- Enables PharmaCielo to produce and deliver psychoactive extracts as part of the three-year extracts agreement the Company announced in January of this year, intended for the German market
- Enhances product development flexibility and will accelerate PharmaCielo's strategic priority to expand beyond CBD oils and isolates to meet market demand
TORONTO and RIONEGRO, Colombia, July 8, 2020 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced today that the Colombian government granted the Company authorization for the 2020 commercial cultivation, production and export of high-THC medicinal cannabis extracts, in fulfilment of existing sales agreements.
The commercial quotas obtained from the ministries of Justice and Health, enable the Company to immediately begin cultivation and processing of 10 tonnes of THC-dominant dry flower.
"The government's approval for PharmaCielo to grow, extract and export high-THC medicinal products is a significant milestone that significantly expands our product portfolio and complements our medicinal offerings of CBD oil and isolate," says David Attard, CEO. "This THC quota, coupled with expanded processing and extraction capacity, enables greater flexibility for us to fulfill current international customer obligations as well as to engage the B2B market with a broader product offering range at scale."
Henning von Koss, President of PharmaCielo Ltd., added, "The truly successful medicinal use of cannabis depends to a great extent on managing its psychoactive and non-psychoactive properties. A broad portfolio is important, but even more important is the flexibility and capability to quickly turn the components of that portfolio into in-demand formulations. As we broaden our portfolio through 2020, we will be working concurrently with our customer base and the medicinal community to identify the appropriate formulations and concentrations of cannabinoids and terpenes to meet a variety of market-specific medicinal regulatory needs, and which are sourced from our proprietary strains that provide unique profiles."
To date, PharmaCielo has developed and registered 30 proprietary strains in the national cultivar, including unique high-THC strains, enabling future production of a variety of psychoactive dominant extracts for medicinal purposes, based on market demand. Each cultivar strain possesses its own unique cannabinoid and terpene genetic profile. PharmaCielo's proprietary cultivars are developed through extensive experimentation with an even larger range of landrace strains, of which 186 are held in the proprietary seed bank (fuente semillera) for medicinal propagation.
The quotas received for commercial cultivation, processing and exportation complement separate quotas previously granted for scientific purposes.
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its cultivation and processing centre located in Rionegro, Colombia.
The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include statements with respect to the expansion of the Company's processing and extraction capacity, the Company's ability to produce and deliver psychoactive extracts, enhancements to product development flexibility, acceleration in the Company's strategic priority to expand beyond CBD oils and isolates and the intended distribution of PharmaCielo's products into Germany and other countries. Forward-looking statements are based on assumptions, including with respect to the ability to obtain all necessary governmental regulatory and TSXV approval related to the exportation of PharmaCielo products from Colombia into Germany and other countries and the ability to execute its business plan that management believes are reasonable in the circumstances, but the actual results, performance or achievements of PharmaCielo's business may be materially different from any future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, that the market for the Company's products may be subject to volatility, that there may be less than anticipated demand for the Company's products, risks associated with the Company operating in Colombia, currency exchange risks, risks associated with global economic instability relating to COVID 19 and the potential for it to disrupt global markets as well as the other risks and uncertainties applicable to cannabis producing companies. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE PharmaCielo Ltd.