On December 22nd, 2015, Colombian President Juan Manuel Santos signed regulatory Decree 2467 that codifies the path by which companies can apply for and obtain processing and extraction (oils and related products), cultivation and exportation licences for scientific and medical purposes. Subsequently, on February 2, 2016, PharmaCielo became the first company to formally apply to the Colombian Ministry of Health and the National Drug Counsel (Consejo Nacional de Estupefacientes) for licensing consideration. PharmaCielo was granted the country's first cannabis processing and extraction licence, on June 28, 2016. On October 23, 2017, PharmaCielo received the first Colombian licences for the cultivation of cannabis with unrestricted percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD) alike. The Company intends to complete the requirements to become a licensed exporter as soon as possible. PharmaCielo is now commencing cultivation and processing of large volumes of premium quality, all natural cannabis flower into highly standardized, medicinal-grade oil extracts and related products. All aspects of our production model are designed to be flexible and easily scalable to meet global market demand. We will be able to consistently and cost effectively supply existing ready-for-import markets as well as rapidly increase export capacity as new medical cannabis markets open.