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 /PRNewswire/ - 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.
