Khiron life Sciences Corp. (TSXV:KHRN), announced today that The Colombia National Food and Drug Surveillance Institute, which is a level four World Health Organization agency, has granted Khiron approval for the cultivation, distribution , and export of four cannabidiol (CBD) derived products.
Khiron is a medicinal cannabis company with ties to Canada but, has the company’s core operations are located in Colombia. Khiron has become the first fully licensed medical cannabis company to receive an approval from the The Colombia National Food and Drug Surveillance Institute to sell and export cannabinoid-based products.
Khrion is in the development of completing the formulations for their CBD products and will be able to start selling in Colombia by the end of the year. The potential market for CBD products in Colombia is expected
to be $530 million annually and the market has grown by 6%
over the past 5 years.
Alvaro Torres, President and CEO of Khiron gave this statement in the press release:
“Khiron continues to solidify its first mover advantage and has again set the pace of corporate development by securing the first approvals from INVIMA of any fully licensed cannabis company in Colombia. As one of the first companies to be fully licensed, the first to list on a global stock exchange, and now the first with INVIMA approvals in Colombia, we believe we will continue to demonstrate the effectiveness of our team in achieving significant milestones, and the viability of our business model in addressing market needs.”