PharmaCielo has delivered its first commercial shipment of medicinal-grade CBD isolate to a well-established bulk distributor and white label manufacturer based in the U.K., with sales and distribution operations in the U.K. and the E.U.
In addition, the Company has reached an interim sales agreement with the Customer, lasting until the end of Q1-2021, at which point PharmaCielo expects to have submitted a Novel Foods authorization application for its range of CBD extracts. "The interim, renewable agreement enables continued shipments for the remainder of 2020 and calls for the shipment of up to 1,000 kg of CBD Isolate and Broad-Spectrum CBD based on the Customer’s specifications, during Q1-2021," PharmaCielo team explains. "With submission of the Novel Foods authorization application prior to March 31, the Company expects to be in a position to subsequently expand both volume and exported consumable product types during fiscal 2021 in accordance with regulatory requirements."
“As consumer demand for health and wellness products containing cannabinoids continues to expand, PharmaCielo is well-positioned to deliver a portfolio of medicinal-grade extracts at scale to serve the needs of global CBD-market facing providers,” said David Attard, CEO of PharmaCielo Ltd. “Having focused to date on building a world-class infrastructure in Colombia as well as developing a robust product portfolio, we are ideally positioned to become the supplier of choice for large volume B2B sales globally. 2021 will be a very exciting year for the Company as we significantly expand global export volumes, and the addition of the Customer’s relationships throughout international markets long term, including the U.K. and E.U., support this focus.”
Distribution of CBD products by the Company under its interim sales agreement with the Customer is subject to the approval of the TSX Venture Exchange.
Novel Foods Certification
Novel Foods Certification – obtained from the U.K. Food Service Agency – confirms that consumable CBD products, including isolates, meet strict quality and production process standards in accordance with U.K. and E.U. regulatory requirements regarding consumer protection. The Customer is currently supporting PharmaCielo’s efforts to attain this certification.
For more information:
PharmaCielo
investors@pharmacielo.com
pharmacielo.com