EXMceuticals taps Paulo Martins to lead Portugal operations

Martins takes on the role of CEO and country director in Portugal, where the cannabis extraction company is building a commercial refinery

eu flag cannabis
EMXceuticals is building a commercial facility in Lisbon

EXMceuticals Inc (CSE:EXM) told shareholders on Tuesday that it appointed Paulo Martins to lead its Portugal operations.

Martins takes on the role of CEO and country director in Portugal, where the cannabis extraction company is building a commercial refinery.

Interim CEO Jonathan Summers told investors that Martins has “the right operational and communication skills, ethics and leadership abilities” to lead its Portuguese business and deliver improved execution and financial performance.

READ: EXMceuticals lists new cannabis research license in Portugal as key step in new update

“We are fortunate to have someone of Paulo Martin’s calibre and experience to step up to lead EXM Portugal,” Summers said. “Having the right leadership will allow EXM to successfully implement our strategy and take advantage of the market opportunities ahead.”

Martins was a “major driving force” in helping EXM obtain its cannabis Research and Development licence from Infarmed, according to Summers. “(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.”

For his part, Martins said that he was “honored and excited” to lead EXM in 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.’’

Vancouver-based EXM operates a cannabis research and development laboratory in Lisbon and is on the hunt for additional partners, it said in a statement.

The firm’s priority during the first half of 2020 is to complete the commercial facility to EU-GMP standards. Once commercially licensed, the facility will permit the supply and export of extremely pure cannabis ingredients throughout the EU and abroad.

Management changes

EXMceuticals also announced that CEO Michael Passebon and CFO Scott Davis stepped down from their positions. The company thanked them for helping the company move forward during the early days of the firm’s development.

Jonathan Summers will serve as interim CEO until a replacement is found.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: EXMceuticals

Price: 0.23 CAD

Market: CSE
Market Cap: $9.12 m

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