The Colombian medicinal cannabis company PharmaCielo Colombia Holdings S.A.S went public Friday on the Toronto Stock Exchange (TSX) through its Canadian parent company under the symbol “PCLO.”
David Attard, CEO of PharmaCielo remarked with the first day of trading that, “2019 will be an exciting year for shareholders. We have constructed a platform with the sophistication and scale to rapidly become a value-added provider of cannabinoid inputs to some of the world’s largest organizations.”
PharmaCielo at its Rionegro, Antioquia, nursery plans to expand production for current cultivation of 5.3 hectares in open-air greenhouses to approximately 20 hectares by the end of the year. Completion of a 2,300 square-meter Research and Technology Centre oil processing and product innovation facility is also expected later this year.
As a global company privately held and headquartered in Canada, and with a focus on processing and supplying all natural, medicinal-grade cannabis oil extracts, PharmaCielo has recognized the important role Colombia’s ideal location will play in building a sustainable business in the medical cannabis industry.
Capitalized with USD$31 million in cash and with a capacity to grow medicinal cannabis on 139 hectares, PharmaCielo is also working closely with the Colombian Ministry of Agriculture to register multiple cannabis strains in order to begin selling cannabis oil products both domestically and internationally.
On Friday, “PCLO” began the trading day at CAD$5,77 with shares heading Monday above the CAD$8,60 mark.