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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pharmacielo Ltd | TSXV:PCLO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.155 | 0.155 | 0.155 | 0 | 01:00:00 |
All figures in Canadian dollars ($) unless otherwise specified
TORONTO and RIONEGRO, Colombia, May 30, 2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (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, 2022.
Bill Petron, Chairman and CEO of PharmaCielo commented, "I am pleased with our performance in the first quarter, as the team's efforts over the past several months to build the sales pipeline, generate revenue growth and manage expenses, began to pay off. While quarter to quarter top line performance may fluctuate given the size of the Company, we expect continued momentum with shipments to Germany scheduled to begin later this year, and continued progress in markets like Argentina and Brazil. Our investment in an international salesforce has translated into a growing pipeline that we expect will further accelerate growth, with continued expansion in Spain and Germany, the potential for commercial shipments to Poland, as well as growth in a short list of additional key markets such as Israel."
Mr. Petron continued, "PharmaCielo is well positioned to continue gaining market share from incumbent exporters from developed nations such as Canada. We have effectively re-positioned the organization towards THC and higher value CBD products such as CBD Full Spectrum Oil, as well as added dried flower to our portfolio, with the Colombian government's recent approval of its export. PharmaCielo has a deep product shelf, a structural cost advantage, a sophisticated approach to genetics and processing, and the ability to scale efficiently, which give the Company a significant competitive advantage. I look forward to continuing to update shareholders as the year progresses. This will be an exciting year for our company."
(000's) | Q1 2022 | Q1 2021 |
Revenue | $ 1,201 | $ 675 |
Adjusted EBITDA (loss) | $ (1,571) | $ (3,299) |
Net Income (Loss) | $ (2,912) | $ (6,542) |
Net Income (Loss) per | $ (0.02) | $ (0.05) |
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, pharmaceutical-grade medical cannabis 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 located 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 that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.
This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as "expects", "is expected", "intends", "anticipates", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be completed or achieved. Forward-looking statements in this news release include, without limitation, statements regarding the issuance of the Units, including the terms thereof and the closing date therefor.
The forward-looking statements in this news release are necessarily based on assumptions, including assumptions with respect to PharmaCielo's ability to obtain necessary approvals for the issuance of the Units.
Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including changes to PharmaCielo's development plans, the failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and the import of these products into other countries, TSX Venture Exchange approval, the inability to export or distribute commercial products through sales channels as anticipated due to economic or operational circumstances, risks associated with operating in Colombia, fluctuation of the market price for the Company's products, risks associated with global economic instability relating to COVID-19 or other developments, risks related to retention of key Company personnel, currency exchange risk, competition in PharmaCielo's market and other risks discussed or referred to under the heading "Risk Factors" in PharmaCielo's Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE PharmaCielo Ltd.
Copyright 2022 Canada NewsWire
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