TORONTO, Dec. 4, 2019 /CNW/ - PRESS RELEASE - Khiron Life Sciences Corp., a vertically integrated cannabis company with core operations in Latin America, welcomes the announcement from ANVISA, the National Agency for Health Surveillance of Brazil, establishing a legalized environment for the sale and consumption of cannabis for medical use. The new regulations will be published in the coming days on the Federal Official Gazette and enter into law 90 days after that.
In the announcement from ANVISA, a new class of medical cannabis-based products will be prescribed by doctors and sold through pharmacies, enabling patient safe and legal access. The regulatory framework sets a comprehensive procedure for the manufacture and import of these products as well as the requirements for commercialization, prescription, dispensing, monitoring and supervision of cannabis products for medical purposes. The resolution was approved unanimously and is valid for an initial three-year term.
Andres Galofre, Khiron co-founder and vice president, business development, commented, "We congratulate legislators and the health authority in Brazil for their leadership in establishing a legalized environment for medical cannabis in the country. With a population of over 200 million, this will directly benefit the health and wellbeing of a significant number of patients in Brazil and affirms our position as a LatAm leader in a rapidly globalizing cannabis market."
Khiron has a firmly established market-entry strategy for Brazil, with Dormul S.A., its wholly owned subsidiary based in Uruguay giving the company access to the Brazilian market through the Mercosur Regional Trading Bloc. The company has initiated pre-clinical medical cannabis studies with the Universidad de la República of Uruguay and Institut Pasteur de Montevideo, providing direct strategic opportunity for three million patients for medical cannabis in Uruguay, and a Brazilian market of 3.4 million (New Frontier Data). Further, on Nov. 29, the company announced it had received authorization from the Colombian Technical Quotas Group (TQG) for the commercialization of medical use High THC cannabis for domestic and export purposes, including to Brazil, with manufacture to begin in Q1 2020.
