TORONTO and RIONEGRO, Colombia, Dec. 27, 2017 /CNW/ - PharmaCielo Ltd. ("PharmaCielo") and Khiron Life Sciences Corp. ("Khiron") announced that they have reached a satisfactory resolution of the complaint filed by PharmaCielo against Khiron with the Colombia Superintendent of Industry and Commerce.
PharmaCielo has accepted the settlement terms provided, including a shareholder of Khiron transferring 100,000 common shares of Khiron to PharmaCielo, and will not pursue the matter further.
Under the terms of the settlement agreement, no further details will be provided.
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 has built a compelling business focused on supplying the international marketplace.
Khiron Life Sciences Corp. is a Canadian integrated medical cannabis company with its core operations in Colombia. Khiron combines leading international scientific expertise, agricultural advantages, and branded product market entrance experience to address the unmet medical needs in a market of over 620 million people in Latin America.