August 25, 2022
- The Company expects to begin exporting dried flower to Israel in early 2023.
- Israel is one of the largest importers of medical cannabis in the world, with 109,352 active medical patients in 2021 (+35% vs. 2020).
TORONTO, Canada and RIONEGRO, Colombia (August 25, 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 it has received ICANN G.A.P and GACP certifications following the completion of an audit (the “Audit”) conducted on-site in Rionegro, by the Institute of Quality and Control (IQC), the largest private certification body in Israel. PharmaCielo expects to be in a position to begin exporting dried flower to Israel in early 2023.
Bill Petron, CEO of PharmaCielo, commented, “The receipt of ICANN G.A.P and GACP certifications from IQC is a significant milestone for PharmaCielo and is complimentary to the previously obtained INVIMA GMP and SGS GACP certifications, which enable access to other highly regulated markets, such as Brazil. Israel represents a massive opportunity. The country has a large, rapidly growing patient population and relies heavily on imports. We expect that PharmaCielo’s proprietary Colombian genetics will differentiate the Company’s offerings compared to current product available in the Israeli market. Our team has already connected with some of the most important players in Israel, and we expect to begin shipping commercial quantities of dried flower in early 2023.”
Mr. Petron continued, “Our team has done an impressive job of building a presence across several important jurisdictions over the past twelve months. With access to Israel, we are now active in thirteen markets. With EU-GMP certification for the Company’s extracts expected in the near future, and the process of obtaining EU-GMP certification for our dried flower products underway, we are positioning PharmaCielo to become a major global player in the medicinal cannabis market, while continuing to build our customer base. We fully expect the next twelve months to be a pivotal period of growth and value creation for shareholders, as we execute our strategy.”
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with afocus on ethical and sustainable cultivating, processing and supply of all natural, pharmaceutical-grademedical 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 themedical cannabis industry, and the Company, together with its directors and executives, is executing on abusiness plan focused on supplying the international marketplace.
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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