PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. (“Holdings”), today announced that it had signed a sales agreement (the “Agreement”) with Greenstein Germany GmbH (“Greenstein”), an independent pharmaceutical wholesaler specializing in the distribution of cannabis-based phytopharmaceuticals in Germany. Greenstein has a joint venture with NOWEDA e.G. (“NOWEDA”), a German pharmacist-owned cooperative founded in 1939 that supplies all pharmacies across Germany. Under the Agreement, PharmaCielo will initially supply NOWEDA via Greenstein three THC-dominant final products, with shipments expected to begin in late 2022. Additional details related to the Agreement were not disclosed.
Management Commentary
Bill Petron, CEO of PharmaCielo, commented, “Through its joint venture with NOWEDA, Greenstein has access to one of the largest pharmaceutical wholesale distribution networks in Germany. Between NOWEDA’s reach, and the built-in scalability of PharmaCielo’s operations, we see a substantial opportunity to build this relationship over the long-term to the benefit of both companies as well as patients in Germany.”
Mr. Petron continued, “The signing of this Agreement represents a massive early success in our efforts to strengthen our sales channels, and concentrate our efforts on the development and sales of our THC product portfolio. This is just the beginning of the opportunities we see in the region. We expect 2022 to be a pivotal year for PharmaCielo, both in Europe as well as in other focus markets globally, as our sales professionals continue to work with potential customers, to drive results.”
Matthias Koeppel, Co-Founder and CEO of Greenstein, commented, “PharmaCielo, with its world leading cultivating and processing facilities in Colombia, is uniquely positioned to supply the German market. We are excited to bring to market their excellent product portfolio through our network. We look forward to building and developing our relationship with PharmaCielo.”
Mr. Koeppel continued, “We see this as a first, but confident and strong step in securing high quality, competitively priced THC products for the German market.
