Khiron positioned to reach Mexican population of over 120 million and market of 11.7 million potential patients for medical cannabis (source: IMS Quintiles 2017)
TORONTO, Nov. 5, 2018 /CNW/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQB: KHRNF), (Frankfurt: A2JMZC), an integrated medical cannabis company with its core operations in Colombia, applauds today's announcement by the Government of Mexico establishing guidelines for the sanitary control of cannabis and its extracts. These guidelines, which were announced today by the Federal Commission for the Protection of Health Risks (COFEPRIS), establishes a framework for the Government of Mexico to form a licensed cannabis market for over 120 million residents of Mexico.
In today's announcement made by Mr. Julio Sánchez y Tepóz, Federal Commissioner of COFEPRIS, the commission laid out the key components of the provision, medical and scientific research and types of cannabis products. This is the regulatory development that responds to the legislative change made by the Mexican Congress.
Former Mexican President and Khiron board member Mr. Vicente Fox stated, "With today's announcement we are gradually seeing the move towards a much-needed framework for legalized cannabis in Mexico. This is something I have long advocated for; It's good for business, for health and importantly for the social fabric of our country, which is why I applaud the announcement today from Commissioner Julio Sánchez y Tepóz."
Khiron has previously announced its intent to enter the Mexican medical cannabis market, having conducted an in-depth regulatory review of the country's medical cannabis legal landscape, a comprehensive market-needs assessment indicating a potential medical cannabis market of 9% of the country's population, and the incorporation of a Mexican subsidiary to submit license applications, subject to Toronto Stock Exchange approval. Moreover, Khiron is working closely with Centro Fox, a think tank that concentrates its efforts on creating a new understanding about medical cannabis within the Mexican patient and medical community.
Alvaro Torres, Cofounder and CEO for Khiron stated, "Mexico represents an important market opportunity for Khiron. We see today's announcement as significant in progressing towards a fully legalized cannabis market in the country. We have been studying the market for some time and are positioned to educate doctors on the benefits of medical cannabis and transfer our wealth of knowledge into this new market."
Dr. Maria Fernanda Arboleda, Khiron Medical Director stated, "I'm thrilled to attend this press conference, which marks a historic day for Mexico. Through my experience as a Pain and Palliative Care Physician and Researcher, I can say that patients that suffer from specific diseases such as chronic pain, anxiety and depression, among others, have the potential to benefit from medical cannabis in the country".
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. (TSXV: KRHN, OTCQB: KHRNF, Frankfurt: A2JMZC) ("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 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 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: Khiron Life Sciences can be found at www.khiron.ca. Investor Contacts: Chris Naprawa, President, T: +1 (416) 705-1144, E: firstname.lastname@example.org; Darren Collins, Chief Financial Officer, T: +1 (705) 527-3564, E: email@example.com; Media Contact: Jon Packer, Vice President, Communications, T: +1 (416) 543-9179, E: firstname.lastname@example.org