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EXMceuticals joins The Portuguese Association of the Pharmaceutical Industry as it builds out cannabis extraction facility in Portugal

EXM called its inclusion in the body “timely” as the Portuguese government designated the broader health sciences industry to be one of national strategic focus

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The company’s Portuguese facility will contain extraction, purification, and refining capabilities, as well as a Q&A laboratory

EXMceuticals Inc (CSE:EXM) announced Tuesday it has become a member of The Portuguese Association of the Pharmaceutical Industry (APIFARMA), one of the industry’s leading bodies that represents hundreds of companies operating in Portugal.

In a statement, EXM, which is building an industrial-scale cannabis extraction facility in the country, told investors that its acceptance came after an “extensive” diligence period.

APIFARMA is responsible for the production and import of drugs for human and veterinary use, serums, vaccines, active substances for use in medicines and in vitro diagnostics in Portugal.

READ: EXMceuticals receives coronavirus research grant from EU and Portuguese government

EXM called its inclusion in the body “timely” as the Portuguese government designated the broader health sciences industry to be one of national strategic focus, as well as a priority for the economic rebuild and planned re-industrialization once the coronavirus pandemic is over.

CEO Jonathan Summers said the Vancouver-based company was “thrilled” to become a member of APIFARMA, adding that the inclusion “underlines the huge amount of work the operational team in Portugal has done as well as the significant changes and advancements the company has made in recent months.”

In late 2019, EXM shifted its focus solely on its Portuguese operations, which include R&D, extraction, purification, refining and formulation.

“This news, and the recent landmark grant for COVID research from the European Union, are real milestones on our journey of our transformation to a pure bio-sciences company,” Summers added.

The company’s Portuguese facility will contain extraction, purification, and refining capabilities, as well as a Q&A laboratory. EXM believes it will be the largest cannabinoids and terpenes extraction, purification, and refining facility in the European Union.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @aharmantas

Quick facts: EXMceuticals

Price: 0.17 CAD

CSE:EXM
Market: CSE
Market Cap: $6.72 m
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