Business
PharmaCielo Announces Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2022
During 2022, PharmaCielo made shipments to 23 clients in 9 countries, with continued growth expec...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Announces Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2022During 2022, PharmaCielo made shipments to 23 clients in 9 countries, with continued growth expected for 2023.The Company's measured investments in revenue-generating sales channels resulted in revenues of $5.3 million in 2022, almost three-times more than the $1.9 million reported in 2021.Consistent progress on streamlining the business, to move toward profitability - 2022 SG&A expenses represent a 40% reduction vs. 2021, and were 65% lower compared to 2020.PharmaCielo's previously announced non-brokered private placement of debenture units will generate $6 million in additional capital through the end of Q3 2023.All figures in Canadian dollars ($) unless otherwise specifiedToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - May 1, 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., today announced financial results for the fourth quarter and year ended December 31, 2022. Management Commentary Bill Petron, Chairman and CEO of PharmaCielo, commented, \"Against an environment in 2022 that was challenging for all cannabis companies, our team succeeded in growing revenue by almost three-times our 2021 results, while bringing Sales, General and Administrative expenses down by over 40% compared to last year. There were many positive developments during the year, including the opening of psychoactive flower export from Colombia, which we see as a massive opportunity for PharmaCielo. Our fully built-out facilities, ability to scale quickly and structural cost advantage position us as a formidable competitor to EU imports from Canada and other producing countries. We expect to continue shifting our sales mix toward dried flower and higher value Active Pharmaceutical Ingredients during 2023, while growing revenue as a whole. Likewise, we will maintain strict cost discipline and a focus on efficiency, in order to move the Company closer to generating profitability and cash flow. The opportunity ahead of us is large, and while the evolution of the market is still in its early stages, I am confident that we have the right team in place...