PharmaCielo Announces Shipment of CBD Full Spectrum Oil to a Brazilian Pharmaceutical Customer
- The Company has shipped pre-commercial quantities of CBD full spectrum oil containing THC, to support the development of a full spectrum product for the Brazilian market.
TORONTO and RIONEGRO, Colombia, June 6, 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 an initial shipment of a CBD full spectrum extract with THC content to a well-established Brazilian Pharmaceutical company (the "Customer") to support additional product development efforts, with the potential to become a key supplier as these products come to market. The Customer is expected to develop, and bring to market, a CBD full spectrum product using PharmaCielo's API 1.
This is the second product being developed by this Customer using PharmaCielo APIs. The first, which uses PharmaCielo's CBD isolate as an API, is currently under review by Anvisa and is expected to be approved in the next several months, with the product launching in Brazil soon after approval.
Bill Petron, CEO of PharmaCielo, commented, "We are pleased to support our partner in Brazil as they seek to develop a CBD full spectrum product. With a population of over 200 million and very few Anvisa-approved cannabis products to date, we expect Brazil to continue to evolve into an important medical cannabis market. PharmaCielo is positioned to play an important role as a supplier of choice for cannabis based APIs in the country, as patient count continues to grow and new products like those in development by our partner, are commercialized. By entering into relationships with key global pharmaceutical players like our partner in Brazil, we expect to maximize our opportunity to scale PharmaCielo's API business. We are confident that with the progress to date and our current client pipeline, 2022 will be a pivotal year for PharmaCielo as we move to scale our platform with a view to generating revenue growth and value for shareholders."
Today, the Company also announced that it intends to issue, subject to the approval of the TSX Venture Exchange, 474,058 common shares of the Company ("Interest Shares"), at an effective price of $0.5605 per Interest Share, in satisfaction of an aggregate of $265,702.74 in semi-annual interest payments due to holders of 11% secured debentures of the Company due December 24, 2024 (the "Debentures"). The effective price of the Interest Shares was determined by dividing the cash interest otherwise payable by the number of shares issuable under each Debenture, as determined on June 1, 2022 in accordance with the terms of the Debentures.
The Interest Shares are subject to the balance, if any, of the 4-month statutory hold period applicable to the relevant Debenture under Canadian securities laws.
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1 Active Pharmaceutical Ingredient |
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, pharmaceutical-grade medical 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.
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 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.
Ian Atacan, Chief Financial Officer, +1 416-562-3220, [email protected]; Media and Investor Inquires: [email protected]
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