EXMceuticals Inc. Strengthens Positioning as a Gateway to the European Market through Supply Agreement for THC Distillate
11 Juni 2020 - 3:00PM
EXMceuticals
Inc. (CSE:
EXM)
(FSE: A2PAW2), (the
"Company" or "
EXM"), is pleased
to announce that it has entered into a letter of intent
("
LOI") with Econnabis SAS, an operating
subsidiary of Plena Global Holdings Inc. (“Plena Global”), a
large-scale producer and supplier of medical grade cannabis
ingredients, to supply EXM’s proposed Portugal refinery with up to
200 kg of GMP compliant THC Distillate. This agreement continues
EXM’s focus on being the gateway to the European market for the
existing legal cannabis industry.
Over the past 60 days, Management has been
focused on utilizing its existing Portugal operations as an expert
powerhouse to the EU market. While many companies look to expand
overseas into the EU marketplace, EXM’s operational and business
development footprint will be in a strategic position to build
shareholder and stakeholder value across multiple verticals and a
wide variety of cannabinoid formulations.
Plena Global and its suppliers adhere to all
regulatory requirements and follow both Good Agricultural and
Collection Practices (“GACP”) and European Good
Manufacturing Practices (“EU-GMP”) standards and
procedures. Plena Global and its suppliers have rigorous quality
and compliance controls to ensure secure shipment of products.
Furthermore, Plena Global’s access to leading a world-class
collection of plant genetics will support EXM client’s requirements
for specific strains.
“The demand will explode in the next few years
as the European cannabis industry continues to develop into one of
the largest cannabis markets in the world and more countries
require the use of EU GMP standards. Securing valuable
sources of ingredients with consistent, large-scale suppliers such
as Plena Global is more important than ever for the buildout of the
EXM supply chain. Plena Global’s capacity and expertise in genetics
will complement EXM activities in Portugal, providing customized
ingredients to clients. The Company’s focus has been on
commercializing cannabinoid formulations evolving with the market
demand. CBD is truly becoming a revolutionary input for the
cannabis and wellness market and research points to other
interesting cannabinoids Plena Global can provides to us such as
CBG and CBN,” said Jonathan Summers, Chief Executive Officer of
EXM. “The tremendous amount of work that Plena Global has
completed to date gives us a great deal of confidence that our
collaborative approach to deliver the right inputs to costumers
will be unmatched,” Summers added.
“We are excited to supply EXM with high-quality
extracts and continue to pursue the European market. Plena Global’s
access to genetic expertise and scalable capacity will bring
consistent supply for EXM,” said Richard Zwicky, Chief Executive
Officer of Plena Global. “Our model is to supply, grow and extract
cannabis to the highest GACP and EU-GMP compliant standards.”
About Plena Global
Plena Global is a global B2B cannabis production
and supply company, headquartered in Victoria, British
Columbia, focused on supplying medical-grade cannabis products to
licensed producers, pharmaceutical companies, manufacturers and
distributors worldwide. With landholdings strategically located
in Colombia, South America, Plena Global can scale cultivation
and production operations in optimal growing environments.
New strategic initiatives
The Company, subject to regulatory approval, has
retained Independent Trading Group, Inc. (“ITG”) to provide
market-making services to the Company (the “Engagement”) and
Luminous Capital Ltd as financial adviser.
ITG will trade shares of EXMceuticals on the
Canadian Stock Exchange (“CSE”) in compliance with the policies and
guidelines of the CSE and other applicable legislation with the
objective of maintaining a reasonable market and improving the
liquidity of the common shares of the Company. The capital used for
the market-making activities will be provided by ITG.
Under the terms of the Engagement, ITG will
receive $6,000 per month, payable by the Company monthly from its
working capital. The Engagement is effective as of June 1, 2020 and
has an initial term of three months. Thereafter, the Engagement
will automatically renew for successive one (1) month terms until
terminated by either party upon thirty (30) days’ prior written
notice. There are no performance factors contained under the
Engagement nor will ITG receive shares or options as compensation.
ITG and EXM are unrelated and unaffiliated entities, and ITG has no
present interest, directly or indirectly, in the Company or its
securities. ITG is an independent, privately held broker-dealer
based in Toronto, Ontario that provides a wide range of financial
and investment services and is registered with the TSX, TSX-V and
the Investment Industry Regulatory Organization of Canada. Luminous
Capital Ltd, will provide Capital Market Advisory Services and
assist with the future development of the Company. Luminous
Capital Ltd will receive 1,000,000 restricted shares for its
services.
“ITG and Luminous will provide value for
shareholders given the milestones achieved and anticipated, we are
now looking to engage with a far wider audience and engage with
financials institution in financing our facility in Portugal. I am
confident that this new advisory relationship will help EXM move to
a different level,” said Jonathan Summers.
For further information, contact:
Jonathan Summers, CEO
Investor Relations
Email: investors@exmceuticals.com
Media Enquiries:
Email: media@exmceuticals.com
Follow us on Twitter:
https://twitter.com/EXMceuticals
Follow us on LinkedIn:
https://www.linkedin.com/company/exmceuticalsinc/
CSE:
EXM| FSE:
A2PAW2
Neither the CSE nor the FSE has approved nor
disapproved of the contents of this news release. Neither the
CSE nor the FSE accepts responsibility for the adequacy or accuracy
of this release.
Certain information contained herein may
constitute "forward-looking information" under Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as, "will
be", "expected", "proposes", "intends" or variations of such words
and phrases or statements that certain actions, events or results
"will" occur. Forward-looking statements regarding the Company's
business operations, the extraction of cannabis ingredients and the
exportation of the extracts, the results of testing at our
facilities established for the European market, future laws and
regulations governing the sale of our products in Europe and
elsewhere, and the potential to generate sales, and completion of a
Qualifying Financing, are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of EXM to be
materially different from those expressed or implied by such
forward-looking statements or forward-looking information.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward-looking information. EXM will not update any
forward-looking statements or forward-looking information that is
incorporated by reference herein, except as required by applicable
securities laws.
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