PharmaCielo gets high-THC export quota from Colombian government

The approval allows the firm to fulfill a three-year medical distribution deal in Germany

By Nick Laba, Mugglehead,  July 8, 2020

The Colombian subsidiary of PharmaCielo Ltd. (TSX-V: PCLO and OTCQX: PCLOF) has been authorized to produce and export 10 tonnes of high-THC cannabis by its federal government, which had previously restricted international sales of the psychoactive compound.

The approval is directed toward the fulfillment of existing sales agreements for THC-rich medical cannabis, the company said in a statement Wednesday. PharmaCielo is permitted to produce and deliver psychoactive compounds as part of the three-year, 30 tonne extracts agreement the firm announced in January, intended for the German market. …

A spokesperson told Mugglehead the firm isn’t releasing any revenue details yet, but as THC extract has a higher market value, and this quota is in association with an ongoing contract relationship, PharmaCielo expects the deal will strengthen revenues over the long term. …

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