Shipment made to an established pharmaceutical distributor and clinical research organization in the Czech Republic, focused on medicinal grade cannabinoids
TORONTO and RIONEGRO, Colombia, Sept. 15, 2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia's premier cultivator and producer of dried cannabis flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. ("Holdings"), today announced that it has made its first shipment of THC-dominant dried cannabis flower to a customer in the Czech Republic, in the EU market. The customer is an established cannabinoid-focused pharmaceutical distributor and clinical research organization in the country. The customer currently imports cannabinoids from The Netherlands and Canada.
Bill Petron, CEO of PharmaCielo, commented, "PharmaCielo's global business development team continues to make substantial progress growing the Company's sales pipeline and setting the stage for accelerated growth beginning in 2023. The EU is the biggest opportunity for global cannabinoid exporters, and PharmaCielo is positioned to win market share against current suppliers, with a combination of proprietary Colombian strains, high quality products and low production costs. Our team has made substantial progress in several markets recently, including Germany, Israel, Brazil, Mexico, Poland, and now the Czech Republic. We expect the combination of these recent developments and sustained sales efforts to make the next eighteen months a pivotal period for the Company."
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable cultivating, processing and supply of all natural, pharmaceutical-grade medical dried cannabis flower and 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.
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