PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) has sent a pre-commercial shipment of CBD isolate to a Mexican pharmaceutical to support its product development.
On Thursday, the multinational headquartered in Toronto but with main operations in Colombia said that via its Mexican joint venture PharmaCielo S.A. de C.V. it has sold an unspecified amount of CBD isolate to the pharmaceutical Mino Labs S.A. de C.V.
Mino Labs is a specialty pharma and medical supply distributor in Mexico. The company ordered the CBD isolate to support its process of developing cannabinoid-based phytotherapeutic products to sell in Mexico.
“The Mexican market represents a large, near and mid-term opportunity for PharmaCielo, and we are proud to export cannabinoids in support of the development of products for the medicinal market,” PharmaCielo CEO Bill Petron said.
Petron said PharmaCielo Mexico is positioned to be a preferred supplier in the country.
“PharmaCielo’s global sales pipeline continues to build, and we expect 2022 and 2023 to be pivotal years for growth and value creation for shareholders, as we continue to execute our strategy,” Petron added.
Mino Labs CEO Manuel Cosme Odabachian said that as the country continues to move towards legalization for medical use, the company is seeing significant interest from its existing customer base.
Mexico is a large potential market, and we fully expect the combination of Mino Labs’ long track record of selling into the specialty pharma sector in the country, and PharmaCielo’s ability to produce pharma-grade products consistently, will be a winning combination as demand continues to grow,” Odabachian said.
Last month, PharmaCielo signed a supply agreement with one of the largest phytotherapeutic companies in Brazil.
Company stock stayed flat on the Canadian Ventures Exchange at $0.60.