- Peruvian authorities to allow businesses to begin applications
for medical cannabis licenses, and further outline a clear
licensing process
- Khiron has secured Good Storage Practices (GSP) certification,
a crucial prerequisite for import and commercialization license
applications in Peru
- Company has submitted its security protocols for regulatory
review as a further step to securing key licenses
- With a population of 32 million, Peru's medical cannabis market is estimated to
be worth $99 million (Prohibition
Partners)
- Strong cash balance firmly positions Company to capitalize on
emerging market opportunities in Peru
TORONTO, Dec. 16, 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 welcomes the release of
regulatory guidelines governing the medical cannabis program in
Peru, and concurrently, announces
its receipt of Good Storage Practices (GSP) certification in the
country. Issued by Peru's Ministry
of Health earlier this week, the new regulatory guidelines
establish clear steps towards securing licenses for the import and
commercialization of medical cannabis, for which GSP certification
is a crucial prerequisite.
In Peru, only registered
pharmaceutical establishments who have fulfilled GSP requirements
are authorized to participate in wholesale import and
commercialization of cannabis products. Khiron currently holds the
necessary license that certifies the company as a registered
pharmaceutical establishment, and further, is one of the first
cannabis companies in the country to have received GSP
certification from Peru's
Directorate General of Drug Supplies and Drugs (DIGEMID). First
received on October 9, 2019 and valid
until October 9, 2022, the GSP
certification validates that Khiron has implemented the standard
operational procedures required for storage of raw materials and
finished cannabis products.
Under the released guidelines, businesses are first required to
submit security protocols which detail a specific anti-diversion
plan, to the Anti-Narcotics Unit of the Ministry of Interior
(DIRANDRO). Upon approval of their security plan, companies can
then present a license application to DIGEMID for final approval.
In this regard, Khiron has already made significant and early
headway; with previous experience in executing sophisticated and
state-of-the-art security protocols across its Colombian
operations, the Company submitted its security protocols to the
Peruvian government in November 2019.
Khiron anticipates a successful review of its security protocols,
and from there, will submit a license application for final
approval of its medical cannabis products.
Juan Diego Alvarez, VP Regulatory
at Khiron Life Sciences, stated: "The recent regulatory guidelines
released by the Ministry of Health signal that the
commercialization of medical cannabis is an imminent reality for
Peru. With our receipt of GSP
certification, submission of security protocols and a strong cash
balance, Khiron is firmly positioned to capitalize on market
opportunities, and to participate meaningfully in the country's
cannabis industry. We are incredibly excited to bring our cannabis
products to Peru."
In addition, Khiron also welcomes Peru's newly released guidelines for the
prescription of cannabis, which were announced alongside the
guidelines governing import and commercialization. These
prescription guidelines, notably, do not delineate specific
pathologies for which medical cannabis can be prescribed, giving
physicians greater discretion over their patients' treatment.
With a population of 32 million people, Peru's medical cannabis market is estimated to
be worth $99 million (Prohibition
Partners).
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.
Further information in respect of the Company can be found
at www.khiron.ca.
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SOURCE Khiron Life Sciences Corp.