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The Canadian company with its main operations in Colombia sold more than 14.3 million common shares for $0.90 per share to raise the funding.

David Gordon, former managing partner in Canada for global public relations firm Cohn & Wolfe, will step into his role with PharmaCielo on October 1.

"This acquisition represents a significant milestone for the cannabis industry, being the first in which a major multinational agricultural corporation has taken a position in a joint venture of this nature,” said Avicanna.

The new plants are a THC-dominant variety, which trigger a psychoactive response, whereas the earlier crop were cannabidiol, or CBD, dominant.

Khiron CEO Alvaro Torres says adding Fox to the board of directors “significantly expands our scope of influence and relationships within the Latin American market.”

Khiron will grow cannabis strains chosen to target “patients identified as having unmet medical needs" within Colombia and Latin America.

"We look forward to increasing our future cultivation footprint and quota as we ramp up production to meet global demand,” said Patricio Stocker of PharmaCielo Ltd.

PharmaCielo is one of the first companies to apply following the August 10 announcement by the government that it is accepting applications.

The land is adjacent to PharmaCielo’s 27-hectare cannabis nursery and will be the site of a cannabis processing plant, oil extraction facility, and research center.

PharmaCielo says that farmers in "war-torn towns ... deserve to participate in Colombia's newly legalized cannabis industry."