Khiron Gets Approval to Commercialize 17 Cannabis Strains in Colombia
Khiron Life Sciences (TSXV: KHRN) (OTCQB: KHRNF) (Frankfurt: A2JMZC) has received approval from the National Cultivar Registry and the Technical Direction of the ICA for the commercialization of 17 stains of cannabis.
The approvals bring the total number of registered strains to 22 and positions Khiron to commercialize and distribute CBD cannabis, which is currently being cultivated at the company’s facility near Ibague, Colombia.
Khiron intends to begin commercial production of CBD extract in 2019. The production will be used primarily to produce medicine and sold to patients individually as specifically prepared formulations. The direct to patient distribution method is expected to deliver higher margins than producers focused on wholesale export distribution models.
Based on independent market research, it is estimated that Colombia has upwards of six million potential patients for medical cannabis products.
In addition to commercializing CBD production, the company’s psychoactive cannabis varieties have now undergone and completed a rigorous regulatory process to receive strain approval from ICA.
With these strain approvals, Khiron can now work to obtain approval of the THC strains for commercial quota issuance. Before commercial quotas can be awarded, the company must demonstrate an established market demand and distribution method.
Based on the potential addressable patient network Khiron has established with medical associations and the ILANS acquisition, the company believes it has built a leading position in terms of receiving a favorable quota allocation. To date there have been no awards of commercial quotas for THC in Colombia.
“Khiron has continually focused on expediting our timing to market, while ensuring the highest standards of product quality and consistency. With these approvals secured, Khiron is now poised to introduce its medical cannabis products in Colombia by the third quarter of this year, which once again, demonstrates the Company’s in-depth understanding of patient needs, its strategic and evidence-based approach, unparalleled regulatory knowledge, and its leadership role in the Latin American market,” Khiron Life CEO Alvaro Torres stated.
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