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PharmaCielo Ltd. (OTCQX:PCLOF) (TSXV:PCLO) made its first shipment of cannabinoid products to its Mexican joint venture PharmaCielo S.A. de C.V. ("PharmaCielo Mexico").
The company's joint partner in PharmaCielo Mexico is MINO Labs S.A. de C.V., which is a specialty pharmaceutical company and medical supply distributor based in Mexico. PharmaCielo Mexico has arranged for this initial shipment to support the product development efforts of a potential customer, which is in the process of developing cannabinoid-based phytotherapeutic products for the Mexican market.
Bill Petron, CEO of PharmaCielo, stated, "The Mexican market represents a large, near and mid-term opportunity for PharmaCielo, and we are proud to export cannabinoids in support of the development of products for the medicinal market. PharmaCielo Mexico is positioned to be a preferred supplier in the country, backed by PharmaCielo's proven ability to supply extracts and flower products at scale, with consistent quality and value, and MINO Labs' successful track record in the Mexican market. PharmaCielo's global sales pipeline continues to build, and we expect 2022 and 2023 to be pivotal years for growth and value creation for shareholders, as we continue to execute our strategy."
Manuel Cosme Odabachian, CEO of Mino Labs, stated, "MINO Labs has been a leader in the Mexican specialty pharmaceutical distribution sector for more than 20 years. As the country continues to move towards legalization for medical use, we are seeing significant interest from our existing customer base in taking product for pharmaceutical product development. Mexico is a large potential market, and we fully expect the combination of Mino Labs' long track record of selling into the specialty pharma sector in the country, and PharmaCielo's ability to produce pharma-grade product consistently, will be a winning combination as demand continues to grow."
Photo by CRYSTALWEED cannabis on Unsplash
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