April 4, 2022
- Builds on the passing of Regulation 227 in February, which implemented legal provisions to enable dried flower export and access to additional opportunities for CBD-based products.
- PharmaCielo expects to begin exporting dried flower in the second quarter of 2022, with volumes growing through the remainder of the year.
TORONTO and RIONEGRO, Colombia, April 4, 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 welcomed the Colombian Government’s announcement of final commercial guidelines that will regulate the export of dried flower from Colombia, as well as the exportation of other cannabis based products. This announcement follows the Government’s passing of Regulation 227 on February 22, 2022, which was designed to make the country’s cannabis industry more competitive on a global scale.
Bill Petron, CEO of PharmaCielo, commented, “The Colombian Government’s release of final commercial guidelines further solidifies its commitment to turning the Colombian cannabis industry into a global leader. PharmaCielo expects to begin shipping dried flower in Q2 of this year, with volumes growing through the fourth quarter and 2023 and is well-positioned to capture market share in import-dependent markets such as Germany, Israel and Australia. These markets are currently being supplied by relatively high-cost flower from producers in countries like Canada. PharmaCielo’s structural cost advantage, sophisticated approach to genetics and processing, and ability to scale efficiently, give the Company a significant competitive advantage. Over the past several months, we have strengthened our international sales team, resulting in wins in key markets such as Germany and Eastern Europe, and setting the foundation for growth as dried flower is added to our export portfolio.”
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 dried cannabis flower and 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 cannabis flower and 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.