PharmaCielo Announces Grant of Stock Options

TORONTO and RIONEGRO, Colombia, Dec. 2, 2020 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") PCLO, the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings S.A.S. ("PharmaCielo Holdings"), today announced that the board of directors of the Company approved the grant of 200,000 stock options ("Stock Options"), each Stock Option being exercisable to acquire one common share of the Company (a "Common Share") at a price of $1.11 per Common Share for a period of 10 years from the date of issuance, to Henning von Koss in connection with his appointment as Chief Executive Officer (the "Stock Option Grant"). The Stock Options vest immediately. The Stock Options and underlying Common Shares are subject to a four month hold period. Additionally, the Company amended the vesting terms of 333,333 Stock Options (the "Milestone Options") granted to Henning von Koss on May 4, 2020 (the "Vesting Amendment"), each Milestone Option being exercisable to acquire one Common Share at a price of $1.02 per Common Share. Pursuant to the Vesting Amendment, the Milestone Options, originally scheduled to vest in May 2021, will now vest immediately. The Stock Option Grant and the Vesting Amendment are subject to the rules of the TSX Venture Exchange and the Company's Stock Option Plan.

The Company further announced that, on November 20, 2020, David Attard and Scott Laitinen surrendered to the Company for cancellation and the Company cancelled 2,250,000 Stock Options and 500,000 Stock Options, respectively, each such Stock Option having an exercise price of $3.35 per Common Share.

About PharmaCielo

PharmaCielo Ltd. PCLOPCLOF is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., based at its cultivation and processing complex located in Rionegro, Colombia.

The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, "expects", "is expected", "intends", "believes", or variations of such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be achieved. Forward-looking statements in this news release include, without limitation, statements with respect to the vesting of the Milestone Options. The forward-looking statements in this news release are necessarily based on assumptions, including, without limitation, assumptions related to matters affecting the vesting of the Milestones Options. Though management believes that its assumptions are reasonable in the circumstances, the actual results, performance or achievements of PharmaCielo's business may be materially different from any future results, performance or achievements expressed or implied by any forward-looking statements herein. Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including, but not limited to the risks discussed or referred to under the heading "Risk Factors" in PharmaCielo's Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements. Forward-looking statements in this news release are made as of the date of this news release. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PharmaCielo Ltd.