PharmaCielo Ltd (OTC: PHCEF), a Canada-based cannabis cultivator with operations in Colombia, announced on Sept. 25 its official entry into the U.S. market. The company completed introductory shipments of its medical CBD isolate to multi-state distributor General Extract LLC.
The CBD isolate shipments, compliant with the 2018 Farm Bill requirements, are part of a non-exclusive sales agreement between the two companies. As per the deal, PharmaCielo will provide bulk medicinal CBD isolate to be sold and distributed by General Extract across the U.S.
PharmaCielo expects to generate market introductory revenue of CA$3 million for the remainder of 2019 with increased volumes into 2020, based on market demand.
Click here for more information about the upcoming Benzinga Cannabis Capital Conference Oct. 22-23 in Chicago.
“The fact that we were able to successfully deliver shipments of medical CBD isolate from Colombia into the U.S. to our client is a significant achievement as it not only symbolizes PharmaCielo’s initial foray into the world’s largest medical CBD market, but it also gives us a competitive edge and paves the way for the company to extend its footprint across the continent," PharmaCielo CEO David Attard told Benzinga. "We are optimistic about the future prospects of this market and are fully prepared to meet the demand.”
The agreement with U.S.-based General Extract comes on the heels of additional sales agreements and successful international shipments PharmaCielo announced recently. These include the delivery of CBD isolate to Swiss-based Creso Pharma and multi-country sales agreement the company has signed with Uruguay-based Laboratorios Adler to supply CBD isolate and oil extracts for veterinary use in Uruguay, Paraguay, Bolivia and Southern Brazil.
Image from PharmaCielo corporate presentation.
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.