TORONTO, Feb. 3, 2016 /PRNewswire/ - PharmaCielo Ltd. today announced that its wholly-owned subsidiary, Rionegro, Colombia based PharmaCielo Colombia Holdings S.A.S. has submitted its formal application to the Ministry of Health and the National Drugs Council to become a licensed grower and processor of medicinal-grade cannabis oil extracts, with plans to file an additional license application for export in the near future.

This announcement comes after President Juan Manuel Santos signed regulatory Decree 2467, on December the 22nd, 2015, establishing a licensing framework for the cultivation, processing, research and development and exportation of cannabis derivatives for scientific and medical purposes. 

"It is our goal to become the world's leading supplier of naturally grown high-quality medicinal-grade cannabis oil extracts and there is no better location to do so than Colombia," said Jon Ruiz, Director and CEO of PharmaCielo Ltd. "The country's equatorial location, and its plethora of ideal microclimates leave little doubt that...