Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Khiron Life Sciences (KHRN) announces authorization to import medicinal cannabis to Brazil
  • In December 2019, ANVISA approved regulations for the roll-out of cannabis products, but blocked a vote to allow domestic cultivation
  • The new laws will allow Khiron to apply for an importation permit
  • Brazil’s medicinal cannabis market is expected to reach 3.4 million patients over the next three years
  • Shares in Khiron are currently up 5.8% to $0.73, with a market cap of $78.79 million

Latin-American company Khiron Life Sciences (KHRN) has announced authorization from the Brazilian Health Regulatory Agency (ANVISA) to import its medical cannabis products into the country.

The pharmaceutical regulator announced in early December 2019 that it had approved regulations for the roll-out of medicinal cannabis-based products. However, a separate vote blocked a proposal to allow the domestic cultivation of marijuana.

Comprehensive regulatory frameworks will allow a new class of medicinal cannabis-based products to be prescribed by doctors and sold via pharmacies.

The new laws will enable Khiron to apply for a permit to export cannabis from Colombia.

“Within our LatAm strategy receipt of this authorization from ANVISA represents another regulatory milestone in bringing our medical cannabis products to the largest patient market in Latin America,” said Khiron CEO, Alvaro Torres.

“With a continued focus on the health and wellbeing of patients in the region, we continue to grow our network in Brazil as we also work towards pending authorizations in Colombia and Peru.”

Brazil’s medicinal cannabis market is estimated to reach 3.4 million patients over the next three years, making it the largest addressable market in South America.

In addition, requests from patients for medical cannabis have tripled over the last five years, and roughly 1,100 doctors are now filling prescriptions for the product.

Shares in Khiron are currently up 5.8% to $0.73, with a market cap of $78.79 million.

More From The Market Herald

" BioHarvest (CSE:BHSC) predicts 2022 revenue to grow up to 3.5 times

BioHarvest Sciences Inc. (BHSC) expects strong revenue growth to continue in 2022 due to a successful over-delivery of projected revenue targets from last year.

" Icanic Brands (CSE:ICAN) agrees to acquire cannabis extraction company

Icanic Brands Company (ICAN) has signed a definitive agreement to acquire 100 per cent of LEEF Holdings Inc.
Tilray - Denise Faltischek, Head of International and Chief Strategy Officer.

" Tilray (TSX:TLRY) expands Australian medical cannabis offering

Tilray (TLRY) has expanded its medical cannabis product suite in Australia.

" Craftport Cannabis (CSE:CFT) announces $3M private placement

Craftport Cannabis (CFT) has announced a non-brokered private placement for gross proceeds of $3 million.