Khiron Life Sciences Corp (TSXV: KRHN)(OTCQB: KHRNF)(Frankfurt: A2JMZC) is making an explosive move up after the Company reported financial results for the third quarter ended September 30, 2018. The Company made a number of big moves in recent months including commercializing seven wellness products in Colombia with authorization from Colombia’s National Food and Drug Surveillance Institute (INVIMA) for production and sale. Export authorization received for four cannabidiol based products for skin and body care in Peru.
The Company expanded its agricultural land from 4.5 hectares to 17.5 hectares in Ibague, Colombia and entered the Chilean market through a memorandum of understanding with Fundacion Daya, the only medical cannabis license holder in Chile. The license is held through DayaCann, a joint venture between Fundacion Daya and AusCann Group Holding Ltd.
Khiron Life Sciences Corp. is positioned to be the dominant integrated medical cannabis company in Latin America. Khiron has core operations in Colombia and is fully licensed in the country for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. In May 2018, Khiron listed on the TSX Venture Exchange, becoming one of the first Colombian based medical cannabis companies to trade on any exchange globally.
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. Khiron 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.
The construction and development plans for Khiron ́s greenhouse facility is divided in three phases. In Phase 1 Khiron will design and implement the main operational requirements for cultivation; in Phase 2 Khiron will commence construction of its first productive area consisting of one hectare. During the Phase 2 Development, the Company intends complete the construction of its 7,500m production greenhouse; complete its onsite drying, extraction, formulation, and testing facilities; and complete agronomical evaluation process with Ministry of Agriculture and Rural Development and the Colombian Agricultural Institute (ICA) for first commercial harvest. Finally, during the Phase 3 Development, Khiron will explore the potential of expanding its cultivation site based on the market needs.
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Khiron recently launched Kuida®, the first CBD cosmeceutical brand in Colombia. Along with the formation of Khiron’s wellness business unit, the Kuida® brand was Introduced to industry leaders, media, and beauty care influencers. Subsequent to the quarter, Khiron recognized first sales in October 2018.
Alvaro Torres, Director and CEO of Khiron, commented: “Our team continues to execute our business plan with significant operational and financial milestone achievements during the quarter. This includes entering new markets in Latin America, forming new strategic relationships and securing acquisitions to drive distribution, attracting new highly qualified members to our team and board, expanding our cultivation and production footprint, and sourcing capital to fuel our expansion. Each of these developments advances our objective to meet the medical needs of a million patients in Latin America. With over 75 employees and certified physicians and clinical staff, and an ever-expanding list of achievements, I am confident we can reach this objective. I would like to personally thank each of our stakeholders for their support of Khiron and firmly believe the future looks very bright for our company.”
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Currently trading at a $55 million market valuation Khiron has $6.4 million in the treasury, very little debt and no revenues to date. Khiron is an exciting cannabis Company that is an early leader in the recently legalized market in Colombia for the commercial production and distribution of medical cannabis products. The Company has also signed an MOU to enter the Chilean medical cannabis market with country’s only licensed producer, Fundacion Daya and DayaCann and recently launched Kuida®, its first CBD-based skincare brand approved by INVIMA, Colombia´s health agency, and available for sale in Colombia. We will be updating on Khiron when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Khiron.
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Disclosure: we hold no position in Khiron either long or short and we have not been compensated for this article.