TORONTO and RIONEGRO, Colombia, April 12, 2017 /CNW/ - Following the April 10 signing of Decree 613 by President Santos of Colombia, enabling the government to accept licence applications for the commercial cultivation of cannabis plants, Rionegro, Colombia-based
"Receiving cultivation licences is the next stage in PharmaCielo's goal of becoming Colombia's first fully licensed and integrated grower and manufacturer of cannabis oil extracts," explained PharmaCielo President and CEO Dr. Patricio Stocker. "The government is to be congratulated on its thoroughness and the well-developed platform for the granting of cultivation licences that Decree 613 represents. This carefully considered action is a necessary next step in the continued development of Colombia's cannabis oil extract industry, which will benefit the nation as a whole."
The primary cultivation licence application to be filed will be on behalf of PharmaCielo's wholly-owned 27-hectare nursery and propagation centre in Rionegro. Additional individual applications will be submitted jointly over time with Rionegro growers with whom PharmaCielo has signed cultivation contracts, as the company's cultivation capacity expands. A joint application with Cooperativa Caucannabis, as part of a previously announced partnership to jointly develop greenhouse operations in the Cauca department, will also be submitted. Over time, cuttings from strains cultivated at the nursery and propagation centre will be transplanted to the contract Rionegro growers as well as to Cauca department greenhouses, for growth to maturity and harvest. At capacity, this represents up to 1,000 hectares of total cultivation to be processed by PharmaCielo into cannabis oils.
"The experienced flower growers at our nursery and in our Rionegro area cultivation contract network are mutually looking forward to the new challenges of cultivating feeder stock cannabis flower to support our oil processing activities," said Federico Cock-Correa, CEO of PharmaCielo Colombia Holdings S.A.S. "Similarly, working together with our Cooperativa Caucannabis partners to begin commercial cultivation of cannabis for processing into oil extracts is the critical next step in the evolution of both the overall Colombian cannabis industry and local economies, including in the Cauca region."
Since the company's June 2016 manufacturing licence announcement, PharmaCielo has made a number of significant investments in its Rionegro operations in anticipation of applying for its cultivation licence. These investments focused on its nursery and propagation centre, and include the following:
Subject to the review and approval of the licence applications by the Colombian government, PharmaCielo looks forward to the next steps and anticipates having more announcements in the near future.
PharmaCielo Ltd. is a global company privately held and headquartered in Canada, with a focus on processing and supplying 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 nursery and propagation centre located in Rionegro, Colombia. The boards of directors and executive teams of both PharmaCielo and PharmaCielo Colombia Holdings 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 will play in building a sustainable business in the medical cannabis industry, and the company, together with its directors and executives, has built a compelling business plan focused on supplying the international marketplace.
This press release may contain forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or "recurring" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors, such as demand for the Company's products, currency exchange changes and risks, internal funding and the financial condition of the Company, product roll-out, competition, technological changes, and other commercial matters involving the Company, its products, and the markets in which the Company operates, as well as general economic conditions, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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