May 6, 2022
- Poland is one of the largest cannabis markets in Europe by patient population, with more than 28,000 prescriptions issued to approximately 10,000 patients in the first nine months of 20211.
- The Company expects to begin shipping to Poland during the first half of 2023.
TORONTO, Canada and RIONEGRO, Colombia (May 6, 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, PharmaCielo Colombia Holdings S.A.S. (“Holdings”), today announced that it has signed an investment agreement (the “Agreement”) with Soteria Holdings Limited (“Soteria”), a UK based portfolio company of Artemis Growth Partners, an established ESG and impact investor focused on the global cannabis industry. Under the terms of the Agreement, Soteria’s Polish operating subsidiary will apply for a number of licenses to import and wholesale the Company’s medical cannabis flower and extracts in the Polish market. In addition, Soteria’s Polish subsidiary will support a group of the country’s leading medical cannabis professionals to provide education and training programs to doctors in Poland looking to prescribe medical cannabis to their patients.
Bill Petron, CEO of PharmaCielo, commented, “We are pleased to partner with Soteria to bring high quality PharmaCielo dried flower and extracts to patients in Poland and build a pathway to the rest of Europe. With the opening of high THC dried flower exports from Colombia, Europe is a core focus. The EU is becoming one of the most important markets in global cannabis, and Poland currently has one of the largest, fastest growing patient populations in the region. PharmaCielo’s upstream and downstream scale and quality uniquely position the Company to be a formidable competitor with current higher cost psychoactive flower imports into Europe, and as a result we expect this to be an important growth driver for the business.”
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, pharmaceutical-grade medical 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.
For further information:
Ian Atacan, Chief Financial Officer
+1 416-562-3220 firstname.lastname@example.org
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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 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 ofcannabinoid 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 place undue reliance on forward-looking statements. Except as required by law, PharmaCieloundertakes no obligation to publicly update any forward-looking statements, whether as a result ofnew information, future events 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 press release.