Business
PharmaCielo Announces its Financial Results for the First Quarter 2019
PharmaCielo Announces its Financial Results for the First Quarter 2019 Canada News...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"\n\n\n\nPharmaCielo Announces its Financial Results for the First Quarter 2019\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and RIONEGRO, Colombia, May 27, 2019\n\n\n\nWell capitalized with a cash and cash equivalents balance of $40.8 million as of March 31, 2019 Working towards first commercial sales in the 2nd half of 2019 Area under cultivation has grown to ~12 hectares from ~10 hectares at the end of 2018, a 20% increase in area under cultivation Construction of Colombian processing facility progressing toward production in late Q2/early Q3 Currently in active negotiations in multiple markets in South America and the EUAll figures are in CDN dollars unless otherwise specified\n TORONTO and RIONEGRO, Colombia, May 27, 2019 /CNW/ - PharmaCielo Ltd. (\"PharmaCielo\" or the \"Company\") (TSXV:PCLO), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., today announced its financial results for the first quarter ended March 31, 2019.\n\n \n \n\n \n\"PharmaCielo has made significant progress over the past six months toward its objective of generating commercial sales during the second half of 2019,\" said David Attard, Chief Executive Officer, PharmaCielo Ltd.  \"The team has achieved the milestones it has targeted – significantly increasing cultivation, expanding oil production capacity, establishing the national cultivar's largest licensed strain portfolio, growing the distribution network, entering JV's in two markets, bolstering R&D with appointment of a top-tier scientific and medical advisory board and receiving the coveted ISO9001 quality assurance certification.\"\n\"2019 will continue to be an exciting year for the Company as we focus on completing and producing out of our new oil production facility, generating initial sales and growing sales channels. We are well-capitalized to achieve our objectives and expect to see sales significantly expand into 2020, driven by value-add product development and activation of our international and C...