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EXMceuticals says it's in the final stages of planning for an industrial-scale cannabis extraction facility in Portugal

The Vancouver-based company is building the operation to distribute medical cannabis ingredients for cannabis-based compounds and active pharmaceutical ingredients

cannabis leaves
The extraction company is also planning to import a sample of dried cannabis flowers from its Portuguese farming subsidiary for scientific purposes

EXMceuticals Inc (CSE:EXM) told shareholders Tuesday that it is in the final stages of planning for an industrial-scale cannabis extraction facility in Portugal.

The Vancouver-based company is building the operation to distribute medical cannabis ingredients for cannabis-based compounds and active pharmaceutical ingredients.

It is “actively exploring” a memorandum of understanding with one of the largest North American producers of extracts to ensure the refinery will be operating at capacity when it opens its doors, the firm said in a release.

READ: EXMceuticals taps seasoned finance professional Michael Kinley as CFO

The extraction company is also planning to import a sample of dried cannabis flowers from its Portuguese farming subsidiary for scientific purposes. The first shipment will be transported to EXMceutical’s laboratory in Lisbon shortly.

“Even though this sample authorization is small and will not be eligible to be commercially sold, this is a critical step in starting to establish the supply chain from farming operations outside Europe,” said Jonathan Summers, EXMceuticals’ CEO in a statement.

Summers cautioned that there will “naturally” be a number of logistical and regulatory hurdles to overcome to become a commercial activity, not least being the GMP requirements.

EXMceuticals also announced that it has added CFO Michael Kinley to its board of directors and Julie Lemieux as its corporate secretary. Lemieux replaces outgoing secretary Geneviève Gagné.

The company is hosting an open house at its Lisbon facility on March 12.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.49 CAD

CSE:EXM
Market: CSE
Market Cap: $19.44 m
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Watch

EXMceuticals secures critical R&D license for its Portugal cannabis facilities

EXMceuticals Inc's (CSE:EXM) Jonathan Summers speaks to Proactive London's Andrew Scott following the news they've obtained a licence for cannabis research and development from the Portuguese government. The license was granted by INFARMED - the Portuguese National Authority of Medicines and...

on 30/10/19

2 min read