PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced financial results for the first quarter ended March 31, 2023.

"Despite lower revenue in the first quarter of the year, we fully expect 2023 to be a period of growth following a fiscal 2022 where our sales team drove revenue of almost three times the prior year. Results will fluctuate quarter-to-quarter due to the size of the business currently, however we are steadily making progress toward the achievement of our strategic objectives," said Bill Petron, chairman and CEO of PharmaCielo. "Our global sales team has a robust pipeline of opportunities both in existing and new markets, and we expect higher margin dried flower to progressively become a larger proportion of our sales over the next several quarters.

PharmaCielo had cash equivalents of $0.5 million at March 31, 2023, compared to $0.2 million at December 31, 2022.

Adjusted EBITDA loss in Q1 2023 was $1.9 million compared to $1.6 million in Q1 2022, primarily driven by lower revenue in the quarter.

Recent Developments: Global Expansion

PharmaCielo has grown its global business development organization; recruited Technical Business Developers in Europe and appointed a Global President of Sales. The team has already made significant early progress, with sales to countries including Argentina, Brazil, Colombia, Mexico, Morocco, Paraguay, Uruguay, South Africa and Spain, as well as progress in markets such as Germany, the Czech Republic, Portugal, Poland and Australia.

In February 2022, the Colombian government passed regulations to enable dried flower export. PharmaCielo is uniquely positioned to be a formidable competitor with psychoactive flower currently being imported into the EU and other markets from Canada and other producing countries.