Khiron Life Sciences Corp (OTCMKTS:KHRNF) reported a drop of 9.1% to $1.90 million in Q1 2020 revenues. Its revenues declined because of the impact of COVID-19 pandemic and surgical procedures suspension at the health centers of Khiron.
Khiron commenced the sales of medical cannabis with high THC content on May 19, 2020, in Colombia. Its Kuida brand contributed to an 18% increase in revenues in Q1 compared to the same period last year. Khiron is the first company to sell cannabidiol cosmetic products in Colombia under its Kuida brand. The business segments of Khiron include medical cannabis, wellbeing products, and health services.
Khiron established distribution pacts in various nations in Latin America. The company also carries out business operations in Europe and North America. In Colombia, the company holds licenses for the manufacture, cultivation, and distribution in the domestic markets. Khiron also obtained licenses for exporting medical cannabis with high or low THC to the overseas markets like Peru, Brazil, Uruguay, and the UK from Colombia.
Khiron entered an accord with FUSAC (Farmacia Universal S.A.C.) of Perú to enter the medical cannabis market in Peru. The deal is valid for two years. Under this accord, FUSAC produces and distributes medical cannabis products under the Khiron brand in Lima, Peru, to satisfy the medical needs of 8.6 million people. To import and sell medical cannabis, Khiron Peru SA received the necessary certifications. The company commenced the cultivation of products with high THC in Colombia to transport medical products having high THC to Peru.
Developments after Q1
Khiron inked an exclusive accord with a distributor – Medlive, which serves 3,000 hospitals and clinics based in Brazil. The company also signed a distribution accord with Locatel in Colombia for the distribution of medical cannabis products. In Colombia, Khiron introduced teleconsultation service on April 1, 2020, to support patients to get prescriptions from doctors for medical cannabis and access health services.
Khiron inked a treaty with Mexico based Latin American University – Tecnologico de Monterrey to provide its online education program to around 1,500 healthcare practitioners and doctors.
Khiron signed an exclusive contract to become a supplier of cannabis medicines in Latin America to fulfill the requirement for UK-based Project Twenty 21.
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