PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) is set to start exporting pot to Israel as early as next year after receiving certifications from Israeli authorities.
On Friday, the cannabis producer headquartered in Toronto but with primary operations in Rio Negro, Colombia said it has been certified by the Institute of Quality and Control (IQC) of Israel and received ICANN G.A.P. and GACP certifications and passed all audits at its facilities.
Israel is one of the largest importers of medical cannabis in the world, with 109,352 patients who used cannabis in 2021 which is a 35 per cent increase from 2020.
“The receipt of ICANN G.A.P and GACP certifications from IQC is a significant milestone for PharmaCielo and is complimentary to the previously obtained INVIMA GMP and SGS GACP certifications, which enable access to other highly regulated markets, such as Brazil,” said PharmaCielo CEO Bill Petron adding that Israel is a massive opportunity for the company.
“The country has a large, rapidly growing patient population and relies heavily on imports. We expect that PharmaCielo’s proprietary Colombian genetics will differentiate the company’s offerings compared to the current products available in the Israeli market.”
“Our team has already connected with some of the most important players in Israel, and we expect to begin shipping commercial quantities of dried flower in early 2023,” Petron said.
The company is expecting to receive its EU-GMP certifications for its extracts and for its flower.
PharmaCielo grows all its cannabis at the facilities of its subsidiary PharmaCielo Colombia Holdings S.A.S. in Colombia and has started supplying cannabis products to other markets such as Brazil and Mexico.
Company stock went down on Friday by 6.73 per cent to $0.48 on the Canadian Ventures Exchange.