RIONEGRO, Colombia and TORONTO, May 17, 2017 /CNW/ - PharmaCielo Ltd. today announced theacquisition of 3.37 hectares (8.32 acres) of land in the historic cannabis producing region of northeastern Cauca, Colombia by its wholly owned subsidiary PharmaCielo Colombia Holdings SAS, for the establishment of a
An agreement announced earlier this year with Cooperativa Caucannabis, a Cauca region cooperative, committed PharmaCielo to constructing a fully secure, scalable cultivation facility that will house open-air greenhouses similar to those at its nursery and propagation centre in Rionegro. The Cauca land acquisition is a key element in fulfilling the agreement and essential to regional participation in the development of Colombia's cannabis oil extract industry.
"Building our greenhouse facility here in Cauca department will enable social inclusiveness as regional campesinos participate in the development of a new, legal cannabis industry," said Federico Cock-Correa, director and CEO of PharmaCielo Colombia Holdings SAS.
Cooperativa Caucannabis and its 52 local regional farmer members will participate in Colombia's legal cannabis industry by working together with PharmaCielo in Cauca to cultivate cannabis for the production of standardized, medicinal-grade oil extracts and related products.
The land purchase agreement is expected to be finalized and closed in the next month, with construction of the new greenhouse facility commencing immediately thereafter.
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 SAS, 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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