Distribution agreement with Cafam includes initial Kuida® product orders for 49 points of sale
Further expansion to increase to 150 stores in first 6 months
Cafam operates total of 270 stores across over 60 market in Colombia
Accelerates Company's multi-channel brand distribution strategy targeting $10 Billion Latin American skincare market
TORONTO, April 30, 2019 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQB: KHRNF), (Frankfurt: A2JMZC), an integrated cannabis company with core operations in Latin America, announced today that it has signed a distribution agreements for its Kuida® cosmeceutical brand with Cafam, a leading Colombian drugstore chain. This agreement further expands the brands points of sales In combination with the previous announced distribution arrangements this agreement further expands the brands retail and e-commerce points of sales in Colombia.
Cafam is a large Colombian conglomerate that is diversified across multiple business lines, with operations built over a 40-year history. Cafam operates 270 stores across 63 different markets in Colombia, generating annual revenue of USD $561M. The Company's agreement with the drugstore division of Cafam, represents an initial 49 point of sale locations for Kuida®, and an agreement to expand this distribution to a total of 150 stores in the first six months of roll-out of the agreement.
Mr. Alvaro Torres, CEO and Director of Khiron, comments: "We continue to see strong demand for the Kuida brand and this agreement with Cafam ensures we can reach more consumers in a convenient point-of purchase environment. As part of a multi-channel retail distribution strategy, and backed with our comprehensive product training programs this new partnership expands our reach in targeting the $10 Billion Latin American skincare market."
Kuida®, the first consumer brand of Khiron's wellness business unit, brings the benefits of cannabidol (CBD) to a comprehensive portfolio of skin and body care products for women. Kuida was launched in Colombia in September 2018 through retail, wholesale and online channels and with an exclusive agreement with Farmatodo, one of Colombia´s largest pharmacy chains with 56 stores.
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 the country for the cultivation, production, domestic distribution, and international export of both THC (tetrahydrocannabinol) and CBD (cannabidiol) 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.
This press release contains market and industry data and forecasts that were obtained from third-party sources, industry publications and publicly available information. Third-party sources generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. Although management believes it to be reliable, the Company has not independently verified any of the data from third-party sources referred to in this press release, or analyzed or verified the underlying studies or surveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied upon by such sources.
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements may be identified by statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Forward-looking statements herein include, but are not limited to, statements regarding the final acceptance of the TSXV and the commencement of sales in Mexico. 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 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.
For further information: Investor Contacts: Chris Naprawa, President, T: +1 (416) 705-1144, E: [email protected]; Media Contact: Jon Packer, Vice President, Communications, T: +1 (416) 543-9179, E: [email protected]