PharmaCielo Welcomes Landmark United Nations Decision to Remove Cannabis From Narcotic Drugs List
TORONTO, Canada (December 3, 2020) – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO, OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. (“PharmaCielo Holdings”), commends the United Nations Commission on Narcotic Drugs (CND) for its historic decision to remove cannabis from the global narcotic drugs list, also known as the Single Convention on Narcotic Drugs (Schedule IV). PharmaCielo maintains operations and joint ventures in Canada, Colombia, Mexico and Italy – each nation of which supported the CND vote.
“We welcome the CND’s vote as it represents a monumental step forward in the evolution of the global medicinal cannabis industry. We also congratulate the entire medical cannabis community for its belief in the efficacy and positive impact cannabis will have on human wellness and health, and its relentless efforts to have it de-scheduled,” said Henning von Koss, CEO of PharmaCielo. “From our perspective, this vote enables global providers and consumers of cannabinoid extracts to confidently move into a positive new environment where the bar for quality and compliance, as well as the standardization of products and formulations, will be set much higher.”
The CND vote comes on the heels of another important ruling made last week by the Court of Justice of the European Union (EU), which ruled that CBD is not a narcotic. This decision protects the marketing of CBD under the provisions of the free movement of goods within the EU.
On November 18, 2020, PharmaCielo announced its entrance into the U.K. market with a sales agreement to deliver 1,000 kg of its medicinal-grade CBD isolate to a local wholesale distributor and white-label manufacturer in the wellness, cosmetic and food-supplements sectors, subject to the approval of the TSX Venture Exchange (the “TSXV”). Additionally, the Company continues to expand the product portfolio it announced on September 21, 2020, with the recent addition of bulk products that vary in cannabinoid combinations including Broad Spectrum Oils and CBD Distillates, THC Distillate, Water Soluble CBD, Full Spectrum Oil Tincture, THC:CBD Formulations and CBD Distillate Tincture.
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.
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 expected effect that the removal of cannabis from the global narcotic drug list will have on global adoption of cannabis based therapies, medical cannabis legalization and the size of the marketplace in which PharmaCielo operates; PharmaCielo’s ability to obtain all necessary regulatory approvals to export its products into the U.K. market; expectations related to the amount of CBD isolate and Broad-Spectrum CBD oils that PharmaCielo will deliver into the U.K. market; and expectations related to PharmaCielo’s ability to expand its product lines. 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; international reaction to the removal of cannabis from the global narcotic drug list; and PharmaCielo’s production capacity and ability to export its products from Colombia into international markets. 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. Forward-looking statements in this press release are made as of the date of this press release. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
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