Khiron Life Sciences Corp (OTCMKTS:KHRNF) acquired Latin American Institute of Neurology and the Nervous System. The takeover of Latin American Institute (LAI) offers a scalable and secure revenue stream to Khiron Life.
With a patient count of 100,000 in Columbia, LAI offers gross revenues of C$10.5 million to Khiron Life. It provides an opportunity to Khiron Life to introduce medical cannabis to the patients of LAI.
Khiron finds a place in HMMJ index
Khiron Life found a place in horizons marijuana life sciences index ETF. It is now among the North American companies having significant cannabis business activities. HMMJ index is designed to offer an insight into the industries in North America having considerable exposure to the cannabis industry. Businesses with exposure to medical manufacturing, biopharmaceuticals, bi-products, distribution, and related marijuana products are included in the North American marijuana index.
Operational highlights of Khiron in Q3, 2018
Khiron received export authorization for its four CBD products for body and skin care in Peru. National Food and Drug Surveillance Institute (NDFSI) authorized seven wellness products of Khiron for commercial use in Columbia. Khiron added Mr. Vicente Fox to its board of directors. Before appointment at Khiron, Vicente played a vital role in the legalization of cannabis in Mexico. He worked as Chief Executive Officer at The Coca-Cola Co (NYSE: KO) Mexico.
In Ibague, Columbia, Khiron increased agriculture land to 17.5 hectares from 4.5 hectares. The company mobilized funds of $12.94 million. Columbian Agriculture Institute is evaluating Khiron’s five varieties (one non-psychoactive and four psychoactive) of cannabis. They will be registered on yielding positive results. Around 56 strains of Khiron are under registration process. The company introduced the first cannabidiol cosmeceutical brand – Kuidia in Columbia. The products are sold through wholesale, online and storefront. The company realized the sales of Kuidia in October 2018. Khiron signed an MOU with the cannabis license holder Fundacion Daya for establishing a footprint in Chile.
Chief Executive Officer and Director of Khiron, Alvaro Torres, said the team played a vital role in realizing considerable financial and operational milestones in the quarter. The key achievements include entry to the Latin American markets, adding highly talented candidates to the team, and making acquisitions.