First harvest cycle of high-THC cultivars expected to yield more than 10 tonnes of dry flower for extract processing
Extracts from six psychoactive cultivars part of Company's expanded product portfolio announced in mid-September
Company holds Government approval for commercial export of high-THC extracts
TORONTO and RIONEGRO, Colombia, Nov. 5, 2020 /CNW/ - PharmaCielo Ltd. (or the "Company") (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., is pleased to announce the first harvest cycle of six high-THC cultivars. The harvest from 5.5 hectares of open-air greenhouse at the company's Rionegro complex is expected to yield more than 10 tonnes of dry flower, which will be processed at PharmaCielo's operational processing and extraction centre (PEC) and destined for export.
Harvest of the cultivars by hand will continue to year-end, with processing commencing in coming weeks. Each of the six cultivars is unique and proprietary, developed through the horticultural expertise of the PharmaCielo team, and registered with the Colombian government. Blending of the extracts of the cultivars delivers an unparalleled psychoactive product profile appropriate for medicinal application with the necessary and consistent high quality required.
"This first harvest of psychoactive cultivars is part of the product portfolio expansion we announced recently," says David Attard, CEO of PharmaCielo Ltd. "As one of Colombia's largest quota holders of government approval for the commercial processing and exporting of THC-dominant medicinal cannabis extracts, we are able to produce and deliver a variety of both CBD and now high-THC extracts including THC distillate and THC:CBD formulations based on market demand."
As PharmaCielo moves to produce high-THC extracts in-house in its Rionegro complex, the Company continues in parallel to expand its CBD-based cultivation footprint through external growers, with the first contract already enacted in mid-August. This dual-pronged approach is being pursued to enable PharmaCielo to achieve a flexible industrial-scale production that is both cost-effective and flexible and can be scaled up as needed.
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, medicinal-grade cannabis oil extracts and related 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 centre 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include statements with respect to the expected yield of PharmaCielo's high-THC cultivars, PharmaCielo's intentions regarding the processing and sale of its high-THC cultivars and the anticipated timing of the harvest and processing of PharmaCielo's high-THC cultivars. Forward-looking statements are based on assumptions, including with respect to PharmaCielo's ability to execute its business plan as currently contemplated, that management believes are reasonable in the circumstances, but the actual results, performance or achievements of PharmaCielo's business may be materially different from any future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the equity markets generally, risks associated with early stage companies, risks associated with the regulation of cannabis and cannabinoid derivatives, risks inherent in agricultural businesses, competition for PharmaCielo's planned products, risks associated with operating in Colombia, currency exchange risk and those factors 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.
SOURCE PharmaCielo Ltd.
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