Status Accelerates Ability to Bring New Products and Services to Market
- The National Interest Strategic Project certification ("PINES") was established by the Government of Colombia to prioritize the development of specific projects or companies that are deemed by the Government to be able to significantly increase the national economy
- Khiron's PINES certification as a Colombian Pharmaceutical Producer of Global Cannabis immediately simplifies and accelerates administration and processes for the Company in executing strategic projects in Colombia and for export
- Under the plan presented to the Government, Khiron will aim to register and introduce more than 4 SKU's in the Medical Cannabis Category and at least 10 SKU's in the Consumer Packaged Goods Category (Foods & beverages, supplements, Pets, skin care, etc.), for the domestic market of Colombia and for export of finished products
- Certification demonstrates not only the Government of Colombia's commitment to the medical cannabis industry in Colombia, but also its support of Khiron's business plan to create value added products in the medical and CPG cannabis industry for domestic market and for export
- Khiron is one of three companies to obtain this status, placing the Company at the forefront of the industry in Colombia
TORONTO, Sept. 22, 2020 /PRNewswire/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe, is pleased to report that the Company has received the status of National Interest Strategic Project ("PINES") by the Government of Colombia, through its Intersectoral Commission for Infrastructure and Strategic Projects ("CIIPE"). The government agency review, and subsequent certification, enables the Company to simplify authorization processes, reduce cost and accelerate time to market for its services and products for the Colombian market and for export purposes.
"The PINES status provides our operations in Colombia with an accelerated path forward to bring new products and services to market. We expect that, through PINES, which is designed to efficiently move projects through the Colombian regulatory process, Khiron will be able to fast track certifications, licenses and permits related to our business, allowing us to accelerate revenue opportunities and add cost efficiencies to our process, while ensuring we continue to bring quality medical cannabis products to more patients in Colombia and globally. We applaud the Government of Colombia on the PINES initiative, which supports the growth of the Colombian economy and encourages the very best industries and businesses we have to offer," comments Alvaro Torres, Khiron CEO and director.
PINES has historically focused on large, resource sector and infrastructure programs in Colombia, such as the first subway line in Bogota, where programs provide an economic boost to the economy and export capacity, significantly impact job creation, generate positive investment returns, offer operational sustainability, generates large national income or contributes to government planning goals. The declaration of the medical cannabis sector into the program, and in particular Khiron, focuses on the development of pharmaceutical products and the provision of health services with a differentiated and integrative model, demonstrating the government commitment to new industries that advance the economy, adding products that positively transform the quality of life of Colombian patients and in other countries where the Company operates, including the UK, Peru, Germany, and Mexico.
Khiron benefits from the PINES certification by simplifying and accelerating the process for its projects in order to specifically advance: the inclusion of medical cannabis within the list of medications covered by the federal health system, the registration of finished products, currently including four pharmaceutical products and at least 10 CPG SKU's among others, and export of the health service delivery model to serve potential medical cannabis patients in other countries, and the development of clinical studies and data collection that support the effectiveness and safety of these products.
About Khiron Life Sciences Corp.
Khiron is a vertically integrated medical and CPG cannabis company with core operations in Latin America, and operational activity in Europe and North America. Khiron is the leading cannabis company in Colombia and the first company licensed in Colombia for the cultivation, production, domestic distribution, and international export of both low and high THC medical cannabis products. The Company has further presence in Peru, Mexico, Uruguay, UK, Spain and Germany, where it is positioned to begin sales of medical cannabis.
Leveraging its first-mover advantage, and patient oriented approach, Khiron combines global scientific expertise, product innovation, agricultural infrastructure, wholly-owned medical clinics, and online doctor education programs to drive prescription and brand loyalty to address priority medical conditions. Its Wellbeing unit launched the first branded CBD skincare brand in Colombia, with KuidaTM now marketed in multiple jurisdictions in Latin America, the US and UK. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and Board of Directors.
Visit Khiron online at investors.khiron.ca and on Instagram @khironlife.
This press release may contain certain "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment on 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 is 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.