- 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.
About PharmaCielo
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.
Forward-Looking Statements
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.