--- title: "PharmaCielo Announces Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2023, and the First Quarter Ended March 31, 2024" description: "PharmaCielo announced its financial results for the fourth quarter and fiscal year ended December 31, 2023, and the first quarter ended March 31, 2024. The company's principal regulator, the Ontario S" type: "news" locale: "en" url: "https://longbridge.com/en/news/207997817.md" published_at: "2024-07-04T13:31:24.000Z" --- # PharmaCielo Announces Financial Results for the Fourth Quarter and Fiscal Year Ended December 31, 2023, and the First Quarter Ended March 31, 2024 > PharmaCielo announced its financial results for the fourth quarter and fiscal year ended December 31, 2023, and the first quarter ended March 31, 2024. The company's principal regulator, the Ontario Securities Commission, has revoked its failure to file cease trade order. The company reported a decrease in costs and expansion in sales reach. The revenue for the first quarter of 2024 was $240, with a net loss of $2,420. The company has also been reclassified as a Tier 2 issuer by the TSX Venture Exchange. ### July 04, 2024 9:09 AM EDT | Source: PharmaCielo Ltd. *All figures in Canadian dollars ($) unless otherwise specified* Toronto, Ontario and Rionegro, Colombia--(Newsfile Corp. - July 4, 2024) - **PharmaCielo Ltd.** (TSXV: PCLO) (OTC Pink: PCLOF) ("**PharmaCielo**" or the "**Company**"), the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced financial results for the fourth quarter and year ended December 31, 2023, as well as for the first quarter ended March 31, 2024. The Company also announced that effective July 3, 2024, its principal regulator, the Ontario Securities Commission ("OSC"), has revoked its failure to file cease trade order (the "FFCTO") that was issued on May 7, 2024. The FFCTO was issued as a result of the Company's delay in filing its audited annual consolidated financial statements for the year ended December 31, 2023, the related management's discussion and analysis of financial condition and results of operations and CEO and CFO certificates relating to the audited annual financial statements as required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Required Documents") beyond the April 29, 2024 filing deadline. The Company has filed the required documents on SEDAR and trading will resume on the TSX Venture Exchange following the dissemination of this news release. **Management Commentary** **Marc Lustig, Chairman and CEO of PharmaCielo** commented, "Our team has been unwavering in their efforts to drastically reduce costs and optimize operations while expanding our sales reach. The global landscape for cannabinoid-based drugs and therapeutics is expanding, and we are strategically positioned to seize opportunities in regions such as Latin America, Australia, and Europe. We've obtained the necessary export quotas for both psychoactive and non-psychoactive products and we expect to yield positive results going forward. As a major investor in the Company, I am confident that our approach will generate shareholder value." **Summary Financials - First Quarter Ended March 31, 2024** Three months ended (000's) **March 31, 2024** March 31, 2023 Revenue $ 240 $ 786 Adjusted EBITDA\* (Loss) $ (1,264) $ (1,876) Net Loss $ (2,420) $ (3,559) Net Loss per Share $ (0.01) $ (0.02) \*Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The term Adjusted EBITDA does not have any standardized meaning under IFRS. Therefore, it may not be comparable to similar measures presented by other companies. - For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending March 31, 2024, as posted at sedarplus.ca and pharmacielo.com. **Summary Financials - Fourth Quarter and Fiscal Year Ended December 31, 2023** Three months ended Twelve months ended (000's) **Dec 31 2023** Dec 31 2022 **Dec 31 2023** Dec 31 2022 Revenue **$ 244** $ 1,513 **$ 1,542** $ 5,309 Adjusted EBITDA (Loss) **$ (1,397)** $ (942) **$ (6,762)** $ (7,179) Net Loss **$ (6,393)** $ (2,915) **$ (16,298)** $ (14,516) Net Loss per Share **$ (0.04)** $ (0.02) **$ (0.10)** $ (0.10) - For further detailed information and analysis, please see the financial statements and management's discussion and analysis for the period ending December 31, 2024, as posted at sedarplus.ca and pharmacielo.com. **Summary of Recent Developments** - Management's focus on cost reduction and containment measures to streamline the Company's operating costs continues to pay off. For the year ended December 31, 2023, the Company reduced consulting fees by $235,761, office and general expenses by $419,543, and professional fees by $235,962, all compared to the year ended December 31, 2022. - Similarly, For the quarter ended March 31, 2024, the Company reduced salaries and wages by $406,445, office and general expenses by $157,498 and consulting fees by $61,723, all compared to the quarter ended March 31, 2023. - In addition, the Company announced that the TSX Venture Exchange ("TSXV") has changed the Company's Tier classification from Tier 1 to Tier 2, effective June 20, 2024, as the Company does not meet the Exchange's Tier 1 continued listing requirements. The reclassification of the Company as a Tier 2 issuer will not result in any change to PharmaCielo's trading symbol, which will remain "PCLO". **About PharmaCielo** PharmaCielo Ltd. (TSXV: PCLO) (OTC Pink: PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable cultivating, processing and supply of all natural, pharmaceutical-grade medical dried cannabis flower and cannabis products to large channel distributors. PharmaCielo's principal (and wholly owned) subsidiary is PharmaCielo Colombia Holdings S.A.S., headquartered at its cultivation and processing center located in Rionegro, Colombia. The board of directors and executive team of PharmaCielo are comprised of a diversely talented group of international business executives and specialists with relevant and varied expertise. PharmaCielo recognized the significant role that Colombia's ideal location plays in building a sustainable business in the medical cannabis industry, and the Company, together with its directors and executives, is executing on a business plan focused on supplying the international marketplace. **For further information** Ian Atacan, Chief Financial Officer +1 416-562-3220 i.atacan@pharmacielo.com Media and Investor Inquires: investors@pharmacielo.com **Forward-Looking Statements** *This news 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 such words and phrases or state that certain actions, events or results "may" or "will" be taken, occur or be completed or achieved. Forward-looking statements in this news release include, without limitation, statements regarding the issuance of the debenture units, including the timing and completion of any future issuances thereof.* *The forward-looking statements in this news release are necessarily based on assumptions, including assumptions with respect to PharmaCielo's ability to obtain necessary approvals for the issuance of the debenture units.* *Forward-looking statements can be affected by known and unknown risks, uncertainties and other factors, including changes to PharmaCielo's development plans, the failure to obtain and maintain all necessary regulatory approvals relating to the export of cannabinoid products and the import of these products into other countries, TSX Venture Exchange approval, the inability to export or distribute commercial products through sales channels as anticipated due to economic or operational circumstances, risks associated with operating in Colombia, fluctuation of the market price for the Company's products, risks associated with global economic and political instability or other developments, risks related to retention of key Company personnel, currency exchange risk, competition in PharmaCielo's market and other risks discussed or referred to under the heading "Risk Factors" in PharmaCielo's Annual Information Form for the financial year ended December 31, 2019, which is available at www.sedarplus.ca. 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.*** ### Related Stocks - [V03.SG - Venture](https://longbridge.com/en/quote/V03.SG.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 评股论经：凯德腾飞房地产信托 \| 联合早报网 | 凯德腾飞房地产信托（CapitaLand Ascendas REIT）建议买入，目标价 3.05 元，闭市价 2.69 元（-0.74%）。信托 2025 财年下半年业绩略低于预期，但租金调升 12% 和资产估值上调是亮点。空置率上升对每单 | [Link](https://longbridge.com/en/news/276320046.md) | | 贝森特和沃什的 “导师”，德鲁肯米勒 Q4“精准” 开仓金融股 ETF、标普等权重 ETF 和巴西 ETF | 科技股方面，德鲁肯米勒 Q4 清仓了 Meta，加仓了谷歌与 Sea。德鲁肯米勒与贝森特、沃什的 “师徒” 关系让市场推测，“德鲁肯米勒经济学”——即反赤字、反通胀、反关税——可能通过贝森特和沃什渗透至政策制定中。 | [Link](https://longbridge.com/en/news/276214511.md) | | 全球财政刺激 “雷声大雨点小”？瑞银预计仅为 2026 年 GDP 增长贡献 8 个基点 | 瑞银研究指出，2026 年全球财政刺激实际影响接近中性，对 GDP 增长贡献仅约 8 个基点。尽管美、日、德等国法案热度高，但由于执行速度缓慢及新兴市场财政整固，实际力度远低于历史水平。全球经济仍需寻找内生动力，而非寄希望于政策红利。 | [Link](https://longbridge.com/en/news/276317126.md) | | 木头姐：这轮市场波动是算法导致，而非基本面 | 木头姐凯茜·伍德称，近期市场急涨急跌 “多由算法交易制造”，程序化减仓与技术面交易容易形成连锁踩踏，导致 “先卖再问” 的非理性波动，而卖出的人很可能要后悔。她强调 AI 是毕生最大机遇，当前市场处于类似 1996 年的早期阶段，科技巨头激 | [Link](https://longbridge.com/en/news/276045627.md) | | 福陆｜8-K：2025 财年营收 155 亿美元不及预期 | | [Link](https://longbridge.com/en/news/276120747.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.