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Saturday, May 21, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

PharmaCielo signs investment agreement to enter Poland

Poland is one of the largest cannabis markets in Europe by patient population

Pharmacielo to enter poland via investment agreement with Soteria
Photo via Pharmacielo

Multinational operator PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) is set to start shipping its Colombia-grown pot to Poland by mid-next year.

The Toronto-headquartered cannabis operator with primary operations in Colombia said on Friday it signed an investment agreement with Soteria Holdings Limited.

Soteria is a United Kingdom-based portfolio company of Artemis Growth Partners, an environmental, social, and governance (ESG) and impact investor focused on the global cannabis industry.

Under the agreement, Soteria’s Polish subsidiary will apply for a number of licenses to import and wholesale the company’s medical cannabis flower and extracts in the Polish market. It will also support a group of medical cannabis professionals to provide education and training programs to doctors in Poland looking to prescribe pot.

“With the opening of high THC dried flower exports from ColombiaEurope is a core focus,” Pharmacielo CEO Bill Petron said.

“The EU is becoming one of the most important markets in global cannabis, and Poland currently has one of the largest, fastest-growing patient populations in the region.”

He added the company’s upstream and downstream scale and quality uniquely position the company to be a competitor with the current higher costs of psychoactive flower imports into Europe.

“As a result, we expect this to be an important growth driver for the business,” Petron said.

PharmaCielo’s principal subsidiary is PharmaCielo Colombia Holdings S.A.S. which cultivates and processes cannabis in Rio Negro, Colombia.

Last month, the Colombian government signed Resolution 539 which outlines the regulations and the technical guidelines for commercializing dried flower and medicinal-grade cannabis extracts.

Read more: PharmaCielo revenue drops 27% year-over-year to $1.9M

Read more: PharmaCielo to supply Germany with cannabis products from Colombia

Other companies have expressed plans and interests in starting to export their Colombia-grown pot to other countries.

One of these is Kelowna-headquartered cannabis producer Allied Corp. (OTCQB:ALID) which has started exporting its Colombia-grown dried flower to Australia and the United States after the regulations in the country were approved.

Allied stock on Friday stayed flat at US$0.72 on the OTC Market exchange.

Another Colombian pot industry player is Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) which is headquartered in Florida and says it expects to export milled cannabis flower by the third quarter of 2022 and high THC flower before the end of the year.

Clever Leaves stock went up on Friday by 0.36 per cent to US$1.4 on the Nasdaq exchange.

 

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