PharmaCielo Announces TSX Venture Listing and Provides Corporate Update

TORONTO, January 9, 2019 /PRNewswire/ --

• PharmaCielo to begin trading on the TSX Venture Exchange ("TSXV" or "TSX Venture") under the Ticker PCLO on or about January 18, 2019. 
• Management team and board of directors in place to support transition from successful build-out of cultivation and processing infrastructure to commercial production and sales in 2019. 
• Well-capitalized to execute its 2019 objectives, with $30 million USD in cash.^[1]

PharmaCielo Ltd. ("PharmaCielo" or the "Company"), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis oil (PharmaCielo Colombia Holdings S.A.S.), today provided a corporate progress update in preparation for its public listing on the TSXV under the ticker PCLO (TSXV:PCLO), on or about January 18, 2019.

In preparation for PharmaCielo's transition to commercial-scale production and sale of cannabis oil extracts and concentrates in 2019, the Company has made some key appointments to its management team and board of directors (the "Board"):

• With scalable cultivation and processing infrastructure in place and the Company's public listing achieved, Anthony Wile has stepped down as interim chief executive officer and from the Board as a director, returning to his role as chief executive officer of Grupo Jaque Ltd., a private equity and investment company based in Medellín. Mr. Wile will continue to work with the Company, serving as a special consultant, with efforts focused on actively supporting the long-term global strategy and expanding international opportunities;
• David Attard has been appointed chief executive officer;
• Dr. Delon Human has been appointed global head, health and innovation; and
• Doug Bache has been appointed to the Board, and will serve as chair of the Audit Committee.

"When Federico Cock-Correa and I founded PharmaCielo several years ago, we envisioned an organization that could leverage Colombia's natural advantages to become a leading global supplier of cannabis products, driving long-term value for shareholders and equally benefitting end users as well as the people of Colombia as a whole," said Anthony Wile, outgoing CEO. "Earlier this year, I accepted the interim role of CEO to meet the needs of the business during the public listing process as well as to provide leadership in expanding international initiatives as the Company advanced its cultivation and processing capabilities. Over the next several years, PharmaCielo will become a value-added partner and supplier of cannabinoid inputs to global end-product companies. David Attard has a proven track record of scaling profitable operations across multiple markets and distribution channels. I am confident that David and the team are well-positioned to generate profitable growth for shareholders as I return to my role as CEO of Grupo Jaque Ltd. and continue my contribution to the development of PharmaCielo as advisor."