- The Company has shipped pharmaceutical grade CBD full spectrum oil containing THC to Extractions Solutions SL, to support pre-commercial development of a full spectrum product for the European market.
TORONTO and RIONEGRO, COLOMBIA, May 24, 2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. ("Holdings"), today announced that it has made an initial shipment of CBD full spectrum oil containing THC to Extractions Solutions SL ("Extractions Solutions"), a Spanish natural pharmaceutical company that specializes in the post-processing and refinement of cannabis derivatives. Extractions Solutions intends to use PharmaCielo's product to develop CBD derivatives to be produced in Spain, and distributed across Europe.
Bill Petron, CEO of PharmaCielo, commented, "We are pleased to announce our entrance into a new market, with the initial shipment of PharmaCielo API1 to Extractions Solutions, in support of their product development efforts. This serves to further expand our distribution network throughout Europe, building on our recent announcements that we will be bringing PharmaCielo products to the German and Polish medical cannabis markets. Our sales team has already made substantial progress in the first five months of 2022, and we expect to continue this trend through the rest of the year as we drive toward increased revenues and sustained profitability."
Dirk Eduard M. de Maeyer, Executive Director of Extractions Solutions, added, "Extractions Solutions is an innovative, rapidly growing cannabinoid post-processor, refiner and manufacturer, with an established customer base across the European market. With a commitment to providing high quality products and custom solutions, as well as seed to solution traceability, PharmaCielo was a logical choice as we continue to build-out our product portfolio. PharmaCielo has the quality, consistency, sophistication and scale that we require of our API partners, and we look forward to continuing to advance the relationship as we seek to serve our customers across the EU, and globally."
1 Active Pharmaceutical Ingredient
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, pharmaceutical-grade medical cannabis 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 center 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 news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects", "is expected", "intends", "anticipates", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be completed or achieved.
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, TSX Venture Exchange approval, the inability to export or distribute commercial 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 or other developments, 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PharmaCielo Ltd.