– Colombia's Largest Producer Continues Momentum of Growth –
RIONEGRO, Colombia and TORONTO,July 30, 2018 /PRNewswire/ -- PharmaCielo Colombia Holdings S.A.S. ("PharmaCielo Colombia"), the wholly owned subsidiary of Canadian medicinal cannabis firm PharmaCielo Ltd. ("PharmaCielo"), today announced that it has begun
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The THC-dominant planting is in addition to approximately 200,000 CBD-dominant plants already under cultivation, with flower harvest expected in coming weeks.
"As the largest cultivator in Colombia of both categories of the cannabis plant, we are very excited about the continued growth and development of the industry," said Federico Cock-Correa, CEO and Director of PharmaCielo Colombia. "The government has provided rigorous regulatory structures that must be complied with in order to not only receive cultivation quota, but also for the all-important next stages of processing and product development essential to the long-term strength of this new sector of the economy."
PharmaCielo continues to increase the scale of cultivation, expanding both overall yield and the number of hectares under cultivation, while readying itself for heightened commercial production based on international market demand as allowed under appropriate regulatory structures.
"With our mother plants producing up to 100,000 cuttings per week for planting we expect to continue our expansion of both CBD-dominant and THC-dominant (under quota) cultivation at a significant pace – at the capacity of 1 hectare a month of additional cultivation based on international product demand," added Cock-Correa.
The Nursery and Propagation Centre of PharmaCielo Colombia has a footprint of 27.7 hectares, with 12.1 hectares (1.3 million sq. feet) of open-air greenhouses dedicated to cultivation. As the planting matures, it will propagate additional plantings, with the expectation of harvest in coming months for processing and oil extraction. Over time, PharmaCielo will supply genetically consistent, high-quality plant seedlings to over 1,000 hectares (2,500 acres) of contract growers' open-air greenhouses for final cultivation.
"As demand for medicinal cannabis oils continues to grow on an international level, the ability to have a secure source of supply, consistently high quality and purity of the product is essential," added Anthony Wile, CEO of PharmaCielo Ltd. "From speaking with global healthcare clients, we know that they need to be assured of the company's ability to consistently provide necessary volumes as well as product quality of the highest level, both of which are essential to the ongoing relationship and which we are pleased to confirm our ability to provide."
About PharmaCielo Ltd.
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.
For further information: www.PharmaCielo.com
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. Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in subsequent reports should be consulted.
Media Relations: David Gordon, Tel: +1 647 259 3258, email@example.com; (Colombia) Juan Manuel Cuellar, Tel: +57 310 3298776, firstname.lastname@example.org; Investor Inquiries: Jonathan Ross, CFA, +1 416 283 0178, email@example.com
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