Increased capacity to meet market demand and advance the Company's objective of addressing the medical needs of 1 million patients in Latin America
TORONTO, Aug. 2, 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 it has notified the Colombian Ministry of Justice that the Company has expanded its cultivation area to 17.5 hectares of prime agricultural land near Ibague, Colombia. The cultivation site has an ideal climate profile, abundance of water, power, and skilled labour to scale cultivation and production. The cultivation area is located in a highly secure region of Colombia.
The expanded cultivation area is contiguous to the Company's existing cultivation and production activities and represents a 4-fold increase to the cultivation area. The total area is estimated to be capable of producing 100 tonnes (100,000 kilograms) of dry flower for extraction and processing into medical formations. This expanded production capacity is for the cultivation of both high tetrahydrocannabinol content ("THC") and cannabidiol ("CBD") cannabis plants. The Company currently has an installed capacity of 8 tonnes (8,000 kilograms) of dry flower.
Khiron is currently completing site inspections for the final certification of the cultivation and production processes for its variety of THC and CBD strains. This includes testing of the plants and extractions. Upon final approval by the Technical Quotas Group, the Company can commence commercial production of CBD strains and apply for commercial cultivation quota for THC strains. To date, all quotas issued and site inspections completed by the Colombian government are for research, development and testing of the strains and production areas. Khiron anticipates being one of the first companies to receive approvals and quota to commence commercial production.
Mr. Alvaro Torres, CEO of Khiron stated, "The expansion of our cultivation capacity is consistent with our stated objective to meet the medical needs of 1 million patients in Latin America. We are also very pleased with the regulatory progress we have made with respect to being able to commercialize our strains. We anticipate being able to bring products to market and generate initial revenue before the conclusion of 2018."
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. (TSXv: KRHN) ("Khiron" or the "Company") 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 the first Colombian based medical cannabis company 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.
Further information on Khiron Life Sciences can be found at www.khiron.ca.
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.
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SOURCE Khiron Life Sciences Corp.
For further information: Investor Contacts: Chris Naprawa, President, T: +1 (416) 705-1144, E: [email protected]; Darren Collins, Chief Financial Officer, T: +1 (705) 527-3564, E: [email protected]; Media Contact: Jon Packer, Vice President, Communications, T: +1 (416) 543-9179, E: [email protected]