PharmaCielo First to Receive Colombian Government Export Approval for Commercial Sale of CBD Isolate
- Completion of commercial export permit process clears the way for PharmaCielo to initiate shipment of its medicinal-grade CBD extracts to wholesale distributors and product manufacturers
- CBD isolate to be exported holds a purity certificate of analysis (COA) of 99+% and meets all other strict quality control standard requirements
TORONTO, Canada and RIONEGRO, Colombia (July 25, 2019) – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV:PCLO, OTC:PHCEF), the Canadian parent of Colombia’s premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced today that it has completed the necessary permitting process required to enable Colombia’s first commercial export and sale of non-psychoactive (CBD) isolate.
The extensive process fulfils the extensive and final regulatory obligations required, including individual approvals by the Colombian Ministries of Health and Justice, in order to commence product exportation. With this prerequisite accomplished, the Company will begin the process of confirming a series of international business relationships and configuring inaugural commercial shipments of high-grade medicinal CBD isolate, with a purity certificate of analysis (COA) of 99+% and meeting all other strict quality control standard requirements established by the Colombian government.
“Enabling product delivery to customers is one of the most exciting and memorable moments for any company, and we are thrilled about this accomplishment,” said David Attard, CEO of PharmaCielo Ltd. “This specific point in time not only distills the vision, hard work, dedication and commitment of our team, but also signifies the transition of PharmaCielo from a founding stage into a mature company with the infrastructure of production, distribution and sales operations that can deliver high-quality products to its clients.”
PharmaCielo is currently in advanced discussion with previously identified potential customers in multiple global markets, as part of which the export permitting process is a necessity, including logistical relations with its joint venture partners in Italy and Mexico. Upon closure of the acquisition of Creso Pharma Ltd., expected later in the year, the number of potential international markets for PharmaCielo products export will significantly increase.
“We have already begun scaling up our Colombian operations and we are ready to deliver and prepared to support the expected growth in demand for our cannabinoid extracts, having achieved the Colombian industry’s first go-ahead to start exporting,” said Andrés Botero, Chief Operating Officer with PharmaCielo Colombia Holdings S.A.S.
PharmaCielo Ltd. (TSXV:PCLO, OTC:PHCEF) is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo’s principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its nursery and propagation centre located in Rionegro, Colombia.
The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia Holdings 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 will play 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.
For further information:
International: Gal Wilder, Cohn & Wolfe
Colombia: María Paula Peña Fdz., SPR GROUP S.A.
PBX: 57-1 2877234
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “expects”, “is expected”, “intends”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements include those relating to the shipment of CBD cannabis to international jurisdictions, the confirmation of international business relationships, the anticipated acquisition of Creso Pharma Ltd. by PharmaCielo, compliance in exportation jurisdictions, the approval of the TSXV of exporting into foreign jurisdictions, and the expected demand for PharmaCielo’s cannabinoid extracts. Forward-looking statements are based on assumptions, including with respect to PharmaCielo’s ability to confirm international exportation relationships, that all closing conditions, regulatory and shareholder approvals will be obtained with respect to the acquisition of Creso, that regulatory compliance is achievable in target exportation jurisdictions and that necessary approvals can be obtained, and that there will be demand for PharmaCielo’s cannabinoid extracts. The actual results, performance or achievements of PharmaCielo’s business may be materially different from any future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the uncertainty of the cannabis regulatory regime in many countries, obtaining necessary foreign regulatory approval for importation of PharmaCielo products, the possibility that the acquisition of Creso may not occur, the equity markets generally, risks associated with early stage companies, risks associated with the regulation of cannabis and cannabinoid derivatives, failure to obtain necessary TSXV approval, competition for PharmaCielo’s planned products, risks associated with operating in Colombia and other international jurisdictions. 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.