- The updated set of regulations opens doors for new cannabis-derived product categories to be developed and sold domestically and for export.
- Decree addresses and closes regulatory gaps; improve Colombian cannabis industry’s competitiveness on a global scale.
- Opens the path for the development and sale of additional THC product types, as well as the commercial export of dried flower
TORONTO, Canada and RIONEGRO, Colombia (July 26, 2021) – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO, OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., congratulates the Colombian Government and President Duque for signing the new set of legislation (the “Decree”). The Decree aims to make the country’s legal cannabis industry more competitive on a global scale. In addition, the Decree creates greater legal clarity, provides quotas for a new low-THC extract category, and offers producers new business opportunities for domestic and export purposes, among other key elements.
“The Colombian government has rightly identified the legal global cannabis sector as a substantial growth opportunity for the country, and the Decree represents further evidence that the Government continues supporting the industry’s development into a higher level of competitiveness on a global scale,” says Henning von Koss, CEO of PharmaCielo. “As one of the Colombian industry’s early pioneers and founding and continuing board member of Asocolcanna, PharmaCielo has been actively engaged in the consultative process run by the Government that led to this Decree, and we are very pleased with the progress and the updated regulations. With industry-leading extraction and formulation capabilities, truly world-class scale, and a deep, high-quality product portfolio of both extracts and dried flower, PharmaCielo is ideally positioned to benefit from the new set of regulations introduced.”
Among the various regulatory updates introduced in the new Decree, we believe that three stand out as bearing the highest potential to drive forward both PharmaCielo and the Colombian medical cannabis industry as a whole:
- Allowing the domestic commercialization and industrial use of CBD into additional non-medical industrial product categories, including wellness, beauty/cosmetics, functional foods, and beverages. This potentially opens a broader array of business opportunities for PharmaCielo to collaborate with Colombian end-product manufacturers in these categories to develop new products for local and international consumption.
- Closing a legislative gap by allowing authorization quotas for low-THC extracts for commercialization and exportation. This enables cannabis extracts producers to commercialize and export low-THC derivatives and input materials, highly sought-after ingredients that are by-products derived from non-psychoactive cannabis extraction processes.
- Following further consultation and completion of technical regulation, providing a clear future path for the exportation of medicinal use dry-flower as a final product for patients’ consumption. PharmaCielo’s specialization and fully focused propagation of in-vitro tissue culture cloning of the mother plants is a unique solution that guarantees the uniformity and consistency of the flowers’ chemical profile and content. We believe this is the most important criteria for achieving the secure and sustainable provision of dry flower for medical purposes.
PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) 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 cultivation and processing center in Rionegro, Colombia.
The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role Colombia’s ideal location plays in building a sustainable business in the medical cannabis industry. Together with its directors and executives, the Company is executing a business plan focused on supplying the international marketplace.
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