RIONEGRO, Colombia and TORONTO, May 12, 2017 /CNW/ - PharmaCielo Ltd. today announced the acquisition of 3.84 hectares (9.5 acres) of land by its wholly owned Colombian subsidiary, PharmaCielo Colombia Holdings SAS, adjacent to its 27-hectare Rionegro nursery and propagation centre. PharmaCielo's cannabis processing and oil extraction facilities as well as its research and technology centre will both be located on the new property.
Location of the processing facilities and research centre adjacent to the nursery and propagation centre ensures transportation efficiency and that security precautions necessary for high-value cannabis oil extracts are in place to the standards required by government licensing previously granted.
"Acquisition of this property adjacent to our current nursery and propagation centre facilities is an important next step in the development of PharmaCielo's capacity for both cultivation of cannabis and processing of cannabis flowers into oil extracts," said Federico Cock-Correa, director and CEO of PharmaCielo Colombia Holdings S.A.S. "Our next activity will be construction of the research and technology centre and installation of processing equipment to be ready for our first crop of cannabis flower."
Internationally sourced equipment for processing dried cannabis flower and oil extraction has been delivered to Colombia and will be installed in the new facility over coming months as construction is completed, in readiness for commercial cultivation in 2017. The research facilities will be tasked with testing various processing technologies and cannabis strains to ensure the highest quality natural products and procedures are in place.
Since becoming Colombia's first recipient of a licence for the processing and manufacture of cannabis oil extracts, in 2016, PharmaCielo has continued its progress toward establishing the world-class facilities necessary to supply the global marketplace for naturally grown and processed, standardized medicinal-grade cannabis oil extracts and related products.
On April 25th the purchase agreement was signed by PharmaCielo Colombia Holdings SAS and the current landowner. Subject to Colombian real estate sale processes, the agreement is expected to be finalized and closed in the coming days.
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, [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]