- The Company has shipped pre-commercial quantities of full-spectrum CBD oil containing THC, to support the development of a full-spectrum product for the Brazilian market.
TORONTO and RIONEGRO, Colombia, June 6, 2022 /CNW/ – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent company of Colombia Leading cultivator and producer of medicinal-grade dried flower and cannabis extracts, PharmaCielo Colombia Holdings SAS (“Holdings”), today announced first shipment of a full-spectrum CBD extract with a THC content of a well-established Brazilian pharmaceutical company (the “Client”) to support additional product development efforts, with the potential to become a key supplier as these products come to market. Client must develop and bring to market a full-spectrum CBD product using PharmaCielo’s API 1.
This is the second product developed by this customer using PharmaCielo APIs. The first, which uses PharmaCielo’s CBD isolate as an API, is currently under review by Anvisa and is expected to be approved in the coming months, with the product launching in Brazil shortly after approval.
Bill PetronCEO of PharmaCielo, said: “We are delighted to support our partner in Brazil as they seek to develop a full-spectrum CBD product. With a population of over 200 million and very few Anvisa-approved cannabis products to date, we expect Brazil continue to evolve into a significant medical cannabis market. PharmaCielo is positioned to play an important role as the supplier of choice for cannabis-based APIs in the country, as the number of patients continues to grow and new products such as those in development by our partner are brought to market. By building relationships with key global pharmaceutical players like our partner in Brazil, we plan to maximize our opportunity to scale PharmaCielo’s API business. We are confident that with the progress made to date and our current customer pipeline, 2022 will be a pivotal year for PharmaCielo as we evolve our platform to drive revenue growth and shareholder value. »
Shares of interest
Today, the Company also announced its intention to issue, subject to the approval of the TSX Venture Exchange, 474,058 common shares of the Company (“Interest Shares”), at an effective price of $0.5605 per share of interest, in satisfaction of a total of $265,702.74 in semi-annual interest payments due to holders of 11% secured debentures of the Company December 24, 2024 (the “Debentures”). The effective price of the shares of interest was determined by dividing the cash interest otherwise payable by the number of shares issuable under each debenture, as determined on June 1, 2022 in accordance with the terms of the debentures.
Interest Shares are subject to the balance, if any, of the 4 month statutory hold period applicable to the relevant debenture under Canadian securities laws.
1 Active pharmaceutical ingredient
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with an emphasis on the ethical and sustainable processing and supply of all natural, pharmaceutical grade medical cannabis products to major distributors. The principal (and wholly owned) subsidiary of PharmaCielo is PharmaCielo Colombia Holdings SAS, headquartered in its Cultivation and Processing Center located in Rionegro, Colombia.
PharmaCielo’s Board of Directors and management team are comprised of a diverse group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the important role that Colombia the ideal location plays into building a sustainable business in the medical cannabis industry, and the company, together with its directors and officers, is executing a business plan focused on supplying the international market.
This press 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 these words and expressions. or state that certain actions, events, or results “may” or “will” be taken, will occur, or will be completed or achieved.
Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors, including changes in PharmaCielo’s development plans, the inability to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and import of such products into other countries, TSX Venture Exchange approval, inability to export or distribute commercial products through sales channels as intended in Due to economic or operational circumstances, the risks associated with operating in Colombiafluctuations in the market price of the Company’s products, risks associated with global economic instability related to COVID-19 or other developments, risks associated with the retention of key Company personnel, currency risk , competition in PharmaCielo’s market and other risks discussed or referred to under “Risk Factors” in PharmaCielo’s Annual Information Form for the year ended December 31, 2019available on 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.
For further information: Ian Atacan, Chief Financial Officer, +1 416-562-3220, [email protected]; Media and Investor Inquiries: [email protected]