Khiron Poised to Enter Medical Cannabis Market in Peru
- Signed a 2-year exclusive agreement to manufacture and distribute Khiron-branded medical cannabis products in Lima, Peru´s largest city with 8.6 million inhabitants
- With 10 locations in Lima, Farmacia Universal S.A.C. is an established magistral formulation laboratory and pharmacy
- Khiron Perú SA has already obtained certifications as a Pharmaceutical Entity with Good Storage Practices (GSP), a crucial prerequisite for import and commercialization license applications in Peru
- The Company obtained approval of its security protocols from the Anti-Narcotics Unit of the Ministry of Interior (DIRANDRO) in December 2019, and subsequently submitted its application for import license for medical cannabis
- Khiron recently announced high-THC cultivation and manufacturing quotas in Colombia and intends to ship high-THC branded medical products to Peru
- With a population of 32 million, Peru's medical cannabis market is estimated to be worth $99 million (Prohibition Partners)
TORONTO, March 5, 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 entered into an exclusive 2-year agreement with Farmacia Universal S.A.C. of Perú, a leading pharmacy chain and manufacturing laboratory based in Lima, to manufacture and distribute Khiron-branded medical cannabis magistral preparations in Perú.
In Peru, only registered pharmaceutical establishments who have fulfilled GSP requirements are authorized to participate in wholesale import and commercialization of cannabis products. Khiron currently holds the necessary license that certifies the Company as a registered pharmaceutical establishment and is one of the first cannabis companies in the country to have received GSP certification from Peru's Directorate General of Drug Supplies and Drugs (DIGEMID). The Company expects to begin sales in Peru once it obtains its import license from DIGEMID and Farmacia Universal S.A.C. receives authorization for commercialization from DIGEMID.
"Khiron is currently the only Colombian Company with high-THC quotas for export purposes, including into Peru, and considers the country one of the key medical cannabis markets in Latam. Based on our regulatory expertise, Khiron has demonstrated an ability to work with the Peruvian regulatory framework and believes that it will be successful in securing additional permits." Comments Andres Galofre, Khiron VP, Business Development. "Our clinics, with 120,000 patients, provide a model we can replicate in different jurisdictions, including Peru, subject to their regulatory framework."
About Farmacia Universal
Founded in 1934, Farmacia Universal S.A.C. (in English: Universal Pharmacy), is a well-known Peruvian pharmacy chain, based in Lima. Farmacia Universal S.A.C. has 10 well distributed point of sales, and is a leader in the pharmaceutical preparations sector in Perú.
Farmacia Universal S.A.C. also sells pharmaceutical, surgical and orthopedics products, among others, differentiating its brand with premium service to customers and patients. CEO, Dolores Guevara, has being recognized as one of the LEC (business leaders of change) in Perú, awarded by EY, El Comercio & ASBANC.
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.
Released March 5, 2020