Khiron Life Sciences Corp. (OTCQB: KHRNF) just announced that the company has entered into a binding letter of intent to fully acquire NettaGrowth International.
The acquisition of NettaGrowth will secure the first medicinal THC and CBD licenses with cultivation capacity in Uruguay. This is the company’s first declaration of cannabis business that provides entry into the Brazilian cannabis market.
Chief Executive Officer and Co-founder of Khiron Life Sciences, Alvaro Torres, stated: This acquisition marks a significant advancement in our strategy to serve the largest markets in Latin America. Like us, NettaGro is a market innovator that is shaping how and where the cannabis industry grows across the region. Welcoming Joseph Mimran and Mike Beck ensures we execute on the potential that NettaGro offers, bringing us exceptional global expertise and unmatched market access.”
The cannabis market in South America contains an estimated 350 million individuals who are eligible to access medical or recreational cannabis. These individuals in South America are able to access forms of cannabis from currently pending or already passed legislation. Brazil holds the largest portion of the cannabis market with an estimated population of 208 million.
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