Business
PharmaCielo Announces Appointment of Marc Lustig as Chairman and CEO
Toronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - July 11, 2023) - PharmaCielo Ltd. (TSX...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Announces Appointment of Marc Lustig as Chairman and CEOToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - July 11, 2023) - PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) (\"PharmaCielo\" or the \"Company\"), 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 that Marc Lustig has been appointed Chairman and CEO of PharmaCielo. Mr. Lustig has a proven history of value creation across the cannabis, capital markets and health sciences sectors. Mr. Bill Petron, the Company's current Chairman and CEO will remain on the Board as Lead Director.CommentaryMarc Lustig, incoming Chairman and CEO commented, \"As one of the company's largest investors, I am fully aligned to drive significant value creation for shareholders. I strongly believe that the past few years of pain that all public cannabis players have felt sets up the required conditions to see PharmaCielo accelerate into a global leadership position.\"Mr. Lustig continued, \"The overall landscape of the sector is undergoing a sea change that I believe will result in consolidation in favor of both larger scale operators and institutional quality customers, and PharmaCielo was built for this transition. This is a platform with a totally unique combination of fully built-out production and formulation assets, access to globally unique strains and a structural cost advantage that together position it as one of the most scalable and potentially profitable cannabis companies. I would like to personally thank Bill for his leadership over the past two years and know that the company will continue to benefit from his insight on the board of directors. He has built an outstanding senior team that has initiated active relationships with more than 24 customers in 15 countries globally, while bringing ongoing operating costs into a range where cash flow positive can be reached quickly as revenue continues to build.\"Bill Petron, current Chairman and CEO added, \"It has been my pleasure to work with the outstanding team at PharmaCielo since being appointed CEO in mid-2021. Together, we have re-focused the Company's sales efforts on higher margin products, built awareness in key global markets and right sized the cost structure. I have had t...