RIONEGRO, Colombia and TORONTO, Aug. 30, 2017 /CNW/ - PharmaCielo Colombia Holdings S.A.S. announced today that Cooperativa Caucannabis has filed an application with the Ministry of Justice to become a licensed grower of medicinal-grade cannabis in the Cauca Department as part of its operating partnership with PharmaCielo.
Earlier this year, PharmaCielo Colombia Holdings S.A.S. and Cooperativa Caucannabis announced a joint initiative to establish a greenhouse facility on 3.6 hectares of land (8.9 acres) in the historic cannabis-producing region of northeastern Cauca, Colombia. Cooperativa Caucannabis and its 63 local regional farmer members will participate in Colombia's legal cannabis oil extract industry by working together with PharmaCielo in Cauca to cultivate cannabis for the production of standardized, medicinal-grade oil extracts and related products.
"Granting of a license will provide a significant industrial and economic opportunity to our region," said Eduard García, Mayor of Corinto, Cauca. "We look forward to the continued development of this joint initiative."
Hector Sanchez, Representative of Caucannabis, added: "The members of our cooperative have substantial experience in agricultural cultivation and look forward to working with our colleagues at PharmaCielo to build an industry that benefits our regions and families for many years to come."
PharmaCielo recently filed for separate licensing on behalf of its Rionegro-based Nursery and Production Centre. The operating license for the Cauca facility will be held by Cooperativa Caucannabis as a local organization of growers.
"The government has taken a strong and positive view of the development of the medical cannabis industry as a vehicle for economic growth of the nation," said Federico Cock-Correa, director and CEO of PharmaCielo Colombia Holdings S.A.S. "This license, held by Cooperativa Caucannabis, will be essential to our partnership in helping to build a national economic initiative with strong regional benefits."
Under Decree 613 of 2017, the government has committed that the period for review of licence applications will be no longer than 30 days provided the specific requirements for the licence have been met.
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.
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