- Authorization for domestic and export purposes comes as a
result of commercial quotas allocated to Khiron by the Colombian
Technical Quotas Group ("TQG") for 2019
- Permits Company to cultivate and commercialize psychoactive
cannabis
- Includes authorization to export of whole plant extract to
Uruguay and Brazil
- Positions Khiron to as the first LP to manufacture high-THC
whole plant extract and produce customized medical cannabis
prescriptions for domestic use
TORONTO, Nov. 25, 2019 /CNW/ - Khiron Life Sciences Corp.
("Khiron" or the "Company") (TSXV: KHRN), (OTCQB: KHRNF),
(Frankfurt: A2JMZC), a vertically
integrated cannabis leader with core operations in Latin America, today announced that it has
become the first and to date, only cannabis company in Colombia authorized to commercialize
psychoactive, high-THC cannabis for both domestic and export
purposes. Representing a key milestone towards Khiron's stated
timeline to bring medical cannabis options to market, the
authorization comes as a result of commercial quotas allocated to
Khiron by the Colombian Technical Quotas Group ("TQG"), which
permit the Company to cultivate and commercialize up to 560 kg – or
approximately, 65,000 units – of psychoactive, high-THC cannabis in
2019.
Juan Diego Alvarez, Khiron
Vice-President of Regulatory Affairs commented, "Today's receipt of
cultivation quotas from the TQG is undoubtedly a game-changer. With
these quotas, we become the first and only cannabis company in
Colombia with the ability to
commercialize high- and low-THC whole plant extract, both
nationally and abroad. More importantly, however, it paves the way
for our patients to receive high-THC medical cannabis prescriptions
that treat key indications and improve their quality of life. That,
ultimately, is our first priority."
In Colombia, production of
"psychoactive cannabis" – defined as THC greater than or equal to
1% – is strictly regulated, involving a rigorous process that
requires companies to register strains with the Colombian
Agricultural Institute (ICA), complete product and stability
testing, and prove legal demand for their products in order to
receive commercial quotas. Upon completing this process, Khiron has
received two key quotas for commercial cultivation and commercial
fabrication from the TQG.
Commercial Cultivation Quotas
Under the commercial
cultivation quotas allocated by the TQG, the Company is authorized
to cultivate 560 kg of high-THC cannabis for commercial purposes in
2019. Commercial cultivation is expected to begin in Q4 2019, and
will utilize Company strains registered in the ICA's National
Cultivar Registry.
Commercial Fabrication Quotas
In addition to
cultivation, commercial fabrication quotas granted by the TQG allow
the Company to manufacture high-THC whole plant extract for both
export and domestic commercialization. This includes export of
whole plant extract as raw material to Uruguay, and through the Mercosur trading
bloc, to the Brazilian medical cannabis market, valued at CAD
$18 billion in 2018. Further, Khiron
is also authorized to manufacture high-THC whole plant extract for
domestic use, positioning Khiron to be the first cannabis company
to produce customized medical cannabis prescriptions, known as
magistral preparations, in the country. Through these end products,
the Company aims to treat up to 15,000 initial patients in
Colombia with three specific
indications, including chronic pain, anxiety and nausea.
Manufacturing of high-THC whole plant extract is anticipated to
begin Q1 2020.
About Khiron Life Sciences Corp.
Khiron Life Sciences
Corp. is positioned to be the dominant integrated cannabis company
in Latin America. Khiron has core
operations in Latin America and is
fully licensed in Colombia for the
cultivation, production, domestic distribution, and international
export of both tetrahydrocannabinol (THC) and cannabidiol (CBD)
medical cannabis. The company delivers best in class regulatory
compliance, has the first approved set of CBD cosmetic products on
shelf in Colombia, and is currently facilitating testing to
meet and surpass all license requirements for commercial cannabis
derived products.
With a focused regional strategy and patient oriented
approach, the Company combines global scientific expertise,
agricultural advantages, branded product market entrance
experience and education to drive prescription and brand
loyalty to address priority medical conditions such as chronic
pain, epilepsy, depression and anxiety in the Latin American
market of over 620 million people. The Company is led by Co-founder
and Chief Executive Officer, Alvaro
Torres, together with an experienced executive team,
and a knowledgeable Board of Directors that includes former
President of Mexico, Vicente Fox.
Cautionary Notes
Forward-Looking Statements
This press release may contain certain "forward-looking
information" and "forward-looking statements" within the meaning of
applicable securities legislation. All information contained herein
that is not historical in nature may constitute forward-looking
information. Khiron undertakes no obligation to comment analyses,
expectations or statements made by third-parties in respect of
Khiron, its securities, or financial or operating results (as
applicable). Although Khiron believes that the expectations
reflected in forward-looking statements in this press release are
reasonable, such forward-looking statement has been based on
expectations, factors and assumptions concerning future events
which may prove to be inaccurate and are subject to numerous risks
and uncertainties, certain of which are beyond Khiron's control,
including the risk factors discussed in Khiron's Annual Information
Form which is available on Khiron's SEDAR profile
at www.sedar.com. The forward-looking information contained in
this press release is expressly qualified by this cautionary
statement and are made as of the date hereof. Khiron disclaims any
intention and has no obligation or responsibility, except as
required by law, to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise.
United States Disclaimer
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities
in the United States. The securities have not been and
will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the
United States or to U.S. Persons
(as such term is defined in Regulation S under the U.S. Securities
Act) unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this press
release.
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SOURCE Khiron Life Sciences Corp.