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PharmaCielo says it has more than doubled revenue to $3.8 million in the first nine months of 2022.

PharmaCielo’s CEO claimed its business has made progress in several markets, including Germany, Israel, Brazil, Mexico, Poland, and now, the Czech Republic.

Extractions Solutions intends to use PharmaCielo's product to develop CBD derivatives to be produced in Spain and distributed across Europe.

The new law enables domestic production and marketing of non-psychoactive cannabis products, and further defines import and export rules.

PharmaCielo grows and produces cannabis products for export from its agricultural facilities in Rionegro, Antioquia, just outside of Medellín, Colombia. The company lists on the Canadian TSX Venture and over-the-counter exchanges as TSXV: PCLO & OTCQX: PCLOF.

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

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

"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 said in a statement that it "will not pursue the matter further" and that "no further details will be provided."

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