PharmaCielo has received TSX Venture Exchange approval of the export from Colombia of medicinal-grade CBD isolate that is compliant with the 2018 Farm Bill to a distributor in the United States who had placed an order for up to US$3 million under the Supply Agreement.
“We believe we are the first TSXV listed company to receive approval to export CBD isolate from Colombia to the US market and we plan to leverage this first mover advantage to continue expanding our relationships in the US, introducing additional products allowed under the 2018 Farm Bill and driving results for shareholders,” said PharmaCielo CEO David Attard. “Due to the approval timeline, we were unable to meet the US market delivery and revenue schedule originally announced for 2019. That said, we expect to have commercial deliveries into the US market reflected in the current quarter and are actively looking to expand in that market, positioning the Company well for 2020.”
Mr. Attard continued, “With the continued expansion of the US market and the individual states participating in the medicinal sector, PharmaCielo’s industry-leading production cost structure, superior quality of our extracts and the scale at our disposal, position the Company to capture market share and drive results in 2020 and beyond.”
"The TSXV has approved the exportation of up to $3,000,000 of medicinal-grade CBD isolate under the Supply Agreement. Additional exportation of PharmaCielo products into the United States outside of the Supply Agreement is subject to the approval of the TSXV."
"In 2019, the Company successfully completed a series of introductory commercial shipments to the distributor in verification of shipping routes and international trade and customs requirements. During the course of these shipments the imported goods were subject to US regulatory review, including that of the US Food & Drug Administration, which subjected a shipment sample to appropriate testing and validation prior to release."