Cannabis operator PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) will start sending its first THC-dominant products to Germany by the end of the year.
On Monday, the Toronto-headquartered company with primary operations in Colombia said it signed a sales deal via its subsidiary PharmaCielo Colombia Holdings S.A.S. with independent pharmaceutical wholesaler Greenstein Germany GmbH.
Greenstein specializes in distributing cannabis-based phytopharmaceuticals in Germany and has a joint venture with Noweda e.G., a decades-old pharmacist cooperative that supplies pharmacies across Germany.
Under the agreement, PharmaCielo will supply Noweda, via Greenstein, three THC-dominant products. Shipments are set to begin by the end of this year. No further details on the agreement were disclosed.
Through its joint venture with Noweda, Greenstein has access to one of the largest pharmaceutical wholesale distribution networks in Germany, PharmaCielo CEO Bill Petron said in a statement.
“Between Noweda’s reach, and the built-in scalability of PharmaCielo’s operations, we see a substantial opportunity to build this relationship over the long-term to the benefit of both companies as well as patients in Germany,” he added.
Petron says he expects 2022 to be a “pivotal” year for the company, both in Europe and other international markets.
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Thanks to PharmaCielo’s operations in Colombia, Greenstein CEO Matthias Koeppel says the company is uniquely positioned to provide pot to Germany.
“We see this as a first, but confident and strong step in securing high quality, competitively priced THC products for the German market,” he said.
In Germany, Greenstein holds a pharmaceutical wholesale licence as well as a narcotic licence.
Earlier this month, PharmaCielo said it completed a $5-million round of debt financing and expects to issue up to $10 million more via debentures.
Read more: PharmaCielo to raise up to $15M in debt financing
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