PharmaCielo Ltd. (OTCQX:PCLOF) (TSXV:PCLO) the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., shipped an initial shipment of a CBD full spectrum extract with THC content to a well-established Brazilian pharmaceutical company to support additional product development efforts, with the potential to become a key supplier as these products come to market.
The customer is expected to develop, and bring to market, a CBD full spectrum product using PharmaCielo's active pharmaceutical ingredient (API).
This is the second product being developed by this customer using PharmaCielo APIs. The first, which uses PharmaCielo's CBD isolate as an API, is currently under review by Anvisa and is expected to be approved in the next several months, with the product launching in Brazil soon after approval.
Bill Petron, CEO of PharmaCielo, stated, "We are pleased to support our partner in Brazil as they seek to develop a CBD full spectrum product. With a population of over 200 million and very few Anvisa-approved cannabis products to date, we expect Brazil to continue to evolve into an important medical cannabis market. PharmaCielo is positioned to play an important role as a supplier of choice for cannabis based APIs in the country, as patient count continues to grow and new products like those in development by our partner, are commercialized. "
"By entering into relationships with key global pharmaceutical players like our partner in Brazil, we expect to maximize our opportunity to scale PharmaCielo's API business. We are confident that with the progress to date and our current client pipeline, 2022 will be a pivotal year for PharmaCielo as we move to scale our platform with a view to generating revenue growth and value for shareholders."
Interest Shares
The company intends to issue, subject to the approval of the TSX Venture Exchange, 474,058 common shares of the company, at an effective price of $0.5605 per Interest share, in satisfaction of an aggregate of $265,702 in semi-annual interest payments due to holders of 11% secured debentures of the company due December 24, 2024.
The effective price of the interest shares was determined by dividing the cash interest otherwise payable by the number of shares issuable under each debenture, as determined on June 1, 2022 in accordance with the terms of the debentures.
The interest shares are subject to the balance, if any, of the 4-month statutory hold period applicable to the relevant debenture under Canadian securities laws.
Photo by Diyahna Lewis on Unsplash
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