On August 16, 2024, PharmaCielo Ltd. (TSXV: PCLO) (OTC Pink: PCLOF) announced its financial results for the second quarter ended June 30, 2024. The company, a Canadian parent of PharmaCielo Colombia Holdings S.A.S., a premier cultivator and producer of dried flower and medicinal-grade cannabis extracts in Colombia, disclosed the following financial highlights for the second quarter:
– Revenue: $784,000
– Adjusted EBITDA: $(592,000)
– Net Loss: $(2,575,000)
– Net Loss per Share: $(0.015)
The company’s Chairman and CEO, Marc Lustig, highlighted the significant opportunities in the global cannabis market and emphasized PharmaCielo’s ability to cater to large consumer and pharmaceutical companies with pharma-grade extracts and dried flower products that offer consistency and cost advantages. He noted the progress in reducing year-to-date SG&A expenses and improving Adjusted EBITDA compared to the previous year.
In addition, the company announced its intent to issue 5,979,496 common shares as “Interest Shares” to satisfy semi-annual interest payments due to holders of 11% secured debentures. The shares will be priced at $0.1579 per Interest Share, subject to approval by the TSX Venture Exchange.
PharmaCielo is a global company focused on sustainable cultivating, processing, and supplying pharmaceutical-grade medical cannabis products. Its subsidiary, PharmaCielo Colombia Holdings S.A.S., operates from Colombia and serves the international marketplace. The company’s board of directors and executive team possess diverse expertise in the cannabis industry.
This news release includes forward-looking statements regarding the issuance of debenture units and PharmaCielo’s ability to obtain necessary approvals. Readers are cautioned about the risks and uncertainties that may impact these statements, including operational, regulatory, and economic factors. The company undertakes no obligation to update forward-looking statements.
For more information, including financial statements and analysis, visit sedarplus.ca and pharmacielo.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this press release. Source: PharmaCielo Ltd.
