- Khiron Life Sciences (TSXV:KHRN) is preparing to fill its first medical cannabis prescriptions in Colombia
- The company is now fully authorized to manufacture both high and low-THC medical cannabis
- Khiron is the first company licensed to sell medical cannabis in the country
- A patient network has already been established through its ILANS medical facilities
- Khiron Life Sciences (KHRN) is currently up 13.75 per cent, with shares trading for C$0.46 and a market cap of $49.11 million
Khiron Life Sciences (TSXV:KHRN) is preparing to fill its first medical cannabis prescriptions in Colombia.
The Latin-America-focused company has received certification of Good Elaboration Practices for Magistral Preparations with Cannabis (GEP).
As such, Khiron is now fully authorized to manufacture both high and low-THC medical cannabis. The company is expecting to fill its first prescriptions in the next few days.
Khiron’s initial sales will be facilitated by its already established network of patients. The company’s ILANS medical outlets treat more than 120,000 people with neurological, psychiatric, respiratory, urological and orthopaedic diseases.
In addition, it recently opened Zerenia, a 15,000 square foot facility in Bogota which is expected to increase patient capacity by 75 per cent.
Alvaro Torres, CEO of Khiron Life Science, said that the company has been working towards this point 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.
“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,” he said.
In today’s announcement, Khiron also commented on the effect of COVID-19 on its operations. It noted that market conditions have changed dramatically, and that a number of measures will be implemented.
The construction of cultivation assets in Uruguay has been temporarily halted, and sales and marketing-related spending for Kuida in the US and Europe has been significantly reduced.
A joint venture agreement with Dixie Brands, dated March 9 this year, has also been terminated.
“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,” Alvaro said.
Khiron Life Sciences (KHRN) is currently up 13.75 per cent, with shares trading for C$0.46 at 2:32pm EST.
