Cannabis Innovator Khiron (KHRNF) Continues Global Expansion
Khiron Life Sciences Corp. (OTCQX: KHRNF) the global medical cannabis leader, continues expansion of the Khiron end-to-end solution throughout Latin America and Europe. Khiron’s growth aligns with its mission to improve consumers’ quality of life through its global network of medical cannabis treatments clinics.
Khiron is serving a record number of patients who are being treated with Khiron products globally. The company has recently reached a cumulative stock of more than 100.000 bottles of medical cannabis sold. This network of medical treatment clinics allows Khiron to collect evidence and conduct studies on the usage of medical cannabis. The groundbreaking analysis of the benefits of medical cannabis sets Khiron apart from any other cannabis companies in today’s marketplace.
Khiron has posted record 2022 Q1 numbers that included revenue of $4.6 million, a 65% increase from Q1 2021, as well as record revenue in medical cannabis of over $2.6 million in Q1 2022, a 470% increase from the prior year. Q1 2022 showed an operating cash outflow of 2.8 million against a total receivable of 4.4 million. Khiron continues to grow thanks to the infrastructure that the company has built and some of the newer operations are already becoming profitable and EBITDA positive. Khiron is reducing expenses, selling high margin products, and being disciplined in the expansion approach.
In countries such as Colombia and Germany, Khiron is benefiting from patients’ ability to utilize their health insurance for treatment in its medical cannabis clinics. This exemplifies the opportunity on the path forward for a global cannabis company such as Khiron to leverage the health insurance expansion that will continue to cover more and more markets.
Below is a status on Khiron’s 2022 business developments, marking is a growth year for Khiron expansion throughout both Europe and Latin America:
-- Khiron has established market leadership in the UK with its
first two products on the market, and its KHIRON 20/1
THC-predominant strain is one of the best-selling medically
prescribed products in the UK market.
-- Europe, where Khiron is currently expanding through an asset
light strategy, poses a large market opportunity for Khiron as
additional countries beyond the UK are legalizing medical
cannabis. The UK has a potential of at least 1 million medical
cannabis patients and Germany has the potential of over a
million patients by 2024. Additionally, Germany offers full
coverage of insurance for medical cannabis.
-- Khiron has acquired Pharmadrug GmbH. The acquisition provides
Khiron with a European manufacturing and distribution center
for cannabinoid-based medicines with EU-GMP certification. This
will have a direct positive impact on revenues and higher gross
margins allowing Khiron to keep wholesale fees in-house. These
fees range between 20-30%. The long-established German company
will be instrumental in expanding Khiron's product portfolio
with new dosage formats and bringing Khiron's full-spectrum
extracts to Germany and the United Kingdom to grow the patient
base
-- In Q1 2022, Europe (the UK and Germany) represented 53% of all
medical cannabis revenue, compared to 10% in Q1 2021.
-- Europe accounted for 33% of Khiron's medical cannabis revenues,
at more than 1.5 million CAD during 2021.
-- Khiron also announced a new product, the THC-dominant
full-spectrum extract KHIRIOX 25/1, which will be available to
pharmacies and patients in Germany and the UK in the near
future. KHIRIOX 25/1 combines the medicinal properties and
areas of application of the established THC isolate
formulations (dronabinol) with the specific advantages of a
full-spectrum extract, which may have fewer side effects and
are better tolerated by patients.
Colombia
-- Khiron foresees a positive environment with the election of the
new president of Colombia, Gustavo Petro, who has reiterated
his commitment to the consolidation of the medical cannabis
industry and recognizes the potential of medical cannabis to
reduce high-cost therapies that are already in place.
-- Khiron is the leader in medical cannabis in Latin America with
its unique vertically integrated approach and leverage of
insurance coverage on its clinics.
-- Colombia is the only country in Latin America with universal
health insurance coverage for medical cannabis. Over 82% of
Khiron sales were sold through insurance coverage, and over 84%
of the sales were sold to returning patients.
-- On May 31 2022, Khiron broke the record of 10.000 cannabis
units per month, achieving positive net profit in its Colombian
clinic operations.
-- Khiron owns and operates 6 Zerenia Clinics in Colombia that
have the capacity to attend more than 1,000 patients daily
through physical and virtual appointments.
-- In June 2022, Khiron opened its first retail pharmacy, fully
licensed to dispense medical cannabis products to patients
outside the Company's own clinic network. Three weeks since its
opening, it has sold 197 prescriptions.
Peru
-- Khiron owns and operates two Zerenia Clinics in Peru and by the
end of July 2022, Khiron will open two additional clinics.
-- Sales of Khiron products in Peru have grown consistently and
Khiron is expanding the access of Khiron products into
drugstores and pharmacies. Sales have grown more than 75
percent from Q4 in 2021 to Q1 in 2022.
-- Khiron obtained the sanitary registries for Khiriox, THC-rich
products that will be launched on the market soon. These
products will be available on pharmacies shelves across the
country, allowing fast and safe access to all patients.
-- With the soon to be launched CBD ointment, Khiron positions
itself in Peru by offering the broadest and most complete
portfolio of registered products with CBD and THC derived from
a Full Spectrum extract.
Mexico
-- In March 2022, Khiron signed a partnership with Teleton,
allowing it to establish its medical cannabis clinics, Zerenia,
within Teleton's network across Mexico and to distribute Khiron
products in Teleton's pharmacies. Teleton has 24 Medical
Centers (22 rehabilitation centers, 1 autism center and 1
Children's Hospital for Cancer) located across the country, and
around 600,000 patients with disability, cancer and autism
conditions.
-- Khiron also has a partnership with Mexico's top university,
Tecnologico de Monterrey, where Khiron provides medical
education for ethical and safe prescribing of medical cannabis,
launching its third course this year. To date, almost 1.000
physicians have been trained through this partnership.
Brazil
-- Brazil is the most recent market for Khiron's Latin American
expansion. Between late Q2 and early Q3 2022, Khiron will open
its first Zerenia Clinic in Rio de Janeiro.
-- The Company also expects to achieve its first import of high
THC in Q3 2022.
Khiron is a leading global medical cannabis company with expanding operations in Latin America and Europe. Leveraging wholly-owned medical health clinics and proprietary telemedicine platforms, Khiron delivers an end to end solution combined with a patient-oriented approach, physician education programs, scientific expertise, and product innovation, Focusing on creating access to drive prescriptions, brand loyalty with patients worldwide, Khiron is growing its business throughout Colombia, Germany, UK, Peru, and Brazil, and is positioned to begin operations in Mexico. Khiron is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and Board of Directors, with headquarters in Bogata, Colombia.
Visit Khiron online at https://investors.khiron.ca
Linkedin https://www.linkedin.com/company/khiron-life-sciences-corp/
This press release may contain “forward-looking information” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature constitutes forward-looking information. Forward-looking information and statements contained herein reflect management’s current beliefs and is based on information currently available and on assumptions that management believes to be reasonable. These assumptions include, but are not limited to, assumptions regarding the future regulatory developments and economic conditions, the Company’s ability to continue its growth and reduce costs. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE Khiron Life Sciences Corp.
Cannabis Innovator Khiron (KHRNF) Continues Global Expansion
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