- Adds 10 new THC-dominant strains to previously approved group, including unique 1:1 ratio strain
- Company holds the largest and most diversified portfolio of cultivar-registered strains in Colombia
- PharmaCielo has 10 additional strain applications awaiting approval
TORONTO and RIONEGRO, COLOMBIA, March 29, 2019 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV:PCLO), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., announced today that its Colombian subsidiary has received from the national cultivar registry approval for the listing of a further 10 strains, each of which has a prominent tetrahydrocannabinol (THC) profile.
The additional registration of the new strains to the national cultivar registry, including a unique 1:1 THC to CBD ratio strain, doubles the number of approved strains PharmaCielo holds in the registry, making it the largest holder of approved strains in Colombia. It also paves the way for the commercial registration, production and sale of the 20 unique strains.
"The approval and registration of a second set of strains with the national cultivar registry is another important step towards PharmaCielo's goal of becoming a leading global supplier of premium medicinal-grade cannabis oils," said Federico Cock-Correa, president and CEO of PharmaCielo Colombia Holdings S.A.S. "The range of the strains now available at our disposal for commercial production is an important advantage that sets the company apart in both the Colombian and global marketplaces."
The announcement comes on the heels of another set of strains PharmaCielo recently registered with the national cultivar registry, including a special CBD strain with a unique 20:1 ratio profile. As both the World Health Organization and many countries around the world shift their stance in favour of medical use of CBD-dominant cannabis oils and derived products, the demand for this type of strain is expected to rise.
Dr. Delon Human, Global Head, Health and Innovation with PharmaCielo added, "The medical community has diverse requirements for cannabis oil extracts based on specific needs, and as both CBD and THC are increasingly recognized for their medicinal role, the 1:1 ratio strain that we developed and received approval for makes a very significant contribution to the range of natural medicinal options."
The process of registering strains in Colombia is lengthy and extensive. Up to five months of regulated field trials are required, including rigorous data collection and analysis, prior to approval for registration for commercial cultivation. The process from beginning to completion can last several years. PharmaCielo has completed the regulatory process and received strain approval from the technical directorate of the ICA (Colombian Institute of Agriculture), representing a diverse range of chemotypes, with various ratios of CBD to THC. Upon approval, which PharmaCielo has now received for 20 strains, the strains may be registered for commercial production and quota issuance based on demonstrated market demand.
PharmaCielo has submitted a further group of strains for review and potential approval.
PharmaCielo Ltd. (TSXV:PCLO) is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of 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, is executing on a business plan focused on supplying the international marketplace.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements include statements with respect to an increase in the global medicinal demand for CBD cannabis, the timing of approval or the receipt at all of approval of the additional strain applications awaiting approval, the ability of PharmaCielo to fulfill global demand for medicinal cannabis oil extracts, and the timing of the registration of the strains with the national cultivar registry. Forward-looking statements are based on assumptions, including with respect to PharmaCielo's planned products, and the ability to execute its business plan that management believes are reasonable in the circumstances, but the actual results, performance or achievements of PharmaCielo's business may be materially different from any future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to, the equity markets generally, risks associated with early stage companies, risks associated with the regulation of cannabis and cannabinoid derivatives, failure to obtain necessary TSXV approval, competition for PharmaCielo's planned products, risks associated with operating in Colombia, and currency exchange risk. Accordingly, readers should not place undue reliance on forward-looking statements.
Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE PharmaCielo Ltd.
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