PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF) has sent a pre-commercial shipment of CBD isolate to a Mexican pharmaceutical company to support its product development.
On Thursday, the Toronto-based multinational but with main operations in Colombia said that through its Mexican joint venture PharmaCielo SA de CV it has sold an unspecified amount of CBD isolate to drugmaker Mino Labs SA de CV.
Mino Labs is a specialized distributor of pharmaceutical and medical products in Mexico. The company ordered the CBD isolate to support its development process of cannabinoid-based phytotherapeutic products for sale in Mexico.
“The Mexican market represents a large, short- and medium-term opportunity for PharmaCielo, and we are proud to export cannabinoids in support of product development for the pharmaceutical market,” said Bill Petron, CEO of PharmaCielo.
Petron said PharmaCielo Mexico is positioned to be a preferred supplier in the country.
“PharmaCielo’s global sales portfolio continues to grow and we expect 2022 and 2023 to be key years for growth and shareholder value creation as we continue to execute on our strategy,” Petron added.
Read more: PharmaCielo announces new supply agreement with Brazilian company
Read more: PharmaCielo ships CBD oil to Brazilian pharma
Mino Labs CEO Manuel Cosme Odabachian said that as the country continues to move toward legalization for medical use, the company is seeing significant interest from its existing customer base.
Mexico is a huge potential market, and we fully expect the combination of Mino Labs’ The long track record of selling to the specialty pharmaceutical sector in the country and PharmaCielo’s ability to consistently produce pharmaceutical grade products will be a winning combination as demand continues to grow,” Odabachian said.
Last month, PharmaCielo signed a supply agreement with one of Brazil’s largest herbal medicine companies.
The company’s shares were flat on the Canadian bourse at $0.60.