Business
PharmaCielo Provides Corporate Update
Toronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - August 10, 2023) - PharmaCielo Ltd. (T...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"PharmaCielo Provides Corporate UpdateToronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - August 10, 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 provided shareholders with an update on several ongoing initiatives.Management CommentaryMarc Lustig, Chairman and CEO of PharmaCielo commented, \"Our team has successfully focused the business on revenue generation and a product mix that is oriented toward higher margin products. With exposure to 25 customers across 15 countries, a growing pipeline, a lean operating structure, and no meaningful capex required in the short or medium term, we expect to be able to turn this business cash flow positive quickly as the revenue line continues to build.\" Business DevelopmentFurther to the Company's press release on June 29, 2023, titled PharmaCielo Provides Corporate Update, the Company's business development team has continued to make progress generating sales with both new and existing customers. BrazilPharmaCielo's presence in the Brazilian market continues to grow. The Company currently has three commercial customers in the country. As announced on February 8, 2023, one of these customers, a Brazilian pharmaceutical company has been in the final stages of testing the Company's Active Pharmaceutical Ingredient (API), for inclusion in its products to be sold in Brazil. The customer has advised PharmaCielo that it expects to receive approval from ANVISA, the Brazilian Health Regulatory Agency, by the end of Q3, 2023 and has registered PharmaCielo as its API supplier. Commercial sales to this customer are expected to begin in Q4, 2023.AustraliaPharmaCielo has added a global healthcare and pharmaceutical company as a customer, which will be its second customer in Australia. This customer has just received authorization to import THC extracts from PharmaCielo for R&D trials to be further included in finished products to be marketed in Australia. The Company expects to make its first shipment in Q3, 2023.GermanyPharmaCielo has made its first shipment of THC-dominant dried flower to Germany. The Company is currently waiting for feedback from its customer and expec...