- Shipments to established Pharmaceutical and Phyto-Therapeutics companies will offer PharmaCielo and its APIs1 early integration into the supply chain.
- Shipments followed an audit by the Phyto-Therapeutics customer, that confirmed PharmaCielo's compliance with Brazilian GMP standards.
TORONTO, and RIONEGRO, Colombia, April 26, 2021 /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., today announced that it has completed initial shipments to two customers in Brazil following an audit to confirm PharmaCielo's compliance with Brazilian Good Manufacturing Practices ("GMP") standards. The first shipment recently arrived at one of Brazil's largest Phyto-Therapeutics companies. This customer intends to integrate PharmaCielo's APIs into custom formulations for current and future product registry and sale in the local market. The second shipment recently arrived at a large Pharmaceutical company that already has a CBD product in-market and intends to use PharmaCielo as a key supplier.
"These initial pre-commercial shipments, and the GMP confirmation that was conducted by one of the companies, provide further confirmation of PharmaCielo's product quality and the excellence of its production processes," said Henning von Koss, CEO of PharmaCielo Ltd. "Further, these relationships demonstrate that larger and more sophisticated end-product producers are actively coming to market looking for a reliable source of high-quality extracts and formulation expertise. PharmaCielo is positioned to supply these customers with consistent quality, at industry-leading scale. We look forward to working with both customers over the next several months as their teams integrate our APIs into their custom formulations."
About the Brazilian Medical Cannabis Market
According to research firm Prohibition Partners' LATAM report2, with a population of more than 211 million, Brazil represents the largest potential market in Latin America for the cannabis industry and it is estimated that the Brazilian medical cannabis user base could reach close to 3 million people in the next few years. A recent analysis3 by the research firm, found that the number of both cannabis patient associations and medical cannabis prescriptions in Brazil are on the rise with the latter experiencing a 135% increase from 2019 to over 14,500 prescriptions.
1 Active Pharmaceutical Ingredients
2 Prohibition Partners - The Latin America And Caribbean Cannabis Report
3 Prohibition Partners – The Key Challenges Facing the Brazilian Cannabis Market (March 26, 2021)
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.
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 in this news release include statements as to the intent of one customer of PharmaCielo to incorporate PharmaCielo's products into that customer's own formulations and the intent of another customer of PharmaCielo to use PharmaCielo as a key supplier. These statements are based on PharmaCielo's management's reasonable assumptions and beliefs in light of the information available at the time such statements are being made. By its very nature, forward-looking information requires the making of assumptions and is subject to inherent risks and uncertainties which give rise to the possibility that PharmaCielo's predictions, expectations or conclusions will not prove to be accurate, that PharmaCielo's assumptions may not be correct and that PharmaCielo's objectives, strategic goals and priorities will not be achieved. Although PharmaCielo believes that the predictions, expectations or conclusions reflected in the forward-looking information are reasonable, it can give no assurance that such matters will prove to have been correct. Such forward-looking information is not fact but only reflects management's estimates and expectations. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including changes to PharmaCielo's development plans, the failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and the import of these products into other countries, obtaining TSXV approval, the inability to export or distribute products through sales channels as anticipated due to economic or operational circumstances, risks associated with operating in Colombia, fluctuation of the market price for the Company's products, risks associated with global economic instability relating to COVID-19, risks related to retention of key Company personnel, currency exchange risk, competition in PharmaCielo's market and other risks discussed or referred to under the heading "Risk Factors" in PharmaCielo's Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedar.com. 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.
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.
SOURCE PharmaCielo Ltd.