PharmaCielo rebounds after reporting world’s lowest legal production costs
Jared Gnam, 21 May 2020
After a March 2 short-seller report sent shares of PharmaCielo Ltd. (TSX-V: PCLO) tanking for nearly two months, the valuation of Colombia’s largest cannabis grower rebounded 36 per cent this week as it posted promising fourth-quarter results. On Thursday, the Toronto-headquartered company said it generated a modest $657K in revenues during Q4, which ranks low among Canada’s publicly-traded licensed producers.
But the parent company of PharmaCielo Colombia Holdings also reported an all-in production cost for dried cannabis of $0.04 per gram at its Colombian operations. That’s the lowest production cost recorded in the legal worldwide weed industry, according to the company.
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Pharmacielo LTD. Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against PharmaCielo Ltd.
18 March 2020
Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of purchasers of the securities of PharmaCielo Ltd. (OTC: PCLOF) between June 21, 2019 and March 2, 2020, inclusive (the “Class Period”).
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Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of PharmaCielo Ltd. (PCLOF) on Behalf of Investors
BUSINESS WIRE, 04 March 2020
Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf PharmaCielo Ltd. (“PharmaCielo” or “the Company”) (OTC: PCLOF) investors concerning the Company and its officers’ possible violations of the federal securities laws.
On March 2, 2020, Hindenburg Research published a report, alleging, among other things, that PharmaCielo’s “key operating property in Rionegro, Colombia” was sold “at a massive markup, allowing insiders to enrich themselves by an estimated $5.35 million.” The report also stated that the Company’s purported greenhouse facilities on newly-purchased land is “nothing more than an empty field covered in weeds.”
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PharmaCielo Rocked by New Short Report
Bryan Mc Govern, 03 March 2020
The cannabis industry is facing another targeted short-seller attack leading to a massive value drop. On Monday (March 2) Colombia-based operator PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) opened at a price of C$1.60 in Toronto, indicating a double-digit percentage drop in its share price directly tied to new claims raised in a report.
A group known as Hindenburg Research shared with the market a new note in which the researchers pose several claims against company co-founder and former CEO Anthony Wile. The group has picked up a short position but it did not indicate a price-target for the shares of PharmaCielo.
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