Khiron forms new “Wellness Business Unit,” launches premier CBD cosmeceutical brand in Colombia
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQB: KHRNF) launched Khiron Wellness last week, along with the company’s first CBD-based skincare brand Kuida, labeling it their first ever cannabidiol-based cosmeceutical line. The company, an integrated medical cannabis company with core operations in Colombia now claims the first mass-market CBD-based brand approved by INVIMA, that country’s health agency. Khiron plans to sell Kuida throughout Colombia.
"In keeping with our stated strategy, the Khiron Wellness business unit and launch of Kuida leverages our global medical cannabis expertise to enter a fast-growing category with immediate revenue generation based on a disruptive, innovative and first-to-market product strategy,” said Alvaro Torres, Khiron CEO in a statement. “We will be launching Kuida across the region, while developing innovative consumer packaged goods into our pipeline. Additionally, Khiron will continue to achieve its milestones related to the ongoing expansion of our cannabis cultivation, development of medical products, and clinics rollout."
Colombia sees over $5 billion in beauty and wellness sales every year, according to Euromonitor. The beauty market there has grown six percent over the past five years, providing Khiron with a strong foundation to launch new CBD products. By 2020, the Latin American skincare market expects to hit $110 billion.
"I would like to congratulate our team for their dedication in bringing Kuida, the first INVIMA-approved, CBD-based skincare brand to the market,” said Andres Galofre, Co-founder and Chief Commercial Officer in a statement. “We understand and promote the benefits of CBD-based cosmeceuticals and the potential for Kuida to have a positive impact on women's lives, beauty, and well-being across Latin America."
Khiron plans to strategically launch Kuida in the first week of October during Colombia’s largest health and beauty conference, the XVII Feria de Belleza y Salud taking place in Bogota, Colombia from October 3-7, 2018. In fact, Kuida is one of the major brands sponsoring the event.
Khiron plans to launch with Ms. Catalina Aristizabal as an ambassador for the Kuida brand. Aristizabal is a model, actress and health advocate known for her work on the popular Colombia's Next Top Model TV show, as well as in other hit TV programs an films.
Recently, Canaccord Genuity initiated coverage of Khiron Life Sciences, praising their “first-mover” advantage in Latin America with a “speculative buy” rating and a target price of CAD$3.00 per share.
“In our view, Khiron Life Sciences is positioned to secure a sizeable market share given its first-mover advantage, low-cost operations, robust medical platform, and strong management team,” noted the report. “We believe the stock provides an attractive entry point with rare exposure to LATAM medical cannabis.”