August 4, 2022
- The Company has made a pre-commercial shipment of CBD isolate to its Mexican joint venture, to support product development by a Mexican phytotherapeutic company.
TORONTO, Canada and RIONEGRO, Colombia (August 4, 2022) – PharmaCielo Ltd. (“PharmaCielo” orthe “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 announced its first shipment of cannabinoid products to its Mexican joint venture PharmaCielo S.A. de C.V. (“PharmaCielo Mexico”). The Company’s joint partner in PharmaCielo Mexico is MINO Labs S.A. de C.V., (“MINO Labs”), which is a specialty pharmaceutical company and medical supply distributor based in Mexico. PharmaCielo Mexico has arranged for this initial shipment to support the product development efforts of a potential customer, which is in the process of developing cannabinoid-based phytotherapeutic products for the Mexican market.
Bill Petron, CEO of PharmaCielo, commented, “The Mexican market represents a large, near and mid-term opportunity for PharmaCielo, and we are proud to export cannabinoids in support of the development of products for the medicinal market. PharmaCielo Mexico is positioned to be a preferred supplier in the country, backed by PharmaCielo’s proven ability to supply extracts and flower products at scale, with consistent quality and value, and MINO Labs’ successful track record in the Mexican market. PharmaCielo’s global sales pipeline continues to build, and we expect 2022 and 2023 to be pivotal years for growth and value creation for shareholders, as we continue to execute our strategy.”
Manuel Cosme Odabachian, CEO of Mino Labs, added, “MINO Labs has been a leader in the Mexican specialty pharmaceutical distribution sector for more than 20 years. As the country continues to move towards legalization for medical use, we are seeing significant interest from our existing customer base in taking product for pharmaceutical product development. Mexico is a large potential market, and we fully expect the combination of Mino Labs’ long track record of selling into the specialty pharma sector in the country, and PharmaCielo’s ability to produce pharma-grade product consistently, will be a winning combination as demand continues to grow.”
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with a focus on the ethical and sustainable cultivation, 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.
About MINO Labs
Mino Labs S.A. de C.V. is a specialty pharmaceutical company and medical supply distributor based in Mexico with more than 20 years of experience. The company has distribution, warehousing and commercialization facilities throughout the Mexican territory supplying strategic chain, independent and retail drugstores as well as government-sector institutions with pharmaceutical, biological and OTC products. MINO has a fully operational license and a state-of-the-art 64,500-feet warehouse in compliance with appropriate infrastructure requirements and licenses for pharmaceutical products.
For further information:
Bill Petron, Chairman & CEO
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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 in this news release include, without limitation, statements regarding the issuance of the Units, including the terms thereof and the closing date therefore.
The forward-looking statements in this news release are necessarily based on assumptions, including assumptions with respect to PharmaCielo’s ability to obtain necessary approvals for the issuance of the Units.
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.
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