PharmaCielo Ltd. (TSXV:PCLO) (OTCPK:PHCEF) has today announced the successful completion of its first commercial export of CBD isolate to Europe. PCLO stock is up 1.58% as a result.
PharmaCielo is the Canadian parent company of one of Colombia’s leading cultivators and producers of medicinal-grade cannabis oil, PharmaCielo Colombia Holdings. Last month, the company was granted the first CBD isolate export permit by the Colombian government and has wasted no time in moving in on the highly lucrative European market. Today’s shipment was made to the Swiss office of Creso Pharma, an Australian pharmaceutical company that PharmaCielo is in the process of purchasing for $122 million AU.
David Attard, CEO of PharmaCielo, said in today’s announcement, “This inaugural shipment is symbolic on many levels. PharmaCielo is the first medicinal cannabis company to commercially export cannabis derived isolates from Colombia to Switzerland – the global capital of the pharma industry. Particularly pleasing is the fact that the first batch we ever exported went to Creso Pharma, our trusted partner soon to be part of our Company”.
Welcome News for PCLO Stock
Today’s announcement comes as welcome news for PCLO stock, which has had a rocky time as of late. PCLO shares hit a year-low of $4.14 at the end of July, having fallen over 62% from a March high of $11.02. Investors will also be boosted by recent reports from the Brightfield Group that Europe’s CBD market is set for explosive growth of over 400% in the next four years.
According to the same report, Switzerland looks set to become a “key growth driver” for the CBD market in Europe. Last year alone, the Swiss spent $82 million USD on CBD. That’s five times as much as the United States spent per capita. So, PCLO stock could be a very good stock to watch at the moment. Having been the first company to make CBD shipments from Colombia to Switzerland, the company is well-positioned to be a trailblazer in the field.
Featured image: DepositPhotos © EdZbarzhyvetsky