News Roundup April 2019
A monthly summary of the key events taking place in the Colombian medicinal cannabis industry
Finance and Acquisitions
GNCC Capital completes Colombian acquisition
GNCC Capital (OTC:GNCP) has completed its acquisition of BioCann Pharma SAS, a cannabis CBD pharmaceutical grade oils producer operating in Colombia. Also, BioCann has appointed its first director, Paula Andrea Victoria, to the GNCC Board. BioCann sources and acquires cannabis and biomass from licensed growers in Colombia for pharmaceutical grade ex- traction.
MYM Nutraceuticals increases stake in Colombia Organica
MYM Nutraceuticals (CSE: MYM) has in- creased its stake in Colombia Orgánica to 80%. The Colombian company currently holds three licenses: cultivation for both psychoactive and non-psychoactive cannabis and production of cannabis derivatives. The company has recently secured an option to buy the 14.5 ha property near Medellín that it currently leases. The total acquisition package is worth USD$2.26 million, including cash, equity and loans to the company.
La Finca takes steps towards large scale cultivation
La Finca Interacviva-Arachna Med – wholly-owned Colombian subsidiary of Chemesis International (CSE:CSI) – has begun the process towards large scale cultivation. La Finca received its seed producers license in January for five cultivars, and its initial harvest is scheduled for the second quarter of this year. It expects to reach large scale commercialization by the final quarter of 2019, having accumulated over 429 ha through its farming co-op.
PharmaCielo receives ISO 9001:2015 quality certification
PharmaCielo (TSXV:PCLO) received the international quality standard certification ISO 9001:2015 for its cultivation and ex- traction operations, making it the first ISO certified Colombian cannabis company. The certification, which was awarded in March, covers the production of both psychoactive and non-psychoactive canna- bis. The company also expects to certify its research and technology center for ex- traction processes in the coming months.
Blueberries Medical appoints Fabio Valencia Cossio to board
Colombia-based producer of medicinal cannabis and derivatives, Blueberries Medical (CSE:BBM) has appointed Fabio Valencia Cossio to its board of directors. The former Colombian minister and senator has a background in law and also served as ambassador to Italy.
PharmaCielo doubles portfolio of registered strains
PharmaCielo’s Colombian subsidiary received approval to list an additional ten strains with the national cultivar registry, doubling their approved strains. The new strains all have prominent THC profiles, including one unique 1:1 THC to CBD ratio. This recent development paves the way for the commercial registration, production and sale of their 20 registered strains. PharmaCielo has also submitted a further group for review and potential approval.