- Builds on the passage of Regulation 227 in February, which implemented legal provisions to allow the export of dried flowers and access to additional opportunities for CBD products.
- PharmaCielo plans to start exporting dried flowers in the second quarter of 2022, with volumes increasing throughout the rest of the year.
TORONTO and RIONEGRO, Colombia, April 4, 2022 /CNW/ – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent company of Colombia’s leading grower and producer of medicinal-grade cannabis dried flowers and extracts, PharmaCielo Colombia Holdings SAS (” Holdings”), today welcomed the Colombian government‘s announcement of final trade guidelines that will regulate the export of dried flowers from Colombia, as well as the export of other cannabis products. This announcement follows the Adoption by the government of by-law 227 on February 22, 2022which was designed to make the country’s cannabis industry more globally competitive.
Bill PetronPharmaCielo CEOcommented, “The Colombian government‘s release of final trade guidelines further reinforces its commitment to making the Colombian cannabis industry a global leader. is well positioned to capture market share in import-dependent markets such as Germany, Israel and Australia. These markets are currently supplied with relatively high cost flowers from growers in countries like Canada. PharmaCielo’s structural cost advantage, sophisticated approach to genetics and processing, and ability to scale efficiently, give the company a significant competitive advantage. Over the past few months, we have strengthened our international sales team, which has enabled us to win key markets such as Germany and Eastern Europeand laying the foundation for growth as dried flowers are added to our export portfolio. »
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, with a focus on the ethical and sustainable processing and supply of all-natural dried cannabis flower and pharmaceutical-grade medical cannabis products to large distributors. The principal (and wholly owned) subsidiary of PharmaCielo is PharmaCielo Colombia Holdings SAS, headquartered in its Cultivation and Processing Center located in Rionegro, Colombia.
PharmaCielo’s Board of Directors and management team are comprised of a diverse group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the important role that Colombia the ideal location plays into building a sustainable business in the medical cannabis industry, and the company, together with its directors and officers, is executing a business plan focused on supplying the international market.
This press 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 these words and expressions. or state that certain actions, events, or results “may” or “will” be taken, will occur, or will be completed or achieved.
Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors, including changes in PharmaCielo’s development plans, the inability to obtain and maintain all necessary regulatory approvals relating to the export of cannabis flowers and cannabinoid products and the import of these products. products in other countries, TSX Venture Exchange approval, inability to export or distribute commercial products through sales channels as expected due to economic or operational circumstances, risks associated with operating in Colombiafluctuations in the market price of the Company’s products, risks associated with global economic instability related to COVID-19 or other developments, risks associated with the retention of key Company personnel, currency risk , competition in PharmaCielo’s market and other risks discussed or referred to under “Risk Factors” in PharmaCielo’s Annual Information Form for the year ended December 31, 2019available on 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.
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.
SOURCE PharmaCielo Ltd.
For further information: Ian Atacan, Chief Financial Officer, +1 416-562-3220, [email protected]; Media and Investor Inquiries: [email protected]