- The company has shipped pharmaceutical-grade full-spectrum CBD oil containing THC to Extractions Solutions SL, to support the 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 company of Colombia’s leading grower and producer of medicinal-grade cannabis dried flowers and extracts, PharmaCielo Colombia Holdings SAS (” Holdings”), announced today that it has made a first delivery of full-spectrum CBD oil containing THC to Extractions Solutions SL (“Extractions Solutions”), a Spanish natural pharmaceutical company specializing in the post-processing and refinement of cannabis. derivatives. Extractions Solutions intends to use PharmaCielo’s product to develop CBD derivatives that will be produced in Spainand distributed over Europe.
Bill Petron, PharmaCielo CEOsaid: “We are delighted to announce our entry into a new market, with the initial delivery of PharmaCielo API1 to Extractions Solutions, in support of their product development efforts. This serves to further expand our distribution network through Europebuilding on our recent announcements that we will be bringing PharmaCielo products to market 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 throughout the year as we move towards increased revenue and sustained profitability. »
Dirk Eduard M. de MaeyerExecutive Director of Extractions Solutionsadded: “Extractions Solutions is an innovative and fast-growing cannabinoid post-processor, refiner and manufacturer with an established customer base in the European market. With a commitment to providing high-quality products and customized solutions, as well as traceability from seed to solution, PharmaCielo was a logical choice as we continue to grow our product portfolio.PharmaCielo has the quality, consistency, sophistication and scale we demand from our API partners, and we are looking forward to continuing to move the relationship forward 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, focused on the ethical and sustainable processing and supply of all pharmaceutical-grade medical cannabis products to major distributors. PharmaCielo’s main (and wholly owned) subsidiary 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]