Khiron Becomes First Company In Colombia To Obtain Approval To Commercialize High-THC Cannabis

Vertically integrated company Khiron Life Sciences Corp. KHRN, KHRNF announced Monday it has received authorization to commercialize psychoactive, high-THC cannabis for both domestic and export purposes.

Khiron is the first and only cannabis company in Colombia to obtain this approval.

The company said this authorization is due to commercial quotas provided to Khiron by the Colombian Technical Quotas Group, which allow the company to grow and commercialize around 65,000 units of psychoactive, high-THC cannabis in 2019, with first commercial cultivation planned to start in the fourth quarter.

The production of “psychoactive cannabis” in Colombia is rigidly controlled and it refers to cannabis containing more than or equal to 1% of THC.

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"Today's receipt of cultivation quotas from the TQG is undoubtedly a game-changer. With these quotas, we become the first and only cannabis company in Colombia with the ability to commercialize high- and low-THC whole plant extract, both nationally and abroad," Juan Diego Alvarez, Khiron Vice President of Regulatory Affairs said in a statement. “More importantly, however, it paves the way for our patients to receive high-THC medical cannabis prescriptions that treat key indications and improve their quality of life. That, ultimately, is our first priority."

Khiron’s stock closed Friday’s session at 73 cents per share.