- The Company has made a pre-commercial shipment of CBD
isolate to its Mexican joint venture, to support product
development by a Mexican phytotherapeutic company.
TORONTO and RIONEGRO, Colombia ,
Aug. 4,
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 its first shipment of cannabinoid products to its Mexican
joint venture PharmaCielo S.A. de C.V. ("PharmaCielo Mexico"). The
Company's joint partner in PharmaCielo Mexico is MINO Labs S.A. de
C.V., ("MINO Labs"), which is a specialty pharmaceutical company
and medical supply distributor based in Mexico. PharmaCielo Mexico has arranged for
this initial shipment to support the product development efforts of
a potential customer, which is in the process of developing
cannabinoid-based phytotherapeutic products for the Mexican
market.
Management Commentary
Bill Petron, CEO of
PharmaCielo, commented, "The Mexican market represents a large,
near and mid-term opportunity for PharmaCielo, and we are proud to
export cannabinoids in support of the development of products for
the medicinal market. PharmaCielo Mexico is positioned to be a
preferred supplier in the country, backed by PharmaCielo's proven
ability to supply extracts and flower products at scale, with
consistent quality and value, and MINO Labs' successful track
record in the Mexican market. PharmaCielo's global sales pipeline
continues to build, and we expect 2022 and 2023 to be pivotal years
for growth and value creation for shareholders, as we continue to
execute our strategy."
Manuel Cosme
Odabachian, CEO of Mino
Labs, added, "MINO Labs has been a leader in the Mexican
specialty pharmaceutical distribution sector for more than 20
years. As the country continues to move towards legalization for
medical use, we are seeing significant interest from our existing
customer base in taking product for pharmaceutical product
development. Mexico is a large
potential market, and we fully expect the combination of
Mino Labs' long track record of
selling into the specialty pharma sector in the country, and
PharmaCielo's ability to produce pharma-grade product consistently,
will be a winning combination as demand continues to grow."
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.
About MINO Labs
Mino Labs S.A. de C.V. is a specialty pharmaceutical company and
medical supply distributor based in Mexico with more than 20 years of experience.
The company has distribution, warehousing and commercialization
facilities throughout the Mexican territory supplying strategic
chain, independent and retail drugstores as well as
government-sector institutions with pharmaceutical, biological and
OTC products. MINO has a fully operational license and a
state-of-the-art 64,500-feet warehouse in compliance with
appropriate infrastructure requirements and licenses for
pharmaceutical products.
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 therefore.
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.