VANCOUVER, British Columbia, June 11, 2020 (GLOBE NEWSWIRE) -- 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/
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.