Business
XPhyto Therapeutics Announces Strategic Supply, Import and Distribution Agreement for the German Cannabis Market
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - XPhyto Therapeutics Corp. ...
About this update from Pharmacielo Ltd.
[{"type":"text","content":"XPhyto Therapeutics Announces Strategic Supply, Import and Distribution Agreement for the German Cannabis MarketVancouver, British Columbia--(Newsfile Corp. - January 27, 2020) - XPhyto Therapeutics Corp. (CSE: XPHY) (FSE: 4XT) (\"XPhyto\" or the \"Company\") is pleased to announce that the Company has signed a three year definitive supply, import and distribution agreement (the \"Agreement\") with PharmaCielo Ltd. (\"PharmaCielo\"), one of the largest, highest quality, and lowest cost cannabis cultivators in the world.PharmaCielo (TSXV: PCLO) (OTCQX: PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related products to international markets. PharmaCielo's principal (and wholly owned) subsidiary, PharmaCielo Colombia Holdings S.A.S., is headquartered at its nursery and propagation centre located in Rionegro, Colombia.XPhyto has prioritized near-term revenue generation by way of import and distribution of medical cannabis products into Germany as a key corporate initiative for 2020 and beyond. Pursuant to the Agreement and subject to all necessary regulatory approvals, XPhyto plans to commence the commercial import of cannabis oils and isolates in mid-2020 with a three year minimum sales target of approximately 30,000 kg for a full range of extracted products including 99% pure CBD and THC isolates, broad spectrum CBD oils, and full spectrum THC oils.\"XPhyto is extremely pleased with its new and growing relationship with PharmaCielo. There are clear synergies between our businesses. In our estimation, PharmaCielo is one of the highest-quality large-scale producers in the world combining an industry-leading cost per gram with global Good Agricultural Practice (GAP) and ISO 9001:2015 certifications that are difficult for large-scale producers to achieve,\" said Hugh Rogers, CEO of XPhyto. \"XPhyto looks forward to working with PharmaCielo as a preferred supplier for our European import and distribution business and to supply premium oils and isolates for our innovative medical cannabis products, such as oral films, transdermal patches, and topical treatments.\"Pursuant to the Agreement, PharmaCielo has agreed to purchase, on a private placement basis, the principal amount of CDN $500,000 of unsecured conver...