PharmaCielo Receives 2023 Quota From Colombian Government, Begins Shipping Cannabis To Czech Republic

PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF), the Canadian parent of Rionegro, Colombia based PharmaCieloColombia Holdings S.A.S., has announced that it has received a five-ton quota from the Colombian government to produce THC-dominant cannabis strains for export as dried flower in September. This quota should help PharmaCielo in its attempts to expand into new international markets and to provide dried cannabis flower in accordance with existing contracts. The company anticipates shipping commercial volumes of dried cannabis flower beginning early 2023, with continuing expansion though next year.

Bill Petron, CEO of PharmaCielo, thanked the Colombian government which “has consistently demonstrated a commitment to supporting domestic cannabis producers, and building its export industry into a position of global dominance”. He assured Colombian dried cannabis flower is “well-positioned to compete with higher cost cannabis flower currently being exported to the EU, Israel, Australia and other markets from jurisdictions such as Canada.” Petron expects 2023 to be an important growth year for the Colombian cannabis industry, as well as for PharmaCielo.

To demonstrate its ambition to export to new markets, the Canada-based company announced that it made its first shipment to a customer in the Czech Republic, in the European Union. The client, which the business declined to identify, was described as an “established cannabinoid-focused pharmaceutical distributor and clinical research organization in the country” that currently imports cannabinoids from The Netherlands and Canada.

According to Bill Petron, “the EU is the biggest opportunity for global cannabinoid exporters, and PharmaCielo is positioned to win market share against current suppliers.” PharmaCielo’s CEO claimed its business has made progress in several markets, including Germany, Israel, Brazil, Mexico, Poland, and now, the Czech Republic.

“We expect the combination of these recent developments and sustained sales efforts to make the next eighteen months a pivotal period for the company,” he concluded.