RIONEGRO, Colombia and TORONTO, May 17, 2017 /CNW/ - PharmaCielo Ltd. today announced the acquisition 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 greenhouse facility.
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.
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For further information: www.PharmaCielo.com; Media Relations: David Gordon, Tel: +1 647 259 3258, David.Gordon@CohnWolfe.ca; (Colombia) Juan Manuel Cuellar, Tel: +57 310 3298776, Juan.M.Cuellar@Sprgroup.biz; Investor Inquiries: Tel: +1 647 560 4640, Toll Free 888 968 8279, Investors@PharmaCielo.com