According to the Complaint, PharmaCielo, through its subsidiary, PharmaCielo Colombia Holdings S.A.S., purports to cultivate, process, produce, and supply medicinal-grade cannabis oil extracts and related products in Colombia and internationally.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) PharmaCielo engaged in an undisclosed related party transactions with General Extract LLC; (2) PharmaCielo engaged in misleading transactions and loans with General Extract LLC and XPhyto Therapeutics Corp.; (3) PharmaCielo’s Research Technology and Processing Centre was never on-schedule and is delayed; (4) the Rionegro facility is located on a floodplain and contaminated with mold and pesticides from its previous tenants; (5) PharmaCielo’s Cauca Department land has never been utilized by the Company and is idle; and (6) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

On June 22, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.