Business
PharmaCielo Announces Q2 2023 Financial Results
All figures in Canadian dollars ($) unless otherwise specified Toronto, Ontario and Rionegro, C...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Announces Q2 2023 Financial ResultsAll figures in Canadian dollars ($) unless otherwise specifiedToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - August 29, 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 second quarter ended June 30, 2023. Management Commentary Marc Lustig, Chairman and CEO of PharmaCielo commented, \"Our sales and finance teams have made measurable progress and I expect these efforts to continue to pay off over the next several quarters. From a sales perspective, we are getting more opportunities with large global customers than ever before, as weaker players exit the marketplace or fail to deliver on the quality and consistency required by these institutional-caliber entities. Alongside these steady initiatives to drive the top line, our finance team has delivered on our targeted 25% reduction in ongoing overhead expenses ahead of budget and with no meaningful impact to our ability to execute on existing contracts and go out and win new ones. As one of the largest single investors in this company, I strongly believe that the initiatives we have underway will result in meaningful growth in the top line, and with all material capex behind us, will translate into cash flow and growth in shareholder value.\"Summary Financials   Three months ended (000's)   Jun 30 2023 Jun 30 2022 Revenue  $160 $2,119Adjusted EBITDA (Loss) $(2,119) $(1,823)Net Loss $(3,585) $(3,517)Net Loss per Share $(0.02) $(0.02) For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending June 30, 2023, as posted at sedarplus.ca and pharmacielo.comSummary of Recent DevelopmentsOn July 11, 2023, PharmaCielo announced that Marc Lustig had been appointed Chairman and CEO of the Company. Mr. Lustig has a proven history of value creation across the cannabis, capital markets and health sciences sectors. As announced in the Company's August 10, 2023 news release, PharmaCielo's sales team continues to make progress with new and ...