- The Company will start supplying the German market with
three THC-dominant products, with commercial shipments expected to
begin in late 2022.
- This is PharmaCielo's first sales agreement related to THC
products. Represents a significant milestone related to
management's re-focusing of PharmaCielo's product strategy toward
THC-dominant products.
TORONTO
and RIONEGRO, Colombia, Feb. 14,
2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the
"Company") (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of
Colombia's premier cultivator and
producer of medicinal-grade cannabis extracts, PharmaCielo Colombia
Holdings S.A.S. ("Holdings"), today announced that it had signed a
sales agreement (the "Agreement") with Greenstein Germany GmbH
("Greenstein"), an independent pharmaceutical wholesaler
specializing in the distribution of cannabis-based
phytopharmaceuticals in Germany.
Greenstein has a joint venture with NOWEDA e.G. ("NOWEDA"), a
German pharmacist-owned cooperative founded in 1939 that supplies
all pharmacies across Germany.
Under the Agreement, PharmaCielo will initially supply NOWEDA via
Greenstein three THC-dominant final products, with shipments
expected to begin in late 2022. Additional details related to the
Agreement were not disclosed.
Management Commentary
Bill Petron, CEO of
PharmaCielo, commented, "Through its joint venture with NOWEDA,
Greenstein has access to one of the largest pharmaceutical
wholesale distribution networks in Germany. Between NOWEDA's reach, and the
built-in scalability of PharmaCielo's operations, we see a
substantial opportunity to build this relationship over the
long-term to the benefit of both companies as well as patients in
Germany."
Mr. Petron continued, "The signing of this Agreement
represents a massive early success in our efforts to strengthen our
sales channels, and concentrate our efforts on the development and
sales of our THC product portfolio. This is just the beginning of
the opportunities we see in the region. We expect 2022 to be a
pivotal year for PharmaCielo, both in Europe as well as in other focus markets
globally, as our sales professionals continue to work with
potential customers, to drive results."
Matthias Koeppel, Co-Founder
and CEO of Greenstein, commented, "PharmaCielo, with its world
leading cultivating and processing facilities in Colombia, is uniquely positioned to supply the
German market. We are excited to bring to market their excellent
product portfolio through our network. We look forward to building
and developing our relationship with PharmaCielo."
Mr. Koeppel continued, "We see this as a first, but
confident and strong step in securing high quality, competitively
priced THC products for the German market.
About PharmaCielo
PharmaCielo Ltd. (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 large channel distributors. PharmaCielo's principal (and wholly
owned) subsidiary is PharmaCielo Colombia Holdings S.A.S.,
headquartered at its cultivation and processing center located in
Rionegro, Colombia.
The board of directors and executive team of PharmaCielo are
comprised of a diversely talented group of international
business executives and specialists with relevant and varied
expertise. PharmaCielo recognized the significant role that
Colombia's ideal location plays in
building a sustainable business in the medical cannabis industry,
and the Company, together with its directors and executives, is
executing on a business plan focused on supplying the international
marketplace.
About Greenstein
Greenstein Germany is an independent pharmaceutical
pre-wholesaler specialized in the import and distribution of
cannabis flowers, extracts, and APIs to distributors on the
European Continent. Greenstein Germany holds a pharmaceutical
wholesale license according to §52a German Drug Law (AMG) and a
narcotic license authorized by the German Federal Opium Agency
(BfArM) according to §3 (BtMG). Greenstein is the exclusive
pre-wholesaler to APOCAN GmbH, a joint venture between Greenstein
and NOWEDA.
For further information:
Ian Atacan, Chief Financial
Officer
+1 416-562-3220
i.atacan@pharmacielo.com
Media and Investor Inquires:
investors@pharmacielo.com
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking
statements can be identified by the use of words such as "expects",
"is expected", "intends", "anticipates", "believes", or variations
of such words and phrases or state that certain actions, events or
results "may" or "will" be taken, occur or be completed or
achieved. Forward-looking statements in this news release include,
without limitation, statements with respect to: Company
expectations that GMP audits will be scheduled by potential
customers, the completion of scheduled GMP audits by potential
customers, expectations that potential customers that have
scheduled or completed audits will become customers of the Company,
the success or traction of the Company's sales strategy,
collaboration with pharmaceutical companies in their product
development cycle and the expectation that such collaboration will
result in a competitive advantage to the Company and that the
advantage will be sustainable, expectations that the successful
completion of audits will grow the Company's sales pipeline or
build its reputation as a global supplier of choice, the expected
timing of the completion of European Union GMP audit processes, the
Company obtaining approvals or licenses related to importing
Company products into European Union, and the expectation by the
Company that the timing of completion of the European Union GMP
certification will not affect sales. The forward-looking
statements in this news release are necessarily based on
assumptions, including assumptions with respect
to: PharmaCielo's ability to execute its business plan as
currently contemplated, PharmaCielo's ability to obtain necessary
regulatory approvals for the export of its products from
Colombia and import of its
products into other countries, sufficient demand for the Company's
products , that potential customers will be satisfied with the
results of audit processes, that any changes to Colombian cannabis
legislation will not negatively impact the Company's business, that
the Company will be able to locate and retain necessary personnel
to achieve its business goals, PharmaCielo's ability to maintain
its distribution contracts in good standing and the accuracy of
PharmaCielo's projections regarding the market for cannabinoid
products. Though management believes that its assumptions are
reasonable in the circumstances, the actual results, performance or
achievements of PharmaCielo's business may be materially different
from any future results, performance or achievements expressed or
implied by any forward-looking statements herein. Forward-looking
statements can be affected by known and unknown risks,
uncertainties and other factors, including changes to PharmaCielo's
development plans, the failure to obtain and maintain all necessary
regulatory approvals relating to the export of cannabinoid products
and the import of these products into other countries, TSXV
approval, the inability to export or distribute commercial products
through sales channels as anticipated due to economic or
operational circumstances, risks associated with operating in
Colombia, fluctuation of the
market price for the Company's products, risks associated with
global economic instability relating to COVID-19, risks related to
retention of key Company personnel, currency exchange risk,
competition in PharmaCielo's market and other risks discussed or
referred to under the heading "Risk Factors" in PharmaCielo's
Annual Information Form for the financial year ended December 31, 2019, which is available at
www.sedar.com. Accordingly, readers should not place undue reliance
on forward-looking statements. Except as required by law,
PharmaCielo undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
SOURCE PharmaCielo Ltd.
