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PharmaCielo Ltd. (TSXV:PCLO) (OTCQX:PCLOF), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced its financial results on Tuesday for the second quarter ended June 30, 2023.
"Our sales and finance teams have made measurable progress and I expect these efforts to continue to pay off over the next several quarters," stated Marc Lustig, chairman and CEO of PharmaCielo. "(...) Our finance team has delivered on our targeted 25% reduction in ongoing overhead expenses ahead of budget and with no meaningful impact on our ability to execute on existing contracts and go out and win new ones."
Related Content: PharmaCielo Layoffs And Voluntary Salary Reductions To Decrease Its Annualized Fixed Costs By ~25%
All figures are in Canadian dollars - CAD ($) unless otherwise specified.
“I strongly believe that the initiatives we have underway will result in meaningful growth in the top line, and with all material capex behind us, will translate into cash flow and growth in shareholder value," said Lustig.
Related Content: Top Talent To Lead Two New US Marijuana Markets And Latest Key Hires In Cannabis Industry
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PharmaCielo's shares traded 0.46% lower at $0.1195 per share at the time of writing on Tuesday afternoon.
Image by El Planteo