- Colombia was granted a total production quota of 56.2 tons of medical cannabis for 2020 by the International Narcotics Control Board ("INCB"), the entity responsible for the implementation of the United Nations drug conventions. This represents 21.9% of the world´s legal global supply of high THC medical cannabis.
- The Company will begin cultivation activities immediately in its existing state-of-the-art facility near Ibague, Colombia , with its already-registered strains.
- The Company will be notified of the accompanying extraction quota by the Ministry of Health of Colombia , which will define allocation between domestic production and international exports for 2020.
TORONTO , Feb. 26, 2020 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (KHRNF), (Frankfurt:A2JMZC), a vertically integrated cannabis leader with core operations in Latin America , today announced that it has received 2020 commercial cultivation quotas from the Colombian Technical Quotas Group ("TQG"), to cultivate psychoactive cannabis plants for national and export commercial purposes in 2020 utilizing the previously announced 22 strains already registered with the ICA's National Cultivar Registry.
"We are very satisfied to have been awarded 17% of Colombia`s total production quota for 2020. This continues to demonstrate our regulatory expertise and the trust that the Government of Colombia , and the Ministry of Justice has on our business plan. For the last 3 years, Khiron has been a leader in Colombia by driving regulatory milestones which place the Company on a path to imminent sales of medical cannabis in Colombia and improving the lives of million of patients in the country, Latin America , and Europe ." Comments Alvaro Torres , CEO Khiron Life Sciences Corp.
"With a Q3 cash balance of $47.9 million and all facilities complete, we are ready to begin cultivation activities immediately."
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. is positioned to be the dominant integrated cannabis company in Latin America . Khiron has core operations in Latin America and is fully 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 set of CBD cosmetic products on shelf in Colombia, and is currently facilitating testing to meet and surpass all license requirements for commercial cannabis derived products.
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
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 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.
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SOURCE Khiron Life Sciences Corp.
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