PharmaCielo Ltd (TSXV: PCLO) has become one of the first venture listed equities to receive approval for the importation of cannabidiol isolate to the United States. The company announced this morning that the exchange has finally granted the approval, which will allow the company to fulfill its previously announced supply agreement.
The supply agreement, announced in late September 2019, was anticipated to be fulfilled by the end of the year as per the original text of the release. This was delayed however as a result of requiring exchange approval for the transaction. The contract stipulates that medicinal grade CBD isolate was to be provided to General Extract, LLC.
In total, the contract itself is for US$3 million, which marks the firms entry to the American market in a significant way. The isolate, which conforms to US Farm Bill standards, is expected to begin arriving in the current quarter to the supplier, with all product being shipped from Columbia.
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The venture exchange has approved the company for the importation of up to US$3.0 million in hemp derived CBD isolate to the United States. Any further quantities will require addition venture approval.
PharmaCielo last traded at $3.54 on the TSX Venture.
Information for this briefing was found via Sedar and PharmaCielo Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
