PharmaCielo commented on the recent decision by the Colombian Ministries of Health, Justice, and Agriculture to extend the timeframe within which THC products may be sold. The Ministries have passed a resolution allowing producers up to 48 months to sell these products following their production, compared to the original 24 months. This resolution is of immediate benefit to the industry and to PharmaCielo. As the country's largest cannabis producer, PharmaCielo has over 2.0 tonnes of THC extract in inventory to support expected growth in international sales in the following years, which would have been subject to destruction under the legacy framework.
Management commentary
Marc Lustig, Chairman and CEO of PharmaCielo, commented, "On behalf of PharmaCielo, I would like to thank the Colombian government for its commitment to fair regulation that enables the safe and efficient operation of the domestic cannabis industry, along with its competitiveness on a global scale. This resolution will enable the retention of high-quality THC extracts in inventory both now and longer term, to ensure we can quickly fulfill demand as our international customer base continues to grow."
For more information:
PharmaCielo
investors@pharmacielo.com
www.pharmacielo.com