- On July 23, 2021, the Colombian
Government signed Decree 811 of 2021, expanding the regulatory
framework for domestic and export medical cannabis markets in
Colombia
- With the Decree, Colombia
continues to serve as a regulatory leader and reference point for
other countries in the region, having also approved universal
insurance coverage for THC and CBD in late 2020
- The decree allows for 1) the expansion of medical cannabis
distribution across most pharmacies in the country, 2) the
expansion of CBD-based product portfolios within the country, and
3) the export of dried flower medical cannabis products to
international markets, among others
- Khiron welcomes this regulation, which is expected to expand
the Company´s distribution network for patients and insurance
companies within Colombia, while
strengthening its supply chain for dried flower in Germany and UK
- With more than 10,000 medical cannabis patients served in
Colombia to date, and more than
18,000 prescriptions sold in the first half of 2021 across
Colombia, the new regulation will
further enhance Khiron´s leadership in the Colombian medical
cannabis industry
TORONTO, July 26, 2021 /CNW/ - Khiron Life Sciences Corp.
("Khiron" or the "Company") (TSXV: KHRN)(OTCQX: KHRNF)(Frankfurt: A2JMZC), a vertically integrated
medical cannabis leader with core operations in Latin America and Europe, today announces its support for
amendments to Colombia's medical
cannabis decree, signed July 23,
2021. With the enhanced regulations, Colombia continues to be a leader and
reference point for medical cannabis regulations across
Latin America.
Alvaro Torres, Khiron CEO and
Director, comments, "Colombia has
been a regional leader in medical cannabis laws since 2015 and this
new Decree strengthens the Government´s commitment to creating a
robust and competitive industry. After naming the industry a
National Strategic Priority and extending universal health coverage
for THC and CBD medical cannabis products in late 2020, the new
regulation expands the country's growth potential across various
product categories in Colombia and
through the export of dried flower."
Expansion of distribution network across pharmacies in
Colombia
Since
April 2020, Khiron has been
dispensing medical cannabis to patients through its Zerenia™
pharmacy in Bogota, to more than
350 cities and municipalities across the country. With Decree 811
of 2021, the Government has significantly expanded the number of
pharmacies eligible to carry and dispense medical cannabis
products, from only a handful today to a network of more than
14,000 pharmacies nationwide.
Alvaro Torres, Khiron CEO and
Director, comments, "Distribution expansion in pharmacies across
Colombia is a key part of our
growth strategy. As the Company continues to close medical cannabis
agreements with insurance companies across Colombia, expansion of point of sales through
the national pharmacy network becomes increasingly important. With
today's changes, we look forward to expanding our partnerships with
insurance companies, third-party pharmacies, and logistics
operators to increase product awareness and provide patients with
greater access to medical cannabis products and increased choice in
how they receive their medication."
Allowance for Export of dried flower medical cannabis
Decree 811 of 2021 also creates a regulatory framework that gives
Colombian producers the ability to export dried flower medical
cannabis as a finished commercial product.
Franziska Katterbach, President of Khiron Europe, comments, "The
Company began sales of Khiron-branded dried flower products in the
UK in Q2 2020 and Germany in Q1
2021. To date, our asset-light approach has fueled sales growth,
with Europe representing an
increasing share of medical cannabis revenues and gross profits
quarter over quarter. Colombia is
well known for its medical cannabis cost advantages, and with
positive market trends and our understanding of European
regulations and robust control standards, we welcome the
opportunity to improve the efficiency and profitability of our
supply chain over the medium term."
About Khiron Life Sciences Corp.
Khiron is a leading
vertically integrated medical cannabis company with core operations
in Latin America and Europe. Leveraging wholly-owned medical health
centres and proprietary telemedicine platforms, Khiron combines a
patient-oriented approach, physician education programs, scientific
expertise, product innovation, and agricultural infrastructure to
drive prescriptions and brand loyalty with patients worldwide. The
Company has a sales presence in Colombia, Peru, Germany, UK, and Brazil and is positioned to commence sales in
Mexico in 2021. The Company is led
by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and
diverse executive team and Board of Directors.
Visit Khiron online at investors.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 is 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.