EXMceuticals Inc (CSE:EXM) has outlined an 'exciting period' for the small cannabis company in its latest corporate update, published on Tuesday, which highlighted activity in Uganda, Portugal and Malawi and revealed that it has struck two loan agreements.
The company's farming operations are in central Africa and it wants to grow into one of the biggest wholesale grower, producer and supplier of cannabis and cannabidiol (CBD) ingredients to the pharmaceutical, nutraceutical, therapeutical and cosmetic markets in Europe and North America.
READ: EXMceuticals is a small cannabis company with big dreams to produce CBD on an industrial scale
The firm has a newly constructed research and development (R&D) facility in Lisbon, Portugal for the study of CBD and terpene formulations. The company said it is expecting to receive an initial license in September there which would allow it to import, research and refine cannabinoids within Europe.
EXMceuticals also revealed it was on the "verge" of signing a partnership with a leading UK university, in addition to the partnership it already has in place with Nova University, Lisbon.
In additions, the company is finalizing its joint venture with GFR Pharmaceutical - Canada’s biggest white-label nutraceutical company - which will establish and operate a production facility to distribute full spectrum hemp oil products across North America.
In Malawi, the firm said it will soon sign formal agreements for the acquisition of a prize farming and processing asset in the country.
The 2,000-hectare farm and the factory is fully staffed and operational, already generates revenues, and is actively growing and distributing mangos to Europe and India. It is hoped that a cannabis cultivation and export license will be received before the middle of October.
In Uganda, the company has built and installed a fully operational extraction plant which has been tested with harvested cannabis. EXMceuticals is further developing its nursery operations and farming infrastructure on the 2,000 hectare asset.
The Vancouver- headquartered group also announced that it has struck two agreements with its president Jonathan Summers, who will provide the company with a loan of C$600,000 and a loan facility of up to C$1.4 million.
The loans, which are unsecured, are repayable in December 2019 and January 2021 and bear interest at 10% and 12% a year, respectively.
The company said it has issued bonus special warrants to Summers, which entitle him to acquire bonus shares in the company at a price of C$1.35 per share for 20% of the principal amount actually funded under the loans.
Shares added 1.45% in Toronto to stand at C$1.40 each on Tuesday.
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