believes that the job of the Portugal CEO requires additional attributes to successfully execute on the Company’s strategy. Paulo Martins has the right operational and communication skills, ethics and leadership abilities to deliver improved execution and financial performance.”
EXMceuticals already operates a fully equipped, staffed and licensed Cannabis R&D laboratory in central Lisbon. The Company is currently seeking additional R&D partners and can potentially supply the relevant compounds for these research activities. The priority for the Company in 1H 2020 will be the fitting-out and equipping of a pharmaceutical-grade factory facility south of Lisbon that will be finished to EU-GMP standards. Once commercially licensed this will permit the supply and export of extremely pure cannabis ingredients across the EU and beyond, under the aegis of the Portuguese medicines regulator.
The Company announces the resignations of Messrs. Michel Passebon and Scott Davis. We would like to thank Michel Passebon and Scott Davis for all their work as CEO and CFO of EXM. They helped EXM to move forward in the early stages of the Company. Jonathan Summers will act as interim CEO until a successor is appointed.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Jonathan Summers, Chairman and Chief Executive Officer
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Mélanie Guillemette: +1 819 668 2734
ABOUT EXMCEUTICALS
EXM is targeting the wellness and medical applications of cannabis. EXM’s activities are focused on the sustainable cultivation of cannabis and hemp, and the production of high-grade cannabis and hemp ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries. The Company proposes to sell the produced ingredients to international markets. EXM is not a recreational cannabis company.
EXM was recently granted the required authorizations and permits in Portugal for its existing laboratory and pilot refinery for cannabis research. EXM has previously completed research projects with its university partners, Universidade Nova de Lisboa and Universidade Lusofona as well as applying for P2020 research grants. Following receipt of these unique Portuguese cannabis authorizations and permits, EXM is proceeding with its planned R&D program, lab work and testing. In addition to this more scientific mandate, EXM is now projecting and building a significantly larger refining facility in Portugal which once complete and licensed will be used by EXM as its base for distribution of cannabis ingredients in the EU and North America.
EXM has also submitted applications and undertaken negotiations with local governments and partners in Ethiopia, Malawi, Zambia, Eswatini and Burundi, in order to obtain licences to permit the cultivation of cannabis and hemp, as well as the processing, transformation and export of psychotropic and non-psychotropic cannabinoid ingredients. In Ethiopia, EXM is in its final stage of negotiation with the government for an agro-industrial park, of 4,000 hectares (9,880 acres) encompassing a free trade zone, for which EXM has already obtained land rights over 2,000 hectares (4,940 acres) in the Amhara region.
CSE:EXM| FSE: A2PAW2
- Published in EXMceuticals
EXMceuticals Inc. Provides Corporate Update
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a producer of cannabis extractions and refined ingredients for the pharmaceutical, nutraceutical, therapeutical and cosmetic industries, is very pleased to provide a corporate update following a series of announcements in the last few months.
Key Research & development license achieved in Portugal
At the end of October, EXMceuticals announced that it has obtained the licence for cannabis research and development from INFARMED, the Portuguese National Authority of Medicines and Health Products. This license allows the company to make a huge step forward in its European operations by being able to import, research and refine cannabinoids and cannabis by-products in Europe. Steps are now being taken to expand this to a commercial license approval to enable EXM to supply cannabis ingredients and products.
EXM’s existing fully operational R&D laboratory in Portugal is already developing cannabis-based products and will also operate as a pilot-scale refinery for the transformation of cannabis-based ingredients. With its Portuguese license, EXMceuticals is making a leap forward with regards to its activities in the country and the European Union. The R&D company will now convert its research work into real-life wellness products and pursuit for innovative solutions. In parallel, EXM is optimizing the refining processes using state of the art technology.
Interview with Investing News and Benzinga
As a result of the company’s growing activities and credibility in the market, chairman Jonathan Summers and chief operating officer Tanek Amin were invited by Investing News to comment on the company’s latest activities as well as their vision of the challenges of appealing to investors with a pharmaceutical-like approach to the cannabis market.
On the same vein, Mr. Summers also conducted an interview with Benzinga where he discussed what it means to take the social responsibility model one step further and how the company intends to grow its presence and activities in Africa in a way that is beneficial for both EXM and the local communities.
Portugal Medical Cannabis sponsorship
In early November, EXMceuticals was proud to sponsor and participate to the Portugal Medical Cannabis 2019. This scientific event gathers more than 400 renowned cannabis professionals from 17 countries to discuss studies on cannabis and its derivatives for the benefit of patients. As a producer of high-grade cannabis and hemp ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries, EXMceuticals is happy to contribute to the quality and quantity of scientific research on medical cannabis.
Presentation at the MjMicro Conference in Beverly Hills
In October, EXMceuticals had the privilege to be a Featured Presenter at the MjMicro Conference in Beverly Hills, a forum which gathers upon invitation the best and most promising publicly traded companies in the cannabis industry. This event is a rare opportunity for investors to get real-time conversations and updates from high-level cannabis executives as well as recognised industry experts.
During his conference, EXMceuticals’ VP Julie Lemieux discussed with investors and potential investors about the company’s vision for the future, its research & development leadership and facilities in Portugal, EXM’s potential Malawi activities and more. She also presented an overview of EXM’s latest accomplishments, including its research & development license in Portugal and the appointment of cannabis industry leader Tripp Keber as Special Advisor to the Board, all of which are important steps that enables EXMceuticals to expand its work in both Europe, Africa, and the USA.
Presentation at the German Equity Forum
Finally, on November 26th, Chairman Jonathan Summers spoke at the German Equity Forum in Frankfurt, Germany. One of the most important and significant capital market events on corporate finance in Europe, this event was an opportunity for EXM to meet various investors and analysts. As a speaker, Mr. Summers presented EXM’s key milestones, financial projections and the pipeline of its activities, from seed to sale.
Year End Audit
The Company is pleased to announce that it has filed its annual financial statements and management discussion and analysis for its financial year ended June 30, 2019 (the “Annual Filings”) and its first quarter financial statements and management discussion and analysis for the interim period ended September 30, 2019 (the “Q1 Filings”). The Company applied to the British Columbia Securities Commission, as principal regulator, for a voluntary management cease trade order (the “MCTO”) in accordance with National Policy 12-203 Management Cease Trade Orders due to not being able to file its Annual Filings on SEDAR within the prescribed time period required under National Instrument 51-102 Continuous Disclosure Obligations. The Company required additional time to complete its Annual Filings due to this being the first annual financial statements of the consolidated company following a reverse takeover. The Company was granted a MCTO on October 29, 2019, and the MCTO was lifted on December 9, 2019. The Annual Filings and Q1 Filings are both available for review under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Jonathan Summers, Chairman and Chief Executive Officer
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover+44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
ABOUT EXMCEUTICALS
EXM is targeting the wellness and medical applications of cannabis. EXM’s activities are focused on the sustainable cultivation of cannabis and hemp, and the production of high-grade cannabis and hemp ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries. The Company proposes to sell the produced ingredients to international markets. EXM is not a recreational cannabis company.
EXM was recently granted the required authorizations and permits in Portugal for its existing laboratory and pilot refinery for cannabis research. EXM has previously completed research projects with its university partners, Universidade Nova de Lisboa and Universidade Lusofona as well as applying for P2020 research grants. Following receipt of these unique Portuguese cannabis authorizations and permits, EXM is proceeding with its planned R&D program, lab work and testing. In addition to this more scientific mandate, EXM is now building a significantly larger refining facility in Portugal which once complete and licensed will be used by EXM as its base for distribution of cannabis ingredients in the EU and North America.
EXM has also submitted applications and undertaken negotiations with local governments and partners in Ethiopia, Malawi, Zambia, Eswatini and Burundi, in order to obtain licences to permit the cultivation of cannabis and hemp, as well as the processing, transformation and export of psychotropic and non-psychotropic cannabinoid ingredients. In Ethiopia, EXM is in its final stage of negotiation with the government for an agro-industrial park, of 4,000 hectares (9,880 acres) encompassing a free trade zone, for which EXM has already obtained land rights over 2,000 hectares (4,940 acres) in the Amhara region.
- Published in Cannabis, EXMceuticals, Marijuana, News Home
EXMceuticals Inc. announces appointment of new CEO
Momentum Public Relations
Press Release: November 21, 2019
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a producer of cannabis extractions and refined ingredients for the pharmaceutical, nutraceutical, therapeutical and cosmetic industries is pleased to announce changes to its management structure following the recent granting of the Portugal R&D license.
The Portuguese R&D license for cannabis enables EXM to import raw material into Portugal and refine it inside the existing R&D facility and pilot refinery. EXM is now actively pushing forward with an initial cannabis importation, as well as the fit out and licensing of the sizable industrial facility that has been leased to the south of Lisbon. Once licensed and constructed, this facility will require a substantial amount of raw and processed cannabis material to be available for refining.
Given this license development and his background, Michel Passebon has offered to refocus his time and energy on EXM’s production activities, both biomass and isolate. EXM is now seeking to significantly expand its cultivation footprint and acreage, as well as build the larger refining facility in Portugal. As a result of this, Michel will voluntarily step away from being the CEO of the Company and will instead be the Chairman of EXMceuticals Farming BV as well as overall Head of Production for the EXM group. The board has asked Jonathan Summers to perform the role of CEO initially on an interim basis until the Company’s AGM. These changes are effective immediately.
“Michel has led the Company through a crucial period in 2019 both before and following the RTO listing and major progress has been made. Not only is EXM now entitled to conduct cannabis R&D activities in Portugal, but we have also conducted our first cannabis harvest in Uganda, as well as pushed forward a number of other cultivation license applications in Africa. With his extensive experience and knowledge as a senior agro-industrial engineer in various countries, Michel is the perfect candidate to help us expand in the promising African and European markets”, said Jonathan Summers. “EXM now has an exciting opportunity to construct an EU-GMP certified cannabis ingredients factory in Portugal. Combined with our outdoor cultivation operations, this will create a sizable high quality and low-cost supply chain for customers looking for cannabis ingredients.”
Adoption of omnibus plan and issuance of RSUs
The board of directors of the Company have adopted an omnibus equity compensation plan (the “Plan”) reserving 10% of the Company’s issued shares on a rolling basis for issuance pursuant to grants under the Plan. The Plan is intended to advance the interests of the Company by providing equity-based incentives to key persons, including directors, officers, employees and consultants of the Company. The Plan provides for the grant of stock options as well as share appreciation rights, restricted share units, deferred share units and performance share units to eligible participants. The Plan is being presented to shareholders for their approval at the upcoming annual shareholder meeting to be held on December 3, 2019. More information about the Plan, and a copy of the Plan, can be found in the Company’s management information circular dated October 15, 2019 available on SEDAR.
The Company grant 500,000 restricted share units under the Plan to Jonathan Summers in connection with his appointment as the Company’s Chairman in May of 2019, and subject to the Plan being adopted by the Company and approved by shareholders. The restricted share units have a deemed price of $1.35 per unit and entitle the holder to receive one share of the Company per restricted share unit, subject to vesting in equal annual installments over a three year period.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Jonathan Summers, Chairman and Chief Executive Officer
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover+44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
ABOUT EXMCEUTICALS
EXM is targeting the wellness and medical applications of cannabis. EXM’s activities are focused on the sustainable cultivation of cannabis and hemp, and the production of high-grade cannabis and hemp ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries. The Company proposes to sell the produced ingredients to international markets. EXM is not a recreational cannabis company.
EXM was recently granted the required authorizations and permits in Portugal for its existing laboratory and pilot refinery for cannabis research. EXM has previously completed research projects with its university partners, Universidade Nova de Lisboa and Universidade Lusofona as well as applying for P2020 research grants. Following receipt of these unique Portuguese cannabis authorizations and permits, EXM is proceeding with its planned R&D program, lab work and testing. In addition to this more scientific mandate, EXM is now building a significantly larger refining facility in Portugal which once complete and licensed will be used by EXM as its base for distribution of cannabis ingredients in the EU and North America.
EXM has also submitted applications and undertaken negotiations with local governments and partners in Ethiopia, Malawi, Zambia, Eswatini and Burundi, in order to obtain licences to permit the cultivation of cannabis and hemp, as well as the processing, transformation and export of psychotropic and non-psychotropic cannabinoid ingredients. In Ethiopia, EXM is in its final stage of negotiation with the government for an agro-industrial park, of 4,000 hectares (9,880 acres) encompassing a free trade zone, for which EXM has already obtained land rights over 2,000 hectares (4,940 acres) in the Amhara region.
- Published in Cannabis, EXMceuticals, Marijuana, Medical Marijuana, News Home
EXMceuticals obtains its research and development license for its TecLab facilities in Portugal
Momentum Public Relations
Press Release: October 23, 2019
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a cultivator and producer of high-grade cannabis is pleased to announce that it has obtained the licence for cannabis research and development from INFARMED, the Portuguese National Authority of Medicines and Health Products. This license allows the company to make a huge step forward in its European operations by being able to import, research and refine cannabinoids and cannabis by-products in Europe. EXM’s fully operational R&D laboratory in Portugal will now develop cannabis-based products and also operate as a pilot-scale refinery for the transformation of cannabis-based ingredients.
With its Portuguese license, EXMceuticals is making a leap forward with regards to its activities in the country and the European Union. The company will now convert its research work into real-life wellness products and pursuit for innovative solutions. In parallel, EXM is optimizing the refining processes using state of the art technology.
“We are very pleased to reach this important step for our activities in Europe. This will enable us to expand our work, as well as operate our existing R&D Lab and pilot CBD refinery to its full potential and capacity. Cannabis research will now proceed under the guidance of our senior scientists, with the clear goal of product innovation. Our scientific staff will also standardize and optimize extraction and refining protocols that will in time permit us to scale up our worldwide extraction and refining capacity very significantly,” said Jonathan Summers, chairman of EXMceuticals. He added: “The focus, time and diligence that INFARMED and the Portuguese authorities have devoted to our license application has been highly impressive. We look forward to collaborating with INFARMED and the entire medical community in Portugal to produce pharmaceutical grade cannabinoid ingredients. These ingredients will be reliable, safe and highly effective for the consumers and will have a relevant impact for research and industry.”
The license will also enable EXMceuticals to initiate new research projects under the Portugal 2020 program, a Framework Program between Portugal and the European Commission that brings together the five European Structural and Investment Funds. EXM anticipates this to be one of many upcoming advances regarding the company’s R&D activities.
The license allows EXMceuticals to go further with its strategic R&D partnership program with the addition of a leading UK university and additional European universities in the next few weeks. EXMceuticals already have in place collaboration agreements with Nova University Lisbon, Lusófona University as well as with a leading Portuguese cosmetics company, prominent Portuguese Food & Beverage companies, and GFR Pharma, a leading Canadian contract manufacturer. The company R&D activities are focused on advanced research and innovation, training and collaboration within the industry and with its strategic partners.
EXM has already began, in Portugal, the construction and fit out of an industrial-scale refining facility which will comply to European Union’s GMP Standards. We anticipate this new industrial-scale facility to be completed, operational and fully licensed before end of first quarter of 2020. This industrial-scale facility will import large quantities of cannabis and hemp crude oil from our farms in Africa, and then refine it on-site to our client’s demands. The new industrial-scale facility will allow EXMceuticals to export very large volume of highest purity refined cannabis products to European Union and worldwide.
As EXM moves from the current pilot-scale facility towards industrial-scale production and increases the number and scope of the R&D projects undertaken, the company anticipates creating more than 80 highly qualified technical & scientific research jobs in Portugal.
Loan Agreement
The Company announces that it has entered into a loan facility agreement with Jonathan Summers, Chairman of the Company, for up to $500,000. Amounts funded under the facility are unsecured, repayable in December 2020 and bear interest at 15% per annum. The company issued bonus special warrants to the lender which entitle the lender to acquire bonus shares at a price of $1.35 per share for 20% of the principal amount actually funded under the loan facility. The special warrants convert into shares only if the lender subscribes to a future Company financing in the amount equal to outstanding loan amount. Proceeds from the Loan will be allocated to ongoing business initiatives and general working capital purposes.
The loan agreement also provides for the grant of performance-based warrants, entitling the lender to acquire between 15% and 60% of the principal amount funded under the loan facility in shares at a price of $1.35 per share. The percentage will be determined based on the Company’s share price at the time the loan is repaid, with a sliding scale starting from $1.35 to above $6.00.
Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) the Company advises that the loan agreement is a related party transaction under MI 61-101 and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of the instrument.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Michel Passebon, Chief Executive Officer and Director
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover: +44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
FOR MORE UPDATES ON THE COMPANY
Follow us on Twitter: https://twitter.com/EXMceuticals
Follow us on LinkedIn: https://www.linkedin.com/company/exm-ceuticals-portugal/
ABOUT INFARMED
INFARMED the Portuguese Government agency responsible for the protection of Public Health.
INFARMED is accountable to the Health Ministry, it evaluates, authorises, regulates and controls medical, pharmaceutical as well as health and cosmetics products.
Infarmed performs at national and European levels its control and supervisory responsibilities on medicines and health products and is the Portuguese Reference Laboratory on the Quality Control of Medicines within the scope of the Network of Official Medicines Control Laboratories (OMCL).
ABOUT EXMCEUTICALS
EXM’s activities are focused on the sustainable cultivation of cannabis and hemp, and the production of high-grade ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries. The Company proposes to sell the produced ingredients to international markets.
EXM, through its subsidiary, Prime Ranchers Limited, is able to cultivate and process cannabis in Uganda at an industrial scale. The Uganda processing facilities are installed and will produce and export pharmaceutical, therapeutical, nutraceutical and cosmetic grade cannabis ingredients.
EXM owns a provisional license in Malawi enabling the cultivation of 50Ha of Cannabis and is in the process of obtaining a full license, in partnership with a large local agro producer. Please see previous press releases for more detailed information on EXM Malawi activities.
EXM, through its subsidiary and in-country partner, holds the rights to a cannabis license in the Kuba Kingdom, Mweka, Kasai Province, Democratic Republic of Congo, and the rights to a land concession for the cultivation of cannabis and hemp, and processing and export of high-grade cannabis extracted ingredients.
EXM has also submitted applications and undertaken negotiations with local governments and partners in Ethiopia, Zambia, Eswatini and Burundi, in order to obtain licences to permit the cultivation of cannabis and hemp, as well as the processing, transformation and export of psychotropic and non-psychotropic cannabinoid ingredients. In Ethiopia, EXM is in its final stage of negotiation with the government for an agro-industrial park, of 4,000 hectares (9,880 acres) encompassing a free trade zone.
Neither the CSE nor the FSE has approved nor disapproved the contents of this news release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
- Published in Cannabis, EXMceuticals, News Home
EXMCeuticals Inc. provides Corporate Update
Momentum Public Relations
Press Release: September 10, 2019
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a cultivator and producer of cannabis extractions and refined ingredients for the pharmaceutical, nutraceutical, therapeutical and cosmetic industries is very pleased to provide a corporate update following a series of announcements in the last few months.
Addition of cannabis industry leader Tripp Keber
Recently, EXM announced that cannabis industry leader and former Dixie Brands’ CEO Tripp Keber is joining the Company as Strategic Advisor to the Board. Mr. Keber now works closely with the Board of Directors and existing executive management team to assist with the future development of the Company, bringing his significant professional experience and connectivity totalling more than a decade within the industrial cannabis, cannabinoid ingredients and hemp industries.
Significant progress in Portuguese Operations with R&D facility, new project and pilot-scale refinery
The initial operations are now fully installed, staffed and functional. Progress includes new Research and Development (R&D) facility working on new CBD and terpene protocols and research opportunities for various industries. Research projects are already underway as part of the Portugal 2020 grant initiatives.
New strategic initiative with Haywood Securities Inc.
Also, the Company announced it has appointed Haywood Securities Inc. as its Canadian adviser. Haywood is a full-service investment bank that seeks to work with young companies and offers an impressive team of investment banking professionals. EXM has subsequently signed an agreement with Momentum PR who will represent the Company, convey our plans, and engage proactively with investors in Canada.
EXM in Uganda
EXM has commenced the initial test cultivating of cannabis in Uganda and is further developing its nursery operations and farming infrastructure. Nursery activities are currently focused on establishing high CBD content strains that will then grow well in the local environment. Total available cultivatable land is in excess of 2,000 hectares. EXM has already built and installed a fully operational extraction plant which has been tested with harvested cannabis.
“This is a very exciting time for EXM and I’m truly happy with the way things are going,” said Jonathan Summers, Chairman of EXM. “The best part about all these announcements is that this is only the beginning in reaching our short-term milestones,” he added.
Upcoming updates: Portugal activities, GFR & Malawi Cannabis
In addition, EXM’s Portugal team is excited about significant progress that has been achieved in reaching the Company’s technical and scientific objectives in regard to its activities in Portugal. The team is expecting to receive the initial license in September which would allow the Company to import, research and refine cannabinoids within Europe, utilizing the pilot facility that has already been built and staffed. EXM intends to submit the application for a commercial production license shortly. With regard to EXM’s R&D activities we are on the verge of signing a partnership with a leading UK university, in addition to the partnership already in place with Nova University, Lisbon.
EXM is in the process of finalising its planned joint venture with GFR Pharmaceutical. GFR is Canada’s biggest white-label nutraceutical company and the soon-to-be-named joint venture will establish and operate a state-of-the-art production facility to distribute full spectrum hemp oil products across North America. EXM will supply full spectrum hemp oil ingredients to the joint venture on a cost-plus basis and will own 50% of the entity and the products that are created.
With regard to Malawi, the Company will complete in a near future the signing of formal agreements for the acquisition of the entirety of the prize farming and processing asset in the country. This asset is arguably being acquired on very attractive terms for EXM shareholders and has been fully funded by the seller through to the end of Q1 2020 as part of the transaction terms. This 2000-hectare farm and the factory is fully staffed and operational, already generates revenues, and is actively growing and distributing mangos to Europe and India. Perhaps most importantly “We hope and expect our Malawi operations to receive a Cannabis cultivation and export license before the middle of October,” said Summers.
Loan Agreement
The Company announces that it has entered into two agreements with Jonathan Summers, President of the Company providing for a loan of $600,000 and a loan facility of up to $1,400,000. Amounts funded under the loans are unsecured, repayable in December 2019 and January 2021, respectively, and bear interest at a 10% and 12% per annum respectively. The company issued bonus special warrants to the lender which entitle the lender to acquire bonus shares at a price of $1.35 per share for 20% of the principal amount actually funded under the loans. The special warrants convert into shares only if the lender subscribes to a future Company financing in the amount equal to outstanding loan amount prior to the maturity date. The Company may elect to repay principal and interest drawn under the $1.4 million loan facility in cash or shares, provided that shares will be priced at the time of repayment. Proceeds from the Loan will be allocated to ongoing business initiatives and general working capital purposes.
The $1.4 million loan facility agreement also provides for the grant of performance-based warrants, entitling the lender to acquire between 10% and 50% of the principal amount funded under the loan facility in shares at a price of $1.35 per share. The percentage will be determined based on the Company’s share price at the time the loan is repaid, with a sliding scale starting from $1.35 to above $6.00.
Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) the Company advises that the loan agreements are related party transactions under MI 61-101 and is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of the instrument.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Michel Passebon, Chief Executive Officer and Director
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover+44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
- Published in Cannabis, CBD, EXMceuticals, Marijuana, News Home
EXMceuticals Inc. appoints cannabis industry leader Tripp Keber as Strategic Advisor to the Board
Momentum Public Relations
Press Release: August 20, 2019
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a cultivator and producer of high-grade cannabis extracted ingredients, for the pharmaceutical, nutraceutical, therapeutical and cosmetic industries, is proud to announce it has appointed Tripp Keber to the new role of Strategic Advisor to the Board, effective immediately.
Mr. Keber will work closely with the Board of Directors and existing executive management team to assist with the future development of the company, bringing his significant professional experience and connectivity totalling more than a decade within the industrial cannabis, cannabinoid ingredients and hemp industries.
Prior to joining EXM, he was the co-founder and former CEO of Dixie Brands, Inc., a premium cannabis infused product company. Dixie is known worldwide for its namesake cannabis-infused beverages, Dixie Elixirs, Aceso and Therabis, Dixie’s human and pet CBD wellness brand platforms respectively, as well as hundreds of other cannabis products.
Mr. Keber has also served as a Director for several cannabis industry organizations, including the National Cannabis Industry Association, the Marijuana Policy Project, and the National Association of Cannabis Businesses. He has also held many senior and C-level positions in realty, communications and other industries.
“Tripp is widely considered one of the most prominent and well-known business leaders in the cannabis industry and is recognized as an established branding expert in the medical cannabis spaces. We are thrilled to announce he will be joining the EXM team,” said Jonathan Summers, Chairman of EXM and adds: “In his role as Strategic Advisor to the Board, Tripp will assist with the development of EXM’s overall strategy, help to grow our strong R&D activities, contribute to cultivate relationships to enhance our market footprint, the development of EXM’s products, as well as coordinate our go to market strategy. Tripp already has a strong track record of actually delivering results and should set EXM apart from the significant number of CPG companies that are trying to build CBD businesses and wellness brands; whereas.”
Tripp Keber added, “I have spent the past two years evaluating companies across the globe that have a unique and compelling business plan as well as strong management team to back it up. EXM represents a ‘best of breed’ player in the industrial cannabinoid ingredients and hemp space and I am incredibly honoured to have the privilege of advising the Board.”
“Cultivators, processors and product manufacturers will only survive in what is becoming a highly competitive global market if they can scale operations significantly as well as innovate. Cost efficiency and strong R&D initiatives will be key. In my opinion EXM will not only survive but could be a dominant player in the market,” he went on to say.
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Michel Passebon, Chief Executive Officer and Director
FOR FURTHER INFORMATION CONTACT
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover: +44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
FOR MORE UPDATES ON THE COMPANY
Follow us on Twitter: https://twitter.com/EXMceuticalsFollow us on LinkedIn: https://www.linkedin.com/company/exmceuticals/
ABOUT EXMCEUTICALS
EXM’s activities are focused on the sustainable cultivation of cannabis and hemp, and the production of high-grade ingredients for the pharmaceutical, therapeutical, nutraceutical and cosmetic industries. The Company proposes to sell the produced ingredients to international markets.
Through its subsidiary, Prime Ranchers Limited, EXM is able to cultivate and process cannabis in Uganda at an industrial scale. The Uganda processing facilities are installed and will produce and export pharmaceutical, therapeutical, nutraceutical and cosmetic grade cannabis ingredients.
EXM owns a provisional license in Malawi enabling the cultivation of 50Ha of Cannabis and is in the process of obtaining a full license, in partnership with a large local agro producer. Please see previous press releases for more detailed information on EXM Malawi activities.
EXM, through its subsidiary and in-country partner, holds the rights to a cannabis license in the Kuba Kingdom, Mweka, Kasai Province, Democratic Republic of Congo, and the rights to a land concession for the cultivation of cannabis and hemp, and processing and export of high-grade cannabis extracted ingredients.
EXM has also submitted applications and undertaken negotiations with local governments and partners in Ethiopia, Zambia, Eswatini and Burundi, in order to obtain licences to permit the cultivation of cannabis and hemp, as well as the processing, transformation and export of psychotropic and non-psychotropic cannabinoid ingredients. In Ethiopia, EXM is in its final stage of negotiation with the government for an agro-industrial park, of 4,000 hectares (9,880 acres) encompassing a free trade zone, for which EXM has already obtain land rights over 2,000 hectares (4,940 acres) in the Amhara region.
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Significant progress in EXMceuticals Portuguese Operations with R&D facility, New Project and Pilot-Scale Refinery
Momentum Public Relations
Press Release: July 31, 2019
EXMceuticals Inc. (CSE: EXM) (FSE: A2PAW2) (the “Company” or “EXM”), a cultivator and producer of high-grade cannabis extracted ingredients for the pharmaceutical, therapeutic, nutraceutical, and cosmetic industries, is pleased to provide an update on its Portuguese activities.
Significant progress has been achieved in reaching EXM’s technical and scientific objectives as regards its activities in Portugal.
- New R&D facility: Construction of new Research & Development (R&D) facility, located inside the Tec Labs Innovation Centre, the incubator of the Faculty of Sciences of University of Lisbon, Portugal, by EXMceuticals Portugal is complete and the new R&D facility is operational.
- New CBD and terpene research opportunities for various industries: The new R&D facility will enable research into CBD and terpene formulations for the nutraceutical, cosmetics and wellness industries. In the medium term the R&D activities will also target pharmaceutical grade formulations.
- New research project: EXMceuticals Portugal has commenced a new research project under the Portugal 2020 program, which is being executed in the new R&D facility. Portugal 2020 is a Framework Program between Portugal and the European Commission that brings together the five European Structural and Investment Funds.
- Importation, research and development licensing: EXMceuticals Portugal is in the process of obtaining, from INFARMED, the Portuguese National Authority of Medicines and Health Products, research and development authorizations allowing EXM to import cannabis-based ingredients. This will also permit EXM to refine, manufacture and export cannabis-based medicinal products from the pilot-scale refining facility built as part of the new R&D lab. The pilot-scale refinery and manufacturing activities are included in the submitted Portugal 2020 R&D project.
- New R&D analytical procedures: Initial R&D activities regarding CBD extraction, purification and associated analytical procedures have been ongoing for several months, in collaboration with local universities, and have already identified several innovative methods of streamlining and improving the various processes.
- Jobs creation: In the next 12 months, EXM plans to create over 80 highly qualified technical & scientific research jobs in Portugal as we move from our current R&D pilot-scale production towards industrial-scale production and we increase the number and scope of the projects undertaken in our R&D facilities.
Jonathan Summers, Chairman of EXM, added, “Our dedicated R&D activities are now fully functional, and these offer huge scope to create original and unique formulations that will benefit the emerging CBD industry as well as consumers. Our pilot refining and manufacturing capabilities will be fully operational within a few weeks once fully licenced. EXM continues to work very closely with the relevant Portuguese authorities, especially INFARMED, regarding our Portuguese activities. The Portuguese regulators and relevant governmental agencies continue to be very supportive and engaged.”
This is the first step towards creating EXM’s European base for R&D and distribution. The company plans to create an environment for advanced research innovation, training and collaboration with the industry. ”Molecules from cannabis are extraordinary and the scientific community around the world is starting to understand the enormous potential of the plant,” said EXM Chief Innovation Officer Susana Santos. “Our R&D facility includes state of the art equipment and is aimed ensuring the highest standards of quality assurance that will guarantee that our client’s customers are always protected and their expectations fully satisfied.”
ON BEHALF OF THE BOARD OF DIRECTORS OF EXMCEUTICALS INC.
Michel Passebon, Chief Executive Officer and Director
For further information contact:
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Europe – Jane Glover: +44 (0) 203 757 4990
North America – Mélanie Guillemette: +1 819 668 2734
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