PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF)’s subsidiary in Colombia has signed a supply agreement with one of the largest phytotherapeutic companies in Brazil.
On Thursday, the multinational company announced the agreement involving its subsidiary PharmaCielo Colombia Holdings S.A.S. and the unnamed Brazilian firm. The Brazilian company has an extensive distribution network across Latin America and is certified B-Corp for measuring social and environmental impacts.
The company also said it will be registered with Brazil’s health regulator agency Anvisa as the sole supplier for the company and under the agreement PharmaCielo will send large quarterly volumes of CBD derivative formulations to the Brazilian firm. The CBD will be used in novel herbal medicines and distributed across Latin America.
PharmaCielo expects to start shipping during its first quarter next year.
“The efforts of PharmaCielo’s recently strengthened and expanded sales force are paying off, with recent developments in Spain, Poland, Germany and Brazil,” CEO Bill Petron said.
“This customer is a well-established provider of unique, high-quality herbal formulations aimed at the medical and wellness markets in Brazil, and is a perfect example of the type of product developer that we are seeking to build strong partnerships with to expand our global operations and generate recurring long-term revenue.”
“This agreement further validates our strategy to get into the supply chain early with key players in large potential markets, to become an enduring supplier to these organizations. We continue to expect that 2022 will be a pivotal year for the Company as we continue to execute on our sales pipeline,” Petron added.
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PharmaCielo also announced a couple of updates to the leadership team such as adding CFO Ian Atacan to the board of directors.
“I am pleased to welcome Ian to the board of directors. With more than 30 years of experience in strategy, M&A, and financial management, he is well positioned to help shape the design and implementation of the Company’s strategic initiatives,” Petron said.
Petron says that Atacan’s contributions as CFO, have resulted in a more efficient and strategic finance position.
PharmaCielo also appointed Decio Rabelo de Castro Filho as Chief Medical Officer of the company, with the goal of advancing the company’s visibility within physician communities and pharmaceutical organizations in Latin America, Europe and other key markets globally.
De Castro Filho is a medical doctor with over 20 years of experience in occupational medicine and marketing.
He has also acted as an expert medical witness for several large Brazilian companies and holds a degree in cannabinoid medicine from the Wecann Academia school.
