- Effective immediately, Khiron is fully authorized to
manufacture high- and low-THC medical cannabis, and to fill
prescriptions for low-THC medical cannabis
- Khiron anticipates filling its first revenue generating patient
prescriptions within days
- With successful lab certification, Khiron becomes the first
company authorized to sell medical cannabis in Colombia
- Colombia has upwards of 6
million potential patients for medical cannabis products (Source:
IMS Quintiles)
- Khiron also provides a general corporate update and response to
Covid-19
TORONTO, March 20, 2020 /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 the Company has
received certification of Good Elaboration Practices for Magistral
Preparations with Cannabis (GEP). As a result, the Company is now
fully authorized to manufacture high- and low-THC magistral
preparations in Colombia. The
Company anticipates fulfilling its first prescriptions of
full-spectrum, high CBD formulations within days. The Company
anticipates that it will also be fully authorized to fulfill
prescriptions and dispense psychoactive (high-THC) medical cannabis
within the coming weeks, once the pharmacies are authorized by the
Narcotics National Fund (FNE).
"Today is a hugely important milestone for Khiron. With this GEP
certification we begin a new phase in commercializing our medical
cannabis product pipeline and towards meeting our market potential.
We have been preparing for this day for three years. We have the
capacity, established patient network, and now full authorization
to manufacture high- and low-THC magistral preparations, and to
fulfill prescriptions for non-psychoactive medicinal cannabis
within days," comments Alvaro
Torres, Khiron CEO and director. "From day one our mission
has always been to model our business on serving patient needs, and
now we are delivering on that focus, targeting the millions of
patients in Colombia who have the
potential to benefit from medical cannabis."
Khiron has an established patient network in Colombia through its ILANS medical facilities
that treat over 120,000 patients with neurological, psychiatric,
respiratory, urological and orthopedic diseases, among others.
ILANS patients are serviced by the Colombian health insurance
system. The Company also recently opened Zerenia, a 15,000 sq. ft
facility in Bogota that increases
the Company's patient capacity by 75%, offering a comprehensive
suite of health and medical services in alignment with insurance
company partners.
Under Colombian regulations, GEP certification is a
manufacturing and processing certification that is a mandatory
requirement for commercializing customized medical cannabis
prescriptions, known as Magistral Preparations. Commercializing
customized medical cannabis prescriptions in Colombia involves a lengthy and rigorous
regulatory process that has seen the Company receive licenses
to cultivate high-THC and low-THC cannabis for domestic and export
sales, quotas to cultivate 9.3 tons of THC cannabis, and to extract
THC cannabis in Colombia. To-date,
Khiron is the only company in Colombia to meet all of these strict
regulatory requirements, and, with the GEP certification received
today, becomes the first Company authorized to sell medical
cannabis in Colombia.
Investor Webcast
The Company will host a webcast on
Friday, March 20th at
11:00 AM (ET) to discuss the GEP
certification development, first sales, and to take investor
questions. Please register at
https://event.on24.com/wcc/r/2222096/A0AE8A305CA7960FF312F68069931C50
Corporate Update
As the world deals with the spread of Covid-19, Khiron provides
the following corporate update on further commercial and
operational activities. As global market conditions have changed
dramatically the Company is implementing the following measures to
ensure liquidity and increase focus of company resources.
- Uruguay: The Company has
decided to suspend construction of cultivation assets in
Uruguay for the time being.
- Wellness/CPG: The Company is significantly reducing sales and
marketing spending for Kuida in the European and US markets. The
Company intends to continue its current marketing efforts in
Colombia.
- Dixie JV: In light of the announcement on March 9, 2020 by Dixie Brands Inc. ("Dixie") to
merge with BR Brands, LLC, the Company and Dixie have mutually
agreed to terminate the joint venture that was announced on
January 30, 2019.
"We are now in the sales execution phase of our business plan
and as such it is key that we remain focused on those areas of our
business that have the greatest revenue potential and are scalable
across our addressable markets. We have taken decisive action to
protect our balance sheet and focus on our core medical businesses,
in the most promising markets," comments Mr. Torres.
"With worldwide efforts underway to manage the spread of
Covid-19, I wanted to personally add that Khiron is in discussions
with regulators in Colombia with
the aim of ensuring that the Company is doing everything it can to
assist authorities and communities with Covid-19 suppression
efforts. We will provide updates on any specific initiatives, as
appropriate," comments Mr. Torres. The Company has taken a number
of precautionary measures during this time, including prohibiting
international travel and work from home options for its staff.
About Khiron Life Sciences Corp.
Khiron Life Sciences
Corp. is the dominant integrated medical cannabis company in
Latin America. Khiron has core
operations in Latin America, along
with activity in North America and
Europe, and is 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 line of CBD cosmetic products on shelf
in Colombia, and is fully authorized to manufacture high- and
low-THC medical cannabis, and to fill prescriptions for low-THC
medical cannabis in the country.
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.
Visit Khiron online at www.khiron.ca and on Instagram
@khironlife
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 on
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.
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.