Cannabis Extracts Producer PharmaCielo's Q3 Revenue Improves 1826% YoY To $380,480

Cannabis Extracts Producer PharmaCielo's Q3 Revenue Improves 1826% YoY To $380,480

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.

Management Commentary

"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."

Price Action

PharmaCielo’s shares closed Friday market session 1.02% lower at 74 cents per share.

Photo: Courtesy of CRYSTALWEED cannabis on Unsplash

Posted In: Bill PetronCannabis EarningsCannabisEarningsNewsMarkets

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