By combining the strengths of their respective companies, PharmaCielo–the Canadian parent of Colombia’s premier producer of medicinal-grade cannabis extracts –and Creso Pharma Ltd.–a leading global medicinal cannabis company–are forging a global partnership that is poised to lead the industry.
PharmaCielo CEO David Attard announced June 6 that the company entered into an agreement to acquire Creso Pharma for a purchase price of approximately A$122 million.
When the transaction closes, Attard said, the combined company will quadruple PharmaCielo’s global footprint with a presence in more than a dozen countries spanning North and Latin America, Switzerland, Europe, the Middle East, Australia and New Zealand.
While PharmaCielo is already well known for producing high-quality Colombian cannabis extracts, the acquisition will help the company expand into higher-margin, branded product sales faster. The acquisition also expands PharmaCielo’s existing range of proprietary strains by adding commercial cultivation through an Israeli R&D facility along with a Canadian cultivation facility.
Creso Pharma has long specialized in the research, development and production of therapeutic, nutraceutical and animal health products. Its world-class Swiss-led team has more than 150 years of collective experience in the pharmaceutical and food industries.
When it entered the CBD market, Creso’s nutraceuticals and proprietary branded products were commercialized in less than two years. In 2019, the company will add four additional proprietary formulations to the Swiss-made, GMP-compliant, pharma-grade pipeline.
With the establishment of dual-market licensed cultivation and processing facilities in Canada and Colombia, PharmaCielo will have a greater capacity to import and export both CBD and medicinal grade cannabis products to multiple global markets.
“The quality and scale of PharmaCielo’s cultivation and oil extraction operations in Colombia complements our focus on meeting global demand for the highest quality CBD and THC-based therapeutic, nutraceutical and animal health products,” said Dr. Miri Halperin Wernli, co-founder and CEO of Creso Pharma.
“This arrangement with PharmaCielo is an incredible opportunity for Creso Pharma shareholders to benefit from being part of a best in class and well-capitalized global medicinal cannabis company,” Halperin Wernli added.