RIONEGRO, Colombia and TORONTO, Canada, June 28, 2016 /PRNewswire/ - PharmaCielo Colombia Holdings S.A.S, a wholly owned Rionegro-based subsidiary of Canadian headquartered PharmaCielo Ltd., today announced that it has been officially granted a manufacturing licence from the Ministry of Health and Social Protection to process cannabis plants for medical and scientific purposes. This allows PharmaCielo to apply for a licence to grow cannabis plants and brings the company one step closer to becoming a fully integrated licenced grower and manufacturer of cannabis oil extracts.
After President Juan Manuel Santos signed the regulatory Decree in late 2015 to establish a licensing framework for the cultivation, processing, research and development and exportation of cannabis extracts for medical purposes, PharmaCielo announced its formal application to become an official grower and processor of medical cannabis in Colombia.
"PharmaCielo is honoured to be the first company to have been granted approval to begin the process of producing high-quality cannabis oil extracts for medicinal use and scientific research here in Colombia," said Federico Cock-Correa, President and CEO of PharmaCielo Colombia Holdings. "President Santos's decision to move forward with the decree means that Colombia will play a significant role in this developing international industry."
There are many advantages to growing this industry in Colombia. In addition to its equatorial location and ideal microclimates, it is one of the most economically advantageous countries in the world for the production of large volumes of high-quality, low-cost cannabis due to its expertise in the flower industry, knowledgeable and skilled labor force and supportive government.
"The announcement today means that the process laid out by President Santos is almost complete and we are pleased to have been granted approval at this important stage," said Jon Ruiz, President and CEO of PharmaCielo Ltd. "This approval brings us that much closer to our goal of becoming the world's leading supplier of naturally grown high-quality medicinal-grade cannabis oil extracts."
The Colombian National Narcotics Council will be reviewing PharmaCielo's application for a cultivation licence, and PharmaCielo Ltd. looks forward to the next steps. The company anticipates having more announcements in the coming weeks.
PharmaCielo Ltd., is a global company privately held and headquartered in Canada, with a focus on processing and supplying all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors of standardized medical cannabis products.
The boards of directors and executive teams of PharmaCielo Ltd. and PharmaCielo Colombia are comprised of a diversely talented group of international business executives and specialists with the relevant expertise to ensure long-term success. The team recognized the significant role Colombia's ideal location would play in building a sustainable business in the medical cannabis industry and has built a strong business plan focused on supplying the international medical marketplace.
PharmaCielo Colombia Holdings S.A.S., a wholly owned subsidiary of PharmaCielo Ltd., is headquartered at the Company's Nursery and Propagation Center based in Rionegro, Colombia.