Creso receives first commercial CBD export from Colombia ahead of PharmaCielo acquisition
Health & Biotech
Health & Biotech
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Special Report: PharmaCielo, the Canadian-listed medicinal cannabis company in the process of acquiring Creso Pharma, has sent its first commercial export of high-quality CBD isolate from Colombia to Europe.
The export from PharmaCielo, the parent of premier Colombian cultivator and producer of medicinal-grade cannabis oil PharmaCielo Colombia, demonstrates the attractive synergies between it and Creso (ASX:CPH).
Creso told the market in early June that it would be acquired by PharmaCielo for around $122m , in order to merge the two companies into one “well-capitalised, publicly traded company with a strong growth profile and significant strategic advantages”.
And while Creso and PharmaCielo move through the acquisition process, PharmaCielo successfully completed the first commercial export of CBD isolate to Creso’s Swiss headquarters.
The inaugural shipment included high quality CBD isolate, a key ingredient in various cannabis derived therapeutic, nutraceutical, topicals and lifestyle products.
It is just the first of several synergies to be realised, with the collaboration reaching beyond the current and future supply of cannabis isolate and oil extracts.
PharmaCielo recently announced a multi-country sales agreement with Uruguay-based Laboratorios Adler under which it will supply CBD oils and isolate to Adler for distribution in South America, and plans to include Creso’s vet CBD feed range of products once the acquisition is completed.
David Attard, CEO of PharmaCielo, described the shipment as “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,” he said.
“Our ability to successfully navigate the complex exporting process gives us a tremendous advantage in the market, as required for continuing exports from Colombia of cannabis derived extracts and crystals.
“It also demonstrates the synergies between PharmaCielo and Creso Pharma that will be realised and augmented once the acquisition closes.”
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Dr Miri Halperin Wernli, co-founder and CEO of Creso, spoke to the “compelling business rationale” of the merger.
“PharmaCielo’s CBD isolate meets high purity standards, a critical element that aligns with our commitment to develop and produce high quality cannabis and hemp-based therapeutic and nutraceutical products for humans and animals,” she said.
“Combining both PharmaCielo and Creso Pharma’s operations creates a vertically integrated supply chain and exploits the strengths and advantages of each corporation and jurisdiction.
“We look forward to continuing to update our shareholders as the proposed acquisition progresses.”