Business
PharmaCielo Announces Q3 2023 Financial Results
All figures in Canadian dollars ($) unless otherwise specified Toronto, Ontario and Rionegro, C...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Announces Q3 2023 Financial ResultsAll figures in Canadian dollars ($) unless otherwise specifiedToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - November 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 third quarter ended September 30, 2023. Summary Financials   Three months ended   (000's) September 30 2023 September 30 2022   Revenue  $352 $475   Adjusted EBITDA (Loss) $(1,370) $(2,432)  Net Loss $(2,761) $(5,177)  Net Loss per Share $(0.02) $(0.03) For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending September 30, 2023, as posted at sedarplus.ca and pharmacielo.com.Marc Lustig, Chairman and CEO, commented, \"As the global cannabis market continues to develop and evolve, PharmaCielo is uniquely positioned to supply large, sophisticated, consumer and pharmaceutical product manufacturers. To our knowledge, there is no other company in the industry today who can consistently supply pharma-grade extracts and dried flower at the scale and with the cost advantage to that of PharmaCielo. As the cannabis market continues to develop and recover, we are in business development conversations and product testing with the most important players globally with a particular focus on the EU, Latin America, and Australia. Our team has built a focused and lean organization over the past twelve months, and effectively re-positioned the product portfolio on higher margin products. With total SG&A expenses down over 40% from Q3 of last year, and no meaningful capital expenditures necessary to get to full commercial scale, we are even better placed to generate higher profitability and cash flows as our sales efforts pay off.\"Summary of Recent DevelopmentsOn October 6, 2023, PharmaCielo announced that it had raised $1.5 million under its previously announced non-brokered private placement of debenture offering.About PharmaCieloPharmaCielo Ltd. (TSXV: PCLO)...