TORONTO and RIONEGRO, Colombia ,
July 28,
2022 /CNW/ - 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
a supply agreement (the "Agreement") with one of the largest
phyto-therapeutic companies in the Brazilian market (the
"Customer"). The Customer has an extensive distribution network
across Latin America, and is also
a certified B-Corp, reflecting its commitment to a transparent
business model that measures social and environmental
impacts.
PharmaCielo will be registered with Anvisa as the sole supplier
to the Customer for this product, and under the Agreement,
PharmaCielo will ship significant quarterly volumes of a
proprietary CBD derivative formulation to the Customer, which will
be utilized in the production of novel herbal medicines to be
distributed across Latin America.
The Company expects to begin shipping during Q1 2023.
Management Commentary
Bill Petron, CEO of
PharmaCielo, commented, "The efforts of PharmaCielo's recently
strengthened and expanded sales force are paying off, with recent
developments in Spain,
Poland, Germany and Brazil. This customer is a well-established
provider of unique, high quality herbal formulations aimed at the
medical and wellness markets in Brazil, and is a perfect example of the type
of product developer that we are seeking to build strong
partnerships with to expand our global operations and generate
recurring, long-term revenue. This agreement further validates our
strategy to get into the supply chain early with key players in
large potential markets, to become an enduring supplier to these
organizations. We continue to expect that 2022 will be a pivotal
year for the Company as we continue to execute on our sales
pipeline."
Key Management and Board
Appointments
Ian D. Atacan, PharmaCielo's
Chief Financial Officer, appointed to the Company's board of
directors
PharmaCielo also announced that its board of directors has
appointed Ian Atacan to the board,
effective July 25, 2022. Mr. Atacan
has been the Company's Chief Financial Officer since June 7, 2021.
Mr. Petron commented, "I am pleased to welcome Ian
to the board of directors. With more than 30 years of experience in
strategy, M&A, and financial management, he is well positioned
to help shape the design and implementation of the Company's
strategic initiatives. I would also like to thank Ian for his
contributions already as CFO, which have resulted in a more
efficient and strategic finance function that will prove a critical
foundation as PharmaCielo continues to execute on growth
opportunities over the next 12 months."
Announces Addition of Chief Medical Officer
PharmaCielo has appointed Dr. Decio
Rabelo de Castro Filho as Chief Medical Officer of the
Company, to advance the Company's visibility within physician
communities and with pharmaceutical organizations in Latin America, Europe and other key markets globally. Dr. de
Castro Filho is a medical doctor with over 20 years of experience
in occupational medicine and marketing. During the course of his
career, Dr. de Castro Filho has also acted as an expert medical
witness for several large Brazilian companies. Dr. de Castro Filho
is a graduate of the medical program at Pontifical Catholic University of Campinas and has
a master's degree in Marketing from Escola Superior de Propaganda e
Marketing ESPM in São Paulo. He holds a degree in cannabinoid
medicine from the Wecann Academia school.
About PharmaCielo
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF)
is a global company, headquartered in Canada, with a focus on the
ethical and sustainable cultivation,
processing and supply of all natural,
pharmaceutical-grade medical dried cannabis flower and
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.
Forward-Looking Statements
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 in this news release
include, without limitation, statements regarding the issuance of
the Units, including the terms thereof and the closing date
therefor.
The forward-looking statements in this news release are necessarily based on assumptions, including assumptions with respect to PharmaCielo's ability
to obtain necessary approvals for the issuance of the
Units.
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
of cannabinoid 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
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.
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.