- The updated set of regulations opens the door to new categories of cannabis-derived products to be developed and sold domestically and for export
- The decree addresses and fills regulatory gaps; improves the competitiveness of the Colombian cannabis industry globally
- Paves the way for the development and sale of additional types of THC products, as well as the commercial export of dried flowers.
TORONTO and RIONEGRO, Colombia, July 26, 2021 / CNW / – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent company of that of Colombia The leading cultivator and producer of medicinal grade cannabis extracts, PharmaCielo Colombia Holdings SAS, congratulates the Colombian government and President Duque for signing the new set of laws (the “Decree”). The decree aims to make the country’s legal cannabis industry more competitive globally. In addition, the decree creates greater legal clarity, provides quotas for a new category of low-THC extracts and provides producers with new business opportunities for domestic and export purposes, among other key elements.
“The Colombian government has rightly identified the legal global cannabis sector as a substantial growth opportunity for the country, and the decree represents further evidence that the government continues to support the development of the industry to a higher level of competitiveness on a global scale, ”said Henning von Koss, CEO of PharmaCielo. “As one of the first pioneers of the Colombian industry and a founding member and permanent member of the board of directors of Asocolcanna, PharmaCielo was actively engaged in the consultative process led by the government that led to this decree. and we are very happy with the progress and the update of the regulations. With state-of-the-art extraction and formulation capabilities, a truly global scale, and a comprehensive, high-quality product portfolio of extracts and dried flowers, PharmaCielo is uniquely positioned to benefit from the new set of regulations being introduced. ”
Among the various regulatory updates introduced in the new decree, we believe that three stand out as having the greatest potential to advance both PharmaCielo and the Colombian medical cannabis industry as a whole:
- Enabling the domestic marketing and industrial use of CBD in other categories of non-medical industrial products including wellness, beauty / cosmetics, functional foods and beverages. This potentially opens up a wider range of business opportunities for PharmaCielo to collaborate with Colombian manufacturers of finished products in these categories for the development of new products for local and international consumption.
- Fill a legislative void by allowing authorization quotas for low THC extracts for marketing and export. This allows producers of cannabis extracts to market and export derivatives and inputs with low THC content, highly sought-after ingredients that are by-products derived from non-psychoactive cannabis extraction processes.
- Provide a clear future path, after further consultation and completion of technical regulations, for the export of dried flowers for medicinal use as a final product for patient consumption. PharmaCielo’s specialization and fully targeted propagation of in vitro tissue culture cloning of mother plants provide a unique solution that ensures uniformity and consistency of chemical profile and flower content. We believe this is the most important criteria for obtaining a safe and sustainable supply of dry flowers for medical purposes.
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company headquartered in Canada, with an emphasis on the ethical and sustainable processing and supply of all natural extracts of medicinal grade cannabis oil and related products to major distributors. The main (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 made up of a diverse group of international business leaders and specialists with relevant and varied expertise. PharmaCielo recognized the important role that that of Colombia The ideal location plays a role in creating a sustainable business in the medical cannabis industry, and the company, together with its directors and officers, implements a business plan focused on supplying the market. international.
This press release contains forward-looking statements. Forward-looking statements may 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 contained in this press release include, but are not limited to, statements regarding: expectations that new categories of cannabis-derived products will be developed and sold domestically and for export; expectations that the decree and related regulations will improve business, industry and local competitiveness; the expectations that other types of THC products, including dried flowers, will be developed, sold or exported; the expectations that the Colombian government will continue to support the development of the competitiveness of the cannabis industry; the expectations that PharmaCielo will benefit from the decree and regulations introduced today; the expectations that the decree and regulations will advance PharmaCielo and the Colombian cannabis market; expectations that a wider range of business opportunities will exist for PharmaCielo to work with Colombian manufacturers of finished products in the development of new products for local and international consumption; expectations that producers of cannabis extracts will be able to market and export low THC derivatives and inputs; and that the required additional consultations and the implementation of the necessary technical regulations will take place. .
The forward-looking statements contained in this press release are necessarily based on assumptions, including assumptions regarding: the ability of PharmaCielo to execute its business plan, the ability of PharmaCielo to obtain the necessary regulatory approvals for the export of its products of Colombia and the importation of its products into other countries, sufficient demand for the Company’s products, that potential customers will be satisfied with the results of the audit processes, that any change in Colombian cannabis legislation will not no negative impact on the activities of the Company, which the Company will be able to locate and retain the personnel necessary to achieve its business objectives, the ability of PharmaCielo to maintain its distribution contracts in good standing and the accuracy of PharmaCielo’s projections regarding the cannabinoid products market.
Although management believes that its assumptions are reasonable under the circumstances, the actual results, performance or achievements of PharmaCielo’s business may differ materially from the future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. hurry. Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors, including changes in PharmaCielo’s development plans, failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and the importation of such products into other countries, approval by the TSX Venture Exchange, inability to export or distribute commercial products through sales channels as intended due to economic or operational circumstances, the risks associated with operating in Colombia, fluctuation in the market price of the Company’s products, risks associated with global economic instability linked to COVID-19 or other developments, risks linked to the retention of key Company personnel, currency risk, competition on the PharmaCielo market and other risks discussed or mentioned 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. Therefore, readers should not place undue reliance on forward-looking statements. Unless required by law, PharmaCielo makes no commitment to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PharmaCielo Ltd.
For more information: Henning von Koss, CEO, +1 416-864-6116, https://www.pharmacielo.com/contact-us/; Media Relations: International: Gal Wilder, Cohn & Wolfe, +1 416-602-4092, [email protected]; Colombia: Giselle Díaz Bermúdez, Groupe SPR, + 57 310 859 5468, [email protected]; Investor surveys: [email protected]