Gone Postal
5 years ago
TORONTO, Nov. 5, 2019 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV:PCLO, OTC:PHCEF) announces that earlier today it was advised by Creso Pharma Limited ("Creso Pharma") that due to BDO Corporate Finance (WA) Pty Ltd. changing its independent expert report to conclude that the PharmaCielo Share Scheme is neither fair nor reasonable and is not in the best interests of shareholders of Creso Pharma, it is impossible for the Board of Directors of Creso Pharma to support the Share and Option Schemes (the "Schemes") in their current form. As a result of the Creso Pharma Board of Directors changing its recommendation in respect of the Schemes, PharmaCielo has terminated the Scheme Implementation Agreement (the "Scheme Implementation Agreement"), originally announced on June 6, 2019, in accordance with its terms. No break or expense reimbursement fees are payable by either PharmaCielo or Creso Pharma in connection with the termination of the Scheme Implementation Agreement. The AUD$3.8 million (approximately CAD$3.57 million) secured bridge loan (the "Bridge Loan") previously advanced by PharmaCielo to Creso Pharma on June 6, 2019, will now mature on November 30, 2019. The Bridge Loan, which bears interest at a rate of 15% per annum, is secured by a general security agreement over the assets of Creso Pharma and a pledge of the shares of Mernova Medicinal Inc., a subsidiary of Creso Pharma, in favour of PharmaCielo.
"While we are disappointed by this outcome, we have appreciated the interactions between our teams over the past several months and wish them much success in their future endeavours," said David Attard, Chief Executive Officer of PharmaCielo. "Our team has made significant strides over the past several months on an organic basis, expanding cultivation and production with a best in class cost structure, as well as growing international sales. As we near completion of Phase I of our processing centre, which will be capable of producing over 24 metric tonnes of refined cannabis oil capacity per year, we are ramping up sales efforts. We are well-positioned to grow our business and the progress made over the past several months has set the Company up for a strong close to 2019 and solid growth in 2020."
Gone Postal
5 years ago
TORONTO and RIONEGRO, Colombia, Aug. 1, 2019 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV:PCLO, OTC:PHCEF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S., is ramping up its oil processing capabilities in the Company's Rionegro, Colombia facility following the recent acquisition and installation of additional high-performance, high-volume extractors, combined with proprietary extraction techniques.
After receiving approval for commercial export of non-psychoactive (CBD) isolate PharmaCielo has expanded its extraction processing capacity to 265 tonnes of dried flower to meet anticipated global demand for its high-grade medicinal cannabis oils, feeding international supply channels and product production lines following the recent achievement of Colombian government approval for commercial export of non-psychoactive (CBD) isolate combined with announcement of the Company's intent to acquire Creso Pharma Limited (ASX:CPH) ("Creso Pharma").
"As global demand for medicinal cannabis oils and extracts continues to outpace supply, we are taking the right steps with prudent investment in processing infrastructure to ensure that we capitalize on business opportunities to become the leading supplier globally," said David Attard, CEO at PharmaCielo. "With the recently announced agreement to acquire Creso Pharma, we have the opportunity to expand our global footprint and add an extensive portfolio of animal and human CBD products, which when combined with commercial export approval and inbound order demand puts us at the stage where we need to ramp up production."
Along with the expansion of its extraction capabilities, PharmaCielo also announced it has surpassed the 18-tonne mark of dried flower currently under inventory and immediately ready for processing. The Company also continues to expand the land area under active cultivation, currently at 12.1 hectares (capable in annual cultivation in excess of 0.48 million kg) from 5.3 hectares at the beginning of the year, with additional cultivation expansion expected to continue throughout the balance of the year.
"Since receiving Colombia's first-issued manufacturing and cultivation licenses, we have utilized the opportunity to conduct trials with the full range of processing equipment and to determine which methodology best meets individual strain and finished-product requirements, as well as to develop proprietary methodologies," added Attard. "Deep experience with all the processing technologies leaves us well positioned to immediately capitalize on installation of the new equipment and not lose valuable production time learning relative ins-and-outs."
The additional processing equipment now in place complements technologies previously manufactured and installed by Canadian firm Vitalis, the global leader in industrial-scale supercritical CO2 extraction, and will immediately increase annual dried flower processing capacity in support of previously announced strategies for the expansion of hectares under cultivation, with a corresponding increase in finished oil production. Laboratory analysis conducted has demonstrated purity of CBD isolate extraction certified as greater than 99+%, and readily accommodating multiple international requirements for commercial import.
Gone Postal
5 years ago
PharmaCielo Announces its Financial Results for the First Quarter 2019
PharmaCielo Ltd. (CNW Group/PharmaCielo Ltd.)
NEWS PROVIDED BY
PharmaCielo Ltd.
May 27, 2019, 07:00 ET
Well capitalized with a cash and cash equivalents balance of $40.8 million as of March 31, 2019
Working towards first commercial sales in the 2nd half of 2019
Area under cultivation has grown to ~12 hectares from ~10 hectares at the end of 2018, a 20% increase in area under cultivation
Construction of Colombian processing facility progressing toward production in late Q2/early Q3
Currently in active negotiations in multiple markets in South America and the EU
All figures are in CDN dollars unless otherwise specified
TORONTO and RIONEGRO, Colombia, May 27, 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., today announced its financial results for the first quarter ended March 31, 2019.
"PharmaCielo has made significant progress over the past six months toward its objective of generating commercial sales during the second half of 2019," said David Attard, Chief Executive Officer, PharmaCielo Ltd. "The team has achieved the milestones it has targeted – significantly increasing cultivation, expanding oil production capacity, establishing the national cultivar's largest licensed strain portfolio, growing the distribution network, entering JV's in two markets, bolstering R&D with appointment of a top-tier scientific and medical advisory board and receiving the coveted ISO9001 quality assurance certification."
"2019 will continue to be an exciting year for the Company as we focus on completing and producing out of our new oil production facility, generating initial sales and growing sales channels. We are well-capitalized to achieve our objectives and expect to see sales significantly expand into 2020, driven by value-add product development and activation of our international and Colombian sales channels," added Attard.
Financial Highlights – Q1 – 2019
Operating Results
All comparisons below are to the quarter ended March 31, 2018, unless otherwise noted
Total operating expenses of $4.8 million as compared to $9.6 million
Net loss of $7.7 million as compared to $10.0 million
Balance Sheet
All comparisons below are to December 31, 2018, unless otherwise noted
Cash and cash equivalents of $40.8 million as compared to $45.7 million
Total assets of $64.6 million as compared to $66.3 million
Total liabilities of $3.6 million as compared to $3.0 million
Discussion of Operations
The Company's net loss totaled $7.7 million for the three-months ended March 31, 2019 (compared to $10.0 million for the three-months ended March 31, 2018), with a basic loss per common share of $0.08 for the three-months ended March 31, 2019 versus a basic loss per common share of $0.13 for the three-months ended March 31, 2018.
This net loss was primarily due to reverse takeover listing expense of $2.4 million for the three-months ended March 31, 2019 (compared to $Nil in the three-months ended March 31, 2018), common share-based expense of $1.4 million for the three-months ended March 31, 2019 (compared to $7.6 million in the three-months ended March 31, 2018), Salaries and wages $850,403 for the three-months ended March 31, 2019 (compared to $172,063 in the three-months ended March 31, 2018), and Agricultural pre-operational costs of $906,225 for the three-months ended March 31, 2019 (compared to $331,766 in the three-months ended March 31, 2018).
Other expenses were principally due to operating expenses to continue the construction of the Research Technology and Processing Centre.
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.
Gone Postal
6 years ago
PharmaCielo Announces its Financial Results for the Fourth Quarter and Fiscal Year 2018
PharmaCielo Ltd. (CNW Group/PharmaCielo Ltd.)
NEWS PROVIDED BY
PharmaCielo Ltd.
Apr 18, 2019, 07:50 ET
PharmaCielo expects to begin commercial sales in 2019.
Oil processing facility is on track for commercial operation and GMP certification during Q3-2019, enabling large-scale production and sale of refined cannabis oil.
Currently, 10 hectares are under active cultivation, expanding to 20 hectares (~2.15 million square feet) by year-end 2019, backed by 20 proprietary registered strains and 186 strains in the Company's germplasm bank.
PharmaCielo's common shares began trading on the TSX Venture Exchange ("TSXV" or "TSX Venture") under the ticker PCLO on January 18, 2019.
Well capitalized with a cash balance of US$33.5 million as of December 31, 2018.
All figures are in U.S. dollars unless otherwise specified
TORONTO and RIONEGRO, Colombia, April 18, 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., announces its financial results for the fourth quarter and full year ended December 31, 2018.
PharmaCielo Ltd. CEO David Attard commented on the company's continuing progress. "2018 was a year of incredible growth, culminating in the public listing of our common shares in January 2019. We are expanding our cultivation and processing operations to begin commercial sales of refined cannabis oil in 2019, having already received more inbound requests for product than we are able to fulfill in the near term. We are ready to sell, with sales licensing and ISO 9001 certification in place and an initial 20 proprietary strains registered for commercial production. We anticipate the completion of our first major processing expansion in Q2 and our GMP certification in Q3."
"PharmaCielo has been structured with a singular strategic objective in mind – to be a dominant global supplier of both branded and white-labelled refined cannabis oil for large global distribution channels. We have the product consistency and quality, reliability of supply and structural cost advantage that will enable us to provide the customized extracts that the global market is looking for, making us very well positioned to become a dominant global cannabis oil supplier," said Dr. Delon Human, PharmaCielo's Global Head of Health and Innovation. "We have recently expanded our Medical and Scientific Advisory Board, adding a group of top global medical researchers and scientists, to enhance our product development strategy and quickly bring high-quality, customized products to market. Our team has decades of collective experience both selling into these channels and running the very global enterprises currently expressing increased interest and demand."
Developments Subsequent to the end of fiscal 2018
For a more comprehensive overview of these recent developments, please refer to the corresponding press releases on the Company's website (www.pharmacielo.com) and the Company's press releases and other regulatory filings on SEDAR (www.sedar.com).
On April 9, 2019, PharmaCielo appointed a Medical and Scientific Advisory Board composed of an international panel of renowned physicians, researchers, veterinarians, engineers and academics. This advisory board will guide PharmaCielo's research and development of special cannabinoids-based formulations and derived products with therapeutic properties.
On March 29, 2019, PharmaCielo announced that its Colombian subsidiary had received approval from the national cultivar registry for the listing of 10 proprietary cannabis strains. This brings the number of approved strains held by PharmaCielo to 20, following the Company's February 6, 2019 announcement of the approval of an initial 10 strains. PharmaCielo is the largest holder of approved strains in Colombia.
On March 19,2019, PharmaCielo received ISO 9001 Quality Assurance Certification for its medicinal cannabis cultivation and processing operations in Colombia.
On January 28, 2019, PharmaCielo announced that it had established an equity joint venture with Mino Labs S.A. de C.V, a specialty pharmaceutical company and medical supply distributor based in Mexico, to bring medicinal cannabis oil to Mexico.
On January 18, 2019, PharmaCielo began trading on the TSX Venture Exchange under the ticker PCLO.
On January 15, 2019, the Company completed an RTO with AAJ Capital 1 Corp. ("AAJ").
Discussion of Operations
The Company's net loss totaled $24.4 million for the twelve-month year ending December 31, 2018 (compared to $5.4 million for the five-month period ending December 31, 2017; and compared to $7.6 million for the twelve-month year ending July 31, 2017), with a basic loss per share of $0.31 for the twelve-month year ending December 31, 2018 versus a basic loss per share of $0.07 for the five-month period ending December 31, 2017, and a basic loss per share of $0.12 for the twelve-month year ending July 31, 2017.
This net loss was primarily due to a share-based payments of $14.4 million for the twelve-month year ended December 31, 2018 (compared to $111,256 in the five-month period ending December 31, 2017, and $2.3 million in the twelve-month year ending July 31, 2017). These share-based expenses were incurred primarily for options granted to employees and directors who had worked for and developed the Company over the years.
Other expenses were principally due to operating expenses to continue the construction of the Research Technology and Processing Centre, and to grow and harvest the plants. Additionally, operating expenses were incurred in Canada for legal, travel, and other fees incurred in order to facilitate the capital raise to complete the Plan of Arrangement. The one-time non-cash item for options was the largest expense.
PharmaCielo Grants Restricted Share Units
Effective April 17, 2019 the Company has granted Restricted Share Units ("RSUs") as follows (i) 20,000 RSUs to Doug Bache, a director of the Company; half of which vest six months from the grant date and half of which vest one year from the grant date; (ii) 75,000 RSUs to Carlos Manuel Uribe, a director of the Company; half of which vest six months from the grant date and half of which vest one year from the grant date; and (iii) 913,000 RSUs to employees and consultants of the Company; half of which vest one year from the grant date and half of which two years from the grant date. Each RSU entitles the holder thereof to receive one common share of the Company (each, a "Common Share").
The RSU's are governed by the RSU plan of the Company (the "RSU Plan"). The RSU Plan was approved by shareholders of the Company on September 20, 2019. The number of Common Shares that may be reserved for issuance pursuant to awards granted under the RSU Plan is 3,101,435 Common Shares, representing 3.3% of the 93,976,962 Common Shares that were issued and outstanding when the Company completed its qualifying transaction (the "Qualifying Transaction") pursuant to the policies of the TSXV and together with the number of Common Shares issuable under the stock option plan of the Company and the deferred share unit plan of the Company may be up to 18,795,392 Common Shares, being 20% of 93,976,962 issued and outstanding Common Shares when the Company completed its Qualifying Transaction. After this issuance there are 1,008,000 RSUs outstanding.
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.
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