PharmaCielo receives purchase order for API from Brazilian pharmaceutical company
by CM staff
PharmaCielo has received a purchase order for CBD Isolate as an API, which will be used by a large pharmaceutical company in Brazil, for final testing.
TORONTO — PharmaCielo Ltd., the Canadian parent of Colombia’s cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., has received a purchase order for CBD Isolate as an API from a large Brazilian pharmaceutical company.
The customer is in the final stages of testing PharmaCielo’s API in order to register PharmaCielo as its supplier. The company anticipates that testing will be complete in Q3 of 2023, with commercial shipments to begin in by Q4 2023.
“With a population of over 210 million people, Brazil is a very important and growing market for PharmaCielo,” said Bill Petron, CEO of PharmaCielo. “Today’s announcement represents further consolidation of our position in the country. Last week we announced that we had received our first commercial purchase order from Ease Labs Pharma, and in mid-2022 we signed a sales agreement with one of the largest Phyto-therapeutic companies in the Brazilian market. We see significant potential to expand sales volume within each of these relationships, as well as to broaden the scope to include additional APIs, such as broad spectrum, as the market continues to grow. While the equity market environment remains challenging, our team is focused on executing, with consistent and demonstrable progress on revenue, as well as efficiencies, with the objective of accelerating our trajectory toward cash flow positive.”
