Dec 27, 2017, 08:10 ET
– First and Only Grower Receiving Necessary Quota for Cultivation –
RIONEGRO, Colombia and TORONTO, Dec. 27, 2017 /CNW/ - 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 the process of planting both psychoactive (THC) and non-psychoactive (CBD) medicinal cannabis strains at its Nursery and Propagation Centre in Rionegro.
"As the only grower to receive the necessary quota approval from the Colombian government, we are very excited to know that we will have our very first planting completed by December 31," said Federico Cock-Correa, CEO and Director of PharmaCielo Colombia. "We thank the government for their recognition of PharmaCielo's readiness for the immediate planting of a wide variety of exclusive and historically important Colombian cannabis strains, which have been utilized for spiritual and wellness purposes by Colombia's indigenous communities for decades and in some instances centuries."
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 initial planting matures, it will propagate additional plantings, with the expectation of the initial harvest occurring mid-year for processing and oil extraction. Over time, PharmaCielo will supply plant seedlings to over 1,000 hectares (2,500 acres) of contract growers' open-air greenhouses for final cultivation.
"We see a steady increase in interest from leading participants in today's rapidly developing global cannabis marketplace, seeking to develop strategic partnerships with PharmaCielo to access high volumes of premium quality medicinal-grade cannabis oil extracts and related products," added Dr. Patricio Stocker, President and CEO of PharmaCielo Ltd. "This is a very exciting time for the company, and we look forward to increasing our future cultivation footprint and quota as we ramp up production to meet global demand."
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:
For further information: Media Relations: David Gordon, Tel: +1 647 259 3258, [email protected]; (Colombia) Juan Manuel Cuellar, Tel: +57 310 3298776, [email protected]; Investor Inquiries: Tel: +1 647 560 4640, Toll Free 888 968 8279, [email protected]
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