TORONTO, Canada and RIONEGRO, Colombia, May 31, 2021 /CNW/ - PharmaCielo Ltd. ("PharmaCielo" or the "Company") (TSXV:PCLO), (OTCQX:PCLOF), the Canadian parent of Colombia's premier cultivator and producer of medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., today announced that experienced financial and cannabis executive Ian D. Atacan has been appointed Chief Financial Officer of the Company, effective June 7, 2021, to replace CFO Scott Laitinen, who is retiring, effective June 1, 2021.

"PharmaCielo has established a robust operating platform and is now shifting its focus to executing the Company's global sales strategy," said Henning von Koss, CEO of PharmaCielo. "I would like personally welcome Ian, whose proven experience in both cannabis and Colombia will add significant value as PharmaCielo embarks on what we expect will be a multi-year period of growth. Scott has played an important role over the past few years as PharmaCielo worked to establish a solid operating foundation and on behalf of the entire team, I would like to express our gratitude for his leadership. I know he is looking forward to retirement and we wish him all the best."

Ian D. Atacan, incoming CFO of PharmaCielo added, "Having been the CFO of a Colombian operator for the past two years, I have had the opportunity to observe the build-out of PharmaCielo's operating base and interact with its team. In my view, the scale and sophistication of the Company's footprint in Colombia makes it one of the few players equipped to fully capitalize on the emerging global B2B cannabinoid opportunity. I have also been impressed with the depth and breadth of the Company's operating team, and I look forward to bringing my experience to bear as we work together to steadily grow revenue and create value for shareholders."

Scott Laitinen commented, "When I joined PharmaCielo, there were no plants in the ground and there was no processing centre. At that time, I expected to stay three to five years. Now, five years later, PharmaCielo is an operating business with one of the largest production capacities in the world. I watched the growth of the company from a dream to reality. I am honoured to have been part of that growth and I look forward to watching the company continue its expansion."

Ian D. Atacan – Biography

Mr. Atacan is a finance leader with more than 25 years of experience in strategy, M&A, and financing. Most recently, Mr. Atacan was the Chief Financial Officer of Blueberries Medical Corp., a licensed cannabis producer in Colombia. Previously, he was the CFO of Natura Naturals Holdings Inc., a Canadian cannabis company licensed for cultivation, production and bulk sales under the Cannabis Act of Canada, until its acquisition by Tilray Inc. (NASDAQ:TLRY). Prior to that, Mr. Atacan served as CFO of Global Atomic Corporation, a TSX listed uranium mining and zinc recycling company with operations in Niger and Turkey, from 2010 to 2018. Mr. Atacan is a Chartered Professional Accountant, received an MBA from Middlesex University, London-UK and a B.Sc. in Electrical and Electronics Engineering from Bilkent University.

About PharmaCielo

PharmaCielo Ltd. (TSXV:PCLO, OTCQX:PCLOF) is a global company, headquartered in Canada, with a focus on ethical and sustainable processing and supplying of all natural, medicinal-grade cannabis oil extracts and related 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 centre 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.

Forward-Looking Statements

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively referred to as "forward-looking statements"). These forward-looking statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Forward-looking statements in this news release include, but may not be limited to, statements about: expectations that the Company will experience a period of multi-year growth; expectations that the experience of company executives, including the incoming CFO, with the cannabis industry or Colombia will add value to the Company; expectations that the Company will be able to capitalize on emerging global B2B cannabinoid opportunities or that such opportunities will emerge, and expectations that the Company will be able to grow revenue and create value for shareholders.

Forward-looking statements are based on management's assumptions at the date the forward-looking statements are provided, including assumptions regarding: the Company's ability to execute its business plan, including the growth of its global sales team, as currently contemplated; the Company's ability to obtain necessary governmental, regulatory, and TSXV approvals for the export of its products from Colombia and import of its products into other countries; there being sufficient demand for the Company's products; that the Company's development plans will not change as a result of unforeseen events; that the Company's business generally and shipping logistics are not disrupted by COVID 19 or other factors; that the Company will be able to maintain its customer contracts in good standing; that the Company will be able to obtain GMP and EU-GMP certification for the Company's Processing and Extraction Center ("PEC"); that potential customers will be satisfied with the results of audit processes; that any changes to Colombian cannabis legislation will not negatively impact the Company's business; that the Company will be able to locate and retain necessary personnel to achieve its business goals; the Company's ability to maintain its distribution contracts in good standing; and the accuracy of the Company's projections regarding the market for cannabinoid products; currency exchange rates; and competition in the Company's markets.

Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements. Factors that could cause the Company's actual results, performance, or achievements to differ from the forward-looking statements in this news release include, but may not be limited to the risk that: any of the assumptions referred to above proves not to be valid or reliable, and additional risks described in the Company's Annual Information Form for the year ended December 31, 2019 filed with the Canadian securities regulatory authorities under the Company's SEDAR profile 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 TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PharmaCielo Ltd.

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