Khiron Welcomes Legalization of Medical Cannabis in Brazil
- Brazil represents the largest addressable market in Latin America with a population of 208 million and a potential USD $229 Million patient network for medical cannabis (New Frontier Data)
- Brazilian national health authority (ANVISA) approves the sale of medical cannabis products for sale by prescription and through pharmacies
- Khiron to participate in Brazil medical cannabis market through the Mercosur Regional Trading Bloc
- Regulations come into force 90 days after imminent posting on Federal Official Gazette
TORONTO, Dec. 4, 2019 /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, welcomes today's announcement from ANVISA, the National Agency for Health Surveillance of Brazil, establishing a legalized environment for the sale and consumption of cannabis for medical use. The new regulations will be published in the coming days on the Federal Official Gazette and enter into law 90 days after that.
In the announcement from ANVISA, a new class of medical cannabis-based products will be prescribed by doctors and sold through pharmacies, enabling patient safe and legal access. The regulatory framework sets a comprehensive procedure for the manufacture and import of these products as well as the requirements for commercialization, prescription, dispensing, monitoring and supervision of cannabis products for medical purposes. The resolution was approved unanimously and is valid for an initial three-year term.
Andres Galofre, Khiron Co-founder and Vice President, Business Development, commented, "We congratulate legislators and the health authority in Brazil for their leadership in establishing a legalized environment for medical cannabis in the country. With a population of over 200 million this will directly benefit the health and wellbeing of a significant number of patients in Brazil and affirms our position as a LatAm leader in a rapidly globalizing cannabis market."
Khiron has a firmly established market-entry strategy for Brazil, with Dormul S.A., its wholly owned subsidiary based in Uruguay giving the Company access to the Brazilian market through the Mercosur Regional Trading Bloc. The Company has initiated pre-clinical medical cannabis studies with the Universidad de la República of Uruguay and Institut Pasteur de Montevideo, providing direct strategic opportunity for 3 million patients for medical cannabis in Uruguay, and a Brazilian market of 3.4 million (New Frontier Data). Further, on November 29th the Company announced it had received authorization from the Colombian Technical Quotas Group ("TQG") for the commercialization of medical use High THC cannabis for domestic and export purposes, including to Brazil, with manufacture to begin in Q1 2020.
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.
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.
United States Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available
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.
Further information in respect of the Company can be found at www.khiron.ca.
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SOURCE Khiron Life Sciences Corp.
Released December 4, 2019