RIONEGRO, Colombia and TORONTO, Canada (August 16, 2017) – PharmaCielo Ltd. today announced that its wholly owned Colombian subsidiary, PharmaCielo Colombia Holdings S.A.S., has submitted its formal application to the Ministry of Justice to become a licensed grower of medicinal-grade cannabis. The cultivation licence will be PharmaCielo’s second, following the licence for processing and extraction of cannabis oil extracts for medical and scientific purposes granted to the Company in June 2016.
The Government of Colombia announced on August 10th, 2017 that after much work and reconsideration of previous protocols, introduced in 2016, it was accepting applications effective immediately.
"We appreciate the careful and thoughtful process the government has put into the licensing application protocols, and are pleased to have submitted our first cultivation application, which is for our primary facility. This is an essential next step in the establishment of our complete operations in Colombia," said Patricio Stocker, President and CEO of PharmaCielo Ltd. "PharmaCielo is ready to commence cultivation immediately upon receiving licence approval."
Under Decree 613 of 2017, the government has committed that the period for review of licence applications will be no longer than 30 days provided the specific requirements for the licence have been met.
PharmaCielo Ltd. is a global company privately held and headquartered in Canada, with a focus on processing and supplying 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 SAS, 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, has built a compelling business plan focused on supplying the international marketplace.
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