September 14, 2022
- Colombian government has maintained its commitment to supporting its cannabis producers and building a dominant global export industry.
- Five tonne quota to grow THC-dominant cannabis strains for export as dried flower will support the fulfillment of current sales agreements, beginning in early 2023.
TORONTO, Canada and RIONEGRO, Colombia (September 14, 2022) – 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, PharmaCieloColombia Holdings S.A.S. (“Holdings”), today announced it has received a five tonne quota to produce THC-dominant cannabis strains for export as dried flower. This quota will support PharmaCielo’s sales efforts in additional global markets, and enable the Company to fulfill shipments of dried cannabis flower to support current agreements. The Company expects to begin shipping commercial quantities of dried cannabis flower beginning in early 2023 with continued growth over the course of the year.
Bill Petron, CEO of PharmaCielo, commented, “The Colombian government has consistently demonstrated a commitment to supporting domestic cannabis producers, and building its export industry into a position of global dominance. Colombian dried cannabis flower is well-positioned to compete with higher cost cannabis flower currently being exported to the EU, Israel, Australia and other markets from jurisdictions such as Canada. 2023 will be an important growth year for the Colombian cannabis industry, and for PharmaCielo, as the largest scale producer in the country.”
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.
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Ian Atacan, Chief Financial Officer
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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 orachieved.
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 necessaryregulatory 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 yearended December 31, 2019, which is available at www.sedar.com. Accordingly, readers should not placeundue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes noobligation to publicly update any forward-looking statements, whether as a result of new information, futureevents 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 pressrelease.