The Colombian Government granted permission to Pharmacielo Ltd (TCMKTS:PCLOF) for the cultivation, manufacturing, and export of high THC cannabis for medical use.
The new authorization allows Pharmaceilo to fulfill its sale contracts. CEO of Pharmaceilo, David Attard, said the company achieved a milestone by receiving government approval. It allows the company to expand its product line and complement its CBD isolate and oil for medical use.
Enhances the scale of products
David said the expanded extraction and processing capacity along with high THC quota allows the company to fulfill its obligations worldwide and also support B2B to improve the scale of its products.
President of Pharmaceilo, Henning Von Koss, said managing non-psychoactive and psychoactive properties is vital for successfully using cannabis for medicinal purposes. He said maintaining a broad portfolio is important, but responding quickly to the demand is also vital with innovative formulations.
Works with medicinal community
Pharmaceilo will work with medicinal communities and customer base to know the required formulations/ concentrations of terpenes and CBD to address the needs by ensuring regulatory compliance.
The company will develop innovative formulations using its proprietary strains. As of today, Pharmaceilo developed 30 proprietary strains and registered them.
Closes bought-deal offering
Pharmaceilo raised $4.6 million by issuing 6.388 million shares for non-operational payroll taxes Colombian subsidiary and non-operational payroll expenses. The company will use the funds for general corporate expenses, working capital, and extraction purposes.
A lock-in period of 90 days applies to the directors in the board and senior management of the company. They are prohibited from depositing their securities during this period subject to certain exemptions.
Receives approval for short term prospects
Pharmaceilo received approval from the securities regulators in Quebec, Ontario, and British Colombia to issue 12.578 million common shares.
Adds Claudia Jiménez to the board of directors
Pharmaceilo added Claudia Jiménez to its director board on June 1, 2020. Her other responsibilities include overseeing audit and corporate governance activities.
She earlier held advisory and senior leadership roles at various academia, Government, and private sectors. Claudia also served as a minister counselor to the Colombian President.