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PharmaCielo Ltd (OTCMKTS: PCLOF) Release Q2 2021 Financial Results and Appoint New CEO

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PharmaCielo Ltd (OTCMKTS: PCLOF) has released its Q2 2021 financial results and announced its Chairman Bill Petron as CEO of PharmaCielo. Following the appointment, Henning Von Koss has resigned as CEO of the company and director.

Henning von Koss stepped down. 

Outgoing CEO Henning von Koss said, “While PharmaCielo is still in the early days of its commercial growth, since assuming the President role in early 2020 and as the CEO since December 2020, I have worked with our team to ensure the foundation required to support the Company’s success as a global provider of cannabinoid products and APIs was complete. As I pass the CEO role to Bill, I would like to thank the global PharmaCielo team for all their work over the past several months, as well as the rest of our board and shareholders.”

Over the past six months, the company has been focusing on diversifying and growing its customer base despite being in the early stages of commercial revenue growth. The company has so far diversified its client mix by value chain and position. In Q2, the company sold its product in 11 nations relative to only two last year. 

Net sales dropped in Q2 2021

Net sales during the quarter were $1.121 million compared to $1.746 million in 2020. Net loss was $13.766 million or $0.1 per share compared to $14.038 million or $0.14. at the end of the quarter, the company had $11 million in cash and equivalents, and it closed an equity offering through a prospectus for $13.5 million in gross proceeds. 

Petron said, “The global cannabis supply chain is growing and maturing rapidly and PharmaCielo’s targeted role within that supply chain is unique and of increasing importance. I look forward to realizing the massive potential I see to leverage PharmaCielo’s footprint in Colombia both to create a global leader that the country can be proud of.”

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