PharmaCielo, a Canadian company that wholly owns PharmaCielo Colombia Holdings S.A.S, continues to scale up its cannabis operations in Colombia. The company reported today that it has purchased a 67-acre 30-year old 67-acre nursery and propagation center in Rionegro, Colombia, including 30 acres of open-air greenhouses. The company paid $5.02mm and issued 1.7mm shares of its stock, which is privately held, to complete the acquisition of the land and buildings.
The purchase of this fully operational ‘green’ nursery and propagation centre, which includes a natural water reservoir, represents a significant milestone for PharmaCielo and demonstrates our commitment to developing a world-class facility that takes advantage of Colombia’s ideal growing conditions, operational experience and low-cost production environment.
Dr. Patricio Stocker, President and CEO of PharmaCielo
Now that we have acquired one of the most important components of our operating business model, which will serve as the supply source of all of PharmaCielo’s genetic strains, we will be fast-tracking the completion of security and other provisional modifications necessary to comply with government regulations. Once completed, we will be focusing our efforts on strain selection and related research activities that will enable us to maximize both cultivation and processing yields.
President and CEO Patricio Stocker, who has been a Director since the company’s inception, replaced former CEO Jon Ruiz, who remains a Director, earlier this month.
