TORONTO, Dec. 3, 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, announced today that its wholly-owned subsidiary, Kuida Life Mexico S.A., has received approval from Mexico's Federal Commission for the Protection against Sanitary Risk (COFEPRIS) to import and commercialize three products of the Company's Nutraceutical Line. The commencement of sales in Mexico is subject to prior TSX Venture Exchange ("TSXV") approval.
The three initial products approved by COFEPRIS include; a CBD (cannabidiol) based formulation designed to help promote sleep; a CBD based food supplement designed as a digestive aide; and a CBD based supplement that is formulated to help promote the body's recovery following periods of exertion and stress. These products are developed under Khiron's wellness business unit, which is focused on offering the full benefits of cannabis for consumers across Latin America.
With these approvals, Khiron is positioned to market these products across Mexico, a country of over 120 million people, and with the largest per capita consumption of dietary supplements in Latin America, according to Euromonitor International. At the end of 2016 the market value of this sector in Mexico alone was US $552.1 Million and growing at an annual rate of 13.4% since 2011 (Euromonitor).
Alvaro Torres, Co-founder and CEO for Khiron stated, "Mexico is a priority market for Khiron, and through a previously announced distribution deal with Farmalisto, the region's leading digital drugstore, we are positioned to leverage their e-commerce capabilities to bring our products to customers across the region."
Jose Joaquin Mora, Farmalisto CEO and Co-Founder stated, "The strategic alliance between Khiron and Farmalisto allows us to deliver Khiron's high quality nutraceutical products to the fast growing Mexican market through our state of the art technology, innovative e-commerce platform and extensive customer network."
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 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
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]