• Poland is one of the largest cannabis markets in Europe by patient population, with over 28,000 prescriptions dispensed to approximately 10,000 patients in the first nine months of 20211.

  • The Company plans to begin shipping Poland during the first half of 2023.

TORONTO and RIONEGRO, Colombia, May 6, 2022 /CNW/ – PharmaCielo Ltd. (“PharmaCielo” or the “Company”) (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent company of Colombia leading cultivator and producer of medicinal grade cannabis dried flowers and extracts, PharmaCielo Colombia Holdings SAS (“Holdings”), today announced that it has signed an investment agreement (the “Agreement”) with Soteria Holdings Limited (“Soteria”), a UK-based Portfolio Company of Artemis Growth Partners, an established ESG and impact investor focused on the global cannabis industry. Under the terms of the agreement, Soteria’s Polish operating subsidiary will apply for a number of licenses to import and wholesale the company’s medical cannabis flower and extracts in the Polish market. In addition, Soteria’s Polish subsidiary will support a group of the country’s leading medical cannabis professionals to deliver education and training programs to physicians in Poland seek to prescribe medical cannabis to their patients.

Management commentary

Bill Petron, PharmaCielo CEOcommented, “We are thrilled to partner with Soteria to bring high-quality PharmaCielo extracts and dried flowers to patients in Poland and build a path to the rest of Europe. With the opening of exports of high-THC dried flowers from Colombia, Europe is a central objective. The EU is becoming one of the largest cannabis markets in the world, and Poland currently has one of the largest and fastest growing patient populations in the region. PharmaCielo’s upstream and downstream scale and quality uniquely positions the company as a formidable competitor with today’s higher cost imports of psychoactive flowers in Europeand therefore we expect this to be a significant growth driver for the business.”

About PharmaCielo

PharmaCielo Ltd. (TSXV: PCLO, OTCQX: PCLOF) is a global company, headquartered in Canada, focused on the ethical and sustainable processing and supply of all pharmaceutical-grade medical cannabis products to major distributors. PharmaCielo’s principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings SAS, headquartered in its cultivation and processing center located in Rionegro, Colombia.

PharmaCielo’s Board of Directors and management team are comprised of a diverse group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the important role that Colombia the ideal location plays into building a sustainable business in the medical cannabis industry, and the company, together with its directors and officers, is executing a business plan focused on supplying the international market.

Forward-looking statements

This press release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as “expects”, “is expected”, “intends”, “anticipates”, “believes”, or variations of these words and expressions. or state that certain actions, events, or results “may” or “will” be taken, will occur, or will be completed or achieved.

Forward-looking statements may be affected by known and unknown risks, uncertainties and other factors, including changes in PharmaCielo’s development plans, the inability to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and import of such products into other countries, TSX Venture Exchange approval, inability to export or distribute commercial products through sales channels as intended in Due to economic or operational circumstances, the risks associated with operating in Colombiafluctuations in the market price of the Company’s products, risks associated with global economic instability related to COVID-19 or other developments, risks associated with the retention of key Company personnel, currency risk , competition in PharmaCielo’s market and other risks discussed or referred to under “Risk Factors” in PharmaCielo’s Annual Information Form for the year ended December 31, 2019, available at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, PharmaCielo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

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1 Ban Partners

SOURCE PharmaCielo Ltd.

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