Khiron Welcomes Colombia's Receipt of 2020 Production Quota of 56.5 Tons of High-THC Cannabis
- Khiron the only LP with a 2019 quota that authorizes the Company to manufacture high-THC whole plant extract and produce customized medical cannabis prescriptions for domestic use
- 56.5 tons, or 21.84% of global supply of high THC medical cannabis for commercial and scientific purposes assigned to Colombia for 2020 by International Narcotics Control Board ("INCB"), the entity responsible for the implementation of the United Nations drug conventions
- This permit represents the highest annual cannabis quota in Colombian history, and the world's second largest allocations for 2020, based on a total global quota of 258 tons allocated by INCB
- Guarantees commercial and scientific production of medical cannabis in Colombia for 2020
- Authorization for domestic and export purposes supports the Company strategy, following commercial quotas allocated to Khiron by the Colombian Technical Quotas Group ("TQG")
- INCB allocation allows the country to apply for additional commercial quotas during 2020, should demand exceed initial projections
TORONTO, Dec. 30, 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 the Colombian government's announcement that the country has been awarded a record high quota of 21.84% of worldwide high -THC for commercial and scientific purposes. The quota, which is awarded by the International Narcotics Control Board ("INCB"), an independent body for the implementation of the United Nations Drug Convention, affirms Colombia's role as one of the most important supply sources for the licensed global cannabis economy.
Established in 1961, the INCB, who's members are made up of global government agencies and representatives of the World Health Organization, plays an important role in monitoring enforcement of restrictions on narcotics and psychotropics and in deciding which jurisdictions should be regulated. The quota allocation of 56.5 tons of dry flower for Colombia in 2020, affirms that the international community governing legalized narcotics recognizes the important work of the Colombia government in establishing an effective regulatory framework to support national and worldwide cannabis demand.
Juan Diego Alvarez, Khiron Vice President of Regulatory Affairs, stated "As the only company with an authorized high-THC quota for cultivation in 2019 to meet the needs of patients in Colombia, we welcome the INCB announcement and congratulate the Government of Colombia on the achievement. The 2020 quota guarantees access to new medical products that can transform patients' lives."
Khiron Life Sciences is currently the only cannabis company in Colombia with an allocation of quota to manufacture psychoactive medical cannabis for commercial domestic purposes, and one of the few companies also authorized to meet export demand. As previously announced, the authorization is a result of commercial quotas allocated to Khiron by the Colombian Technical Quotas Group ("TQG"), which permit the Company to cultivate and commercialize up to 560 kg – or approximately, 65,000 units – of psychoactive, high-THC cannabis in 2019. As of April 2019, Khiron has applied for additional commercial quotas for high-THC cannabis for 2020. TQG decisions on commercial quotas for the year are anticipated to be announced by February 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 30, 2019