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PharmaCielo Announces Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2021

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News Release Issued: Apr 29, 2022 (7:30am EDT)

  • Regulation to enable dried flower export and expand applications of CBD-based products passed by the Colombian Government on February 22, 2022
  • PharmaCielo's upstream and downstream scale and quality uniquely position the Company to be a dominant competitor with current suppliers of psychoactive flower to the EU and other markets.
  • Executing on opportunities to streamline the business, while continuing to invest in revenue-generating sales functions – SG&A[i] expenses totaled $23.1 million in 2021 compared to $37.8 million in 2020.
  • Currently working toward EU-GMP certification on top of the existing Colombian GMP certification, expected to be achieved in the second half of 2022.

All figures in Canadian dollars ($) unless otherwise specified

TORONTO and RIONEGRO, Colombia, April 29, 2022 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (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., today announced financial results for the fourth quarter and year ended December 31, 2021.

Management Commentary

Bill Petron, CEO of PharmaCielo commented, "Since I assumed the CEO role in the third quarter of 2021, we have made significant progress streamlining the Company's operating structure, investing in our sales organization and refocusing the team on THC-dominant opportunities. These efforts are paying off, with a deeper, higher quality sales pipeline, and a recent agreement in Germany to access a distribution network that reaches every pharmacy in Germany, a market expected to be worth €7.7 billion by 2028[ii]. With dried flower accounting for up to 50% market share in most mature cannabis markets globally, the Colombian government's passing of regulation to enable its export from Colombia, is a watershed moment for the industry. PharmaCielo is particularly well-positioned to capitalize on this shift, with scalable cultivation and processing capacity in place, a structural cost advantage, and the sophistication to ensure consistently high-quality products. I expect 2022 to be a pivotal year for the Company as we build what I fully expect will become one of the most important B2B companies in the global cannabis supply chain, backed by a strengthened balance sheet and clear path to revenue growth."

Summary Financials


Q4 2021

Q4 2020

FY 2021

FY 2020


$          339

$            881

$         1,945

$         2,654

Adjusted EBITDA (loss)

$      (4,587)

$        (5,827)

$      (16,832)

$      (23,554)

Net Income (Loss)

$      (4,113)

$      (19,901)

$      (26,630)

$      (43,756)

Net Income (Loss) per Share

$        (0.03)

$          (0.16)

$          (0.18)

$          (0.39)

  • The company had cash equivalents of $5.3 million as at December 31, 2021 compared to $8.9 million as at December 31, 2020.
  • Complete audited and consolidated year-end financial statements and corresponding MD&A are available at

Non-Brokered Private Placement of Debenture Units

Year-to-date, the Company raised $1,500,000 as part of the second tranche of its previously announced non-brokered private placement (the "Offering"), consisting of an aggregate of 1,500 debenture units (each a "Unit"). The Units were issued at a price of $1,000 per Unit for aggregate proceeds of $1,500,000. This follows the Company's announcement on January 3, 2022 that it had completed an initial tranche of Units, also for aggregate proceeds of $5,000,000. The Company intends to use the proceeds from the Offering for operations, working capital and the build-out of its international psychoactive dry flower sales program.


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