TORONTO, Canada and MEXICO CITY, Mexico (November 19, 2020) – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO, OTCQX: PCLOF) and MINO Labs S.A. de C.V. (“MINO Labs”), the founders of PharmaCielo S.A. de C.V. (“PharmaCielo Mexico”), congratulate Mexican Senate members for advancing the much-needed cannabis legislation and subsequent reform by voting to move forward the legalization bill, which includes provision for import of medicinal extracts and products.
David Attard, CEO of PharmaCielo Ltd., says, “The recent vote is an important development and positive momentum toward bringing cannabis reform to the finish line by the mid-December deadline. The partnership we established with MINO Labs last year as PharmaCielo Mexico is a precursor to what we expect will become an important and vibrant market for cannabis-derived health and wellness products, for which we aim to become a primary supplier of high-quality medicinal-grade oils and isolates.”
Manuel Cosme Odabachian, CEO of MINO Labs, stated, “Mexican lawmakers made it loud and clear today that adult cannabis usage should be legalized. The Senators’ votes in favor of the new bill are a huge step forward and a development welcomed by both end-users and industry participants. For the past 20 years, MINO Labs has been a leading specialty supplier and distributor of pharma-grade products in Mexico. Together with PharmaCielo we have built a great infrastructure to provide the Mexican market with top-notch cannabis extract product offerings – and we are ready to deliver!”
PharmaCielo and MINO Labs founded PharmaCielo Mexico last year as a joint venture. The purpose of the joint venture is to bring PharmaCielo’s high-quality cannabis extracts and derivative products from its Colombian cultivation and processing centre to the Mexican market by leveraging MINO Labs’ extensive experience and broad presence in the country’s pharma distribution space. Upon completion of the legislative process, PharmaCielo Mexico will commence the sale and distribution of medicinal cannabis products, including those for wellness and lifestyle segments, in Mexico.
Distribution of cannabis products by PharmaCielo in Mexico will be subject to the approval of the TSX Venture Exchange (the “TSXV”).
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) 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 cultivation and processing centre 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-feet2 warehouse in compliance with appropriate infrastructure requirements and licences for pharmaceutical products.
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 in this news release include, without limitation, statements with respect to: the timing and effect of future cannabis reforms in Mexico; the future position of PharmaCielo and PharmaCielo Mexico in the Mexican cannabis market; the ability of PharmaCielo to sell and distribute medicinal cannabis products in the Mexican market. The forward-looking statements in this news release are necessarily based on assumptions, including, without limitation, assumptions with respect to: PharmaCielo’s ability to execute its business plan as currently contemplated; future cannabis reform in Mexico; the continued good standing of PharmaCielo Mexico and the partnership between PharmaCielo and MINO Labs; and the accuracy of PharmaCielo’s projections regarding the Mexican market for cannabinoid products and PharmaCielo’s expectations regarding the segments of the Mexican cannabinoid product market that it will target. Though management believes that its assumptions are reasonable in the circumstances, 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 herein. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to: changes to PharmaCielo’s development plans; the failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products, including approval of the TSXV; 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; risks associated with global economic instability relating to COVID-19; 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.