Colombian Agricultural Institute ("ICA") authorization is a significant requirement to cultivate and distribute medical cannabis in Colombia. Khiron's receipt of the authorization confirms the Company as one of the leading medical cannabis companies in Latin America
TORONTO, June 13, 2018 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), a Canadian integrated medical cannabis company with its core operations in Colombia, announced today that the Company has been registered by the Colombian Agricultural Institute ("ICA") as an agronomical unit. Khiron is one of two companies in Colombia to receive this registration.
As a mandatory requirement for commercializing medical cannabis products in Colombia for distribution, this milestone positions Khiron to receive the first allocation of quota to commence commercial cultivation of high THC strains, and to commence commercial cultivation and production of CBD strains which do not require quota.
Key aspects of the ICA registration include:
- Khiron's application for 19 strains has been received by ICA. These strains will be tested by ICA for the purposes of final approval of the genetics for commercial cultivation and production.
- ICA has completed a site inspection of Khiron's facility and verified the site is ready for commercial production. This inspection included an audit of greenhouse and propagation area conditions, cultivation procedures and protocols, storage area conditions, and the methodologies applied to analyze and test strains.
- Positive test results from the ICA process for high THC strains will be submitted to the Ministry of Health with the objective of receiving commercial quota for cultivation and production.
- Positive test results for CBD strains will enable the Company to immediately cultivate and produce CBD strains for commercial purposes.
"This authorization positions Khiron to be the first medical cannabis company to bring products to market in Colombia. Our facility and mother plants are ready to be utilized to commence commercial cultivation and production. We are focused on expediting our timing to market, while ensuring the highest standards of product quality and consistency. Khiron, as the market leader in regulatory knowledge, has again demonstrated our understanding of how to work with the various government entities in the contexts of the regulations for medical cannabis in Colombia," stated Alvaro Torres, CEO, of Khiron.
Khiron was one of two companies to receive quota for the cultivation of mother plants in 2017. The quota for mother plants is for cannabis strains containing over one-percent THC. The clones produced by the mother plants will be utilized to initiate full scale commercial production of medical cannabis. Khiron's medical grade strains represent a full portfolio of THC and CBD compositions and will be utilized to address specific patient conditions.
About the Colombian Agricultural Institute
The Colombian Agricultural Institute ("ICA") is a public entity associated with the Ministry of Agriculture and Rural Development. The ICA designs and executes strategies to prevent, control and reduce health, biological and chemical risks for animal and plant species that may affect agricultural, forestry, fisheries and aquaculture production in Colombia.
About Khiron Life Sciences Corp.
Khiron is a Canadian integrated medical cannabis company with its core operations in Colombia, and is fully licenced in Colombia for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. Khiron combines leading international scientific expertise, agricultural advantages, and branded product market entrance experience to address the unmet medical needs in a market of over 620 million people in Latin America.
Further information on Khiron Life Sciences can be found at www.khiron.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking information and statements ("forward-looking information") within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. 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 information in this press release are reasonable, such forward-looking information 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 Filing Statement 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.
SOURCE Khiron Life Sciences Corp.
For further information: Contacts: Darren Collins, Chief Financial Officer, T: +1 (705) 527-3564, E: firstname.lastname@example.org; Canada Investor Relations: Nicole Marchand, GRIT Capital, T: +1 (416) 428-3533, E: email@example.com; U.S. Investor Relations: Lisa Wilson, In-Site Communications, Inc., T: +1 (917) 543-9932, E: firstname.lastname@example.org