Multinational cannabis producer PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) has shipped pre-commercial quantities of CBD full-spectrum oil to support a Brazilian pharmaceutical’s product development efforts.
On Monday, the firm said it shipped the oil via its Colombia-based subsidiary PharmaCielo Colombia Holdings to an unnamed “well-established” Brazilian pharmaceutical company to support it in developing a full-spectrum product for the local market using PharmaCielo’s API.
The company said that this opens the door to a potential key supply partnership as these products come to market.
This is the second product being developed by the pharmaceutical using PharmaCielo’s APIs. The first one is currently under review by Anvisa and is expected to be approved in the next several months and then launched into the market.
The company also announced that it intends to issue 474,058 common shares at a price of $0.56 each for a total of $265,702.74 in semi-annual interest payments.
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CEO Bill Petron said that with a population of over 200 million and very few Anvisa-approved cannabis products to date, the company expects Brazil to continue to evolve into an important medical cannabis market.
“PharmaCielo is positioned to play an important role as a supplier of choice for cannabis-based APIs in the country, as patient count continues to grow and new products like those in development by our partner, are commercialized,” Petron said.
By entering into relationships with key global pharmaceutical players like our partner in Brazil, we expect to maximize our opportunity to scale PharmaCielo’s API business.”
He added the company is confident that with the progress to date and the current client pipeline, 2022 will be a pivotal year for PharmaCielo and its shareholders.
Company stock went up by 4 per cent to $0.52 on the Canadian Ventures Exchange.
