PharmaCielo Ltd. PCLO PCLOF, the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S. announced its financial results on Monday for the third quarter ended September 30, 2021.
Q3 Financial Summary
- Revenue reached CA$485,165 ($380,480) compared to CA$25,193 in the same period of the prior year;
- Adjusted EBITDA was a loss of CA$4.31 million, versus CA$7.23 million in the third quarter of 2020;
- Net loss amounted to CA$8.75 million or CA$0.06 per share, which compares to a net loss of CA$9.79 million, or $0.08 per share;
- At the end of the reporting period on Sep. 30, the company held CA$6.0 million in cash and cash equivalents;
Recent Milestones And Updates
- In August, PharmaCielo appointed its chairman Bill Petron as the new CEO;
- In the meantime, the company obtained confirmation of Colombian GMP Certification for Phytotherapeutics manufactured with proprietary PharmaCielo extracts and cultivars;
- It has also recruited technical business developers in Europe and appointed a president of sales, EU.;
- PharmaCielo expects dried flower exports to begin in early 2022 and to grow throughout 2022, as the Colombian government publishes regulations and guidelines to govern these exports. Exports;
- The company is currently working toward EU-GMP certification of all of its products and has accelerated its efforts. As a result, management expects the company to achieve certification during the first half of 2022;
- The company’s management has re-focused PharmaCielo's product strategy to emphasize THC and broad-spectrum products, which are expected to have more sustainable long-term margin profiles than CBD isolate.
"Since I assumed the CEO position in late August, we have re-focused the team from a strategic sales perspective, taken the necessary steps to ensure we are prepared for the opening of dried flower exports, moved to 100% in-house cultivation, made significant progress streamlining the operating cost structure and accelerated our efforts to achieve EU-GMP certification,” Bill Petron, chairman and CEO of PharmaCielo stated. "I expect 2022 to be a pivotal year as we leverage our core assets and with a re-focused strategy and team, build what we expect will be one of the most important B2B companies in the global cannabis supply chain."
PharmaCielo’s shares closed Friday market session 1.02% lower at 74 cents per share.
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