PharmaCielo Ltd. PCLOF PCLO, the Canadian parent of Colombia's premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., announced financial results for the fourth quarter and year ended December 31, 2021.
2021 Financial Highlights
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Net loss in 2021 was CA$26.63 million ($20.9 million ) compared to net loss of 43.75 million in 2020
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Adjusted EBITDA loss in 2021 was CA$16.83 million compared to loss of $23.55 million in 2020
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Revenue was CA$1.94 million in 2021 compared to $2.65 million in 2020, a drop of 26.79% YoY
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Net loss per share was CA$0.18 in 2021 compared to loss of CA$0.39 in 2020
Q4 Financial Highlights
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Net loss in Q4 2021 was CA$4.11 million compared to net loss of 19.9 million in the Q4 2020
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Adjusted EBITDA loss in Q4 2021 was CA$4.59 million compared to loss of $5.83 million in 2020
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Revenue was CA$339,000 in Q4 2021 compared to CA$881,000 in Q4 2020, a drop of 61.52% YoY
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Net loss per share was CA$0.03 in Q4 2021 compared to loss of CA$0.16 in Q4 2020
"Since I assumed the CEO role in the third quarter of 2021, we have made significant progress streamlining the company's operating structure, investing in our sales organization and refocusing the team on THC-dominant opportunities. These efforts are paying off, with a deeper, higher quality sales pipeline, and a recent agreement in Germany to access a distribution network that reaches every pharmacy in Germany, a market expected to be worth €7.7 billion by 2028," Bill Petron, CEO of PharmaCielo stated.
"I expect 2022 to be a pivotal year for the company as we build what I fully expect will become one of the most important B2B companies in the global cannabis supply chain, backed by a strengthened balance sheet and clear path to revenue growth."
The company had cash equivalents of CA$5.3 million as at December 31, 2021 compared to $8.9 million as of December 31, 2020.
Non-Brokered Private Placement of Debenture Units
Year-to-date, the company raised CA$1.5 million as part of the second tranche of its previously announced non-brokered private placement, consisting of an aggregate of 1,500 debenture units. The units were issued at a price of $1,000 per unit for aggregate proceeds of CA$1.5 million. This follows the company's announcement on January 3, 2022 that it had completed an initial tranche of units, also for aggregate proceeds of CA$5 million. The company intends to use the proceeds from the offering for operations, working capital and the build-out of its international psychoactive dry flower sales program.
Related News
Colombia's Flora Growth & PharmaCielo Begin Exporting Dried Flower As New Rules Take Effect
PharmaCielo Inks First THC Salles Agreement, Will Suply Germany Via Greenstein And NOWEDA
PharmaCielo Stock Dives On Heels Of Closing Initial Tranche Of $3.92M Offering
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