PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia’s cultivator and producer of medicinal-grade cannabis extracts PharmaCielo Colombia Holdings S.A.S., announced that it has received approval from the TSX Venture Exchange (TSXV) for the export of medicinal grade CBD isolate from Colombia to a distributor in the U.S.
“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,” PharmaCielo CEO David Attard stated.
“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,” Attard added.
The TSXV has approved the export of up to $3 million of medicinal grade CBD isolate under the supply agreement. However, additional exportation of PharmaCielo products into the U.S. outside of the supply agreement is subject to the approval of the TSXV.
In 2019, PharmaCielo completed a series of introductory commercial shipments to the distributor in the 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.