A PotNetwork Exclusive
Opening new markets is Khiron Life Sciences Corp. (TSXV:KHRN), the Canadian medical cannabis company based out of Colombia who announced on Tuesday their intention to enter Mexico’s market through sponsorship of the CannaMexico World Summit. According to a statement, the conference, hosted by former Mexican President and vocal advocate for medical cannabis on the world’s stage Vicente Fox Quesada is an opportunity for Khiron to demonstrate leadership in the current conversation on marijuana among medical professionals throughout Latin American.
Opening the flow of information across international borders is a critical element of Khiron’s market strategy in Mexico and the whole of Latin America. To that end, company advisor and one of Canada’s leading medical marijuana experts Dr. Danial Schecter will present at the conference. Khiron will host a booth as well as a private lunch with President Fox and representatives from Mexico’s Food and Drug Administration equivalent, COFEPRIS.
"Mexico represents a significant market for Khiron,” CEO Alvaro Torres said when asked about his company’s plans to expand into the country. “With a population of approximately 123.5 million people and access to nearly 11.7 million patients for medical cannabis, we see an attractive opportunity to transfer the wealth of knowledge we have created into this new market."
Khiron recently made headlines when they began publicly trading on the TSX-V under the symbol KHRN last week, becoming the first fully-licensed medical cannabis producer from Colombia to be listed on a global exchange. They have cultivation and production licenses for low- and high-THC, awarded by the country’s Ministry of Health and Social Protection and Ministry of Justice.
Last year Mexico enacted new laws allowing for medical cannabis that contains less than one percent THC. Overseen by two agencies, the aforementioned COFEPRIS and the Ministry of Health of Mexico, every public and private organization looking to enter the market must register with the newly created Inventario Nacional de Investigación en Materia de Cannabis (INMIC). Formal policies governing medical cannabis are currently being finalized in Mexico.
The country’s medical cannabis market is focused on a few specific ailments, representing roughly 90 percent of the total market for marijuana. The conditions include chronic pain, anxiety, epilepsy, depression, PTSD, and insomnia.
Khiron is well prepared, hoping that once the policies are put into place, they will be able to import cannabis from Colombia no later than the early part of 2019. To that effect, the company plans to incorporate a Mexican subsidiary to submit license applications, which will be subject to approval from the TSX-V. Furthermore, the company has reviewed the medical cannabis landscape in Mexico, aligned itself with key leaders, and positioned itself to educate the medical community in the country as well.
Asked how Mexico fits into the company’s overall plans, Mr. Torres noted, “Mexico will play an important near-term role in helping us achieve our goal of becoming the leading medical cannabis product brand across the entire Latin American region and to become a major global exporter of medical cannabis products."
The CannaMexico World Summit to be held at the San Cristóbal Center in León, Guanajuato, on May 30.
*Stay tuned later this week for PotNetwork’s exclusive interview with Khiron Life Sciences Corp. CEO Alvaro Torres, where he discusses the company’s recent move to the TSX-V, as well as their plans for future growth in the medical cannabis space.