Khiron Life Sciences Reports 2019 Fiscal Year End Results and Provides Corporate Update English Français
- Net working capital of $36.4 Million CAD at December 31, 2019
- On March 20, 2020 Khiron became the first and only company in Colombia to receive full authorization to manufacture high- and low-THC medical cannabis, and to fill prescriptions for low-THC medical cannabis
- Khiron became the only Company authorized to export THC products
- Filled first medical cannabis prescriptions ever using cannabis from their fully completed state-of-the-art, 14,000 square foot GMP and ISO 17025 compliant extraction and analysis lab in Ibague, Colombia
- Opened European operations, and became the exclusive Latin American provider to Project Twenty21,
- Europe’s largest medical cannabis study with 20,000 patients
- Khiron’s cultivation facilities and health centres remain operational during COVID-19 pandemic under an exemption from the Government of Colombia, without any requirement for further authorization
Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically integrated cannabis leader with core operations in Latin America, is pleased to report its financial results for the year ended December 31, 2019. Khiron has filed today its audited consolidated financial statements and related management’s discussion and analysis (md&a), both of which are available on Khiron’s profile at www.sedar.com. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Summary of key financial results
Financial Highlights Commentary
The Company recorded a net loss for the year ended December 31, 2019 of $36.4 million ($0.36 per share) compared to a net loss of $19.8 million for the same period in 2018. Adjusted EBITDA, which excludes mostly non-cash items and some non-recurring items, was $24.5 million for the year ended December 31, 2019. The Company ended the year with $36.9 million balance in cash and short-term investments and minimal current debt obligations of $1.0 million, most of which are related to lease payments for office and medical buildings.
Adjusted EBITDA was a loss of $24.5 million for 2019 compared to $14.0 million for 2018. In March 2020 the Company received its final certification required to manufacture medical cannabis. The year 2019 focused on moving the Company towards this objective specifically:
- Growing and harvesting its first crop for manufacturing medical cannabis, recording approximately $3 million in research and development expenses in 2019.
- Raised net equity financing in the amount of $53 million; as a result, the Company incurred higher professional fees from the transactions and increased its investor relations and marketing efforts concurrently with the increased shareholder base, together increasing costs by approximately $2 million.
- Prepared for global expansion and first sales of medical cannabis by increasing capacity at its corporate offices, hiring employees and planting a footprint in several Latin American countries and Europe.
- Achieved revenues of $9.3 million and gross profit of $2.2 million at the Company’s ILANS clinics, with ILANS selling the Company’s first medical cannabis product in March 2020.
The Company has a strong financial position at December 31, 2019 but must prudently manage its cash and maintain its liquidity amidst the uncertainty of incoming cash flows during the COVID-19 pandemic. The Company’s core focus will be on its medical businesses using a predominantly digital strategy to grow its patient network and sell its medical cannabis products both locally in Colombia and globally. Maintaining high quality harvests and extracts at its cultivation site will be critical to the Company’s success. Cost reductions in salaries, marketing and other administrative functions have been initiated, and capital expenditure programs have been postponed, where possible.
The Colombian government has resolved to provide health care service companies with financial relief, which could result in the deferral of loan repayments and lease payments by ILANS. While the Company will avail itself of financial relief measures, management believes that the Company should be able to maintain a positive cash balance through 2020. Maintaining liquidity through the crisis and continuing with its core strategy should place the Company in a very strong competitive position once the crisis ends.
“2019 was a building year for Khiron. Now the focus of the company turns to sales execution, and revenue generation. Khiron has achieved a significant competitive advantage, and in March 2020 Khiron became the first and only company authorized to sell low THC medical cannabis in Colombia. We have much work to do in the months ahead but are positioned to benefit from these significant achievements,” commented Alvaro Torres, Khiron CEO and director.
“We recognize the unprecedented global health and economic pressures caused by the COVID-19 pandemic and have acted swiftly, aligning our expenditures, and leveraging our digital capabilities and staff medical teams to give patients access to telemedicine consultations and remote product delivery,” added Mr. Torres.
Khiron has established contingency plans in place for all its facilities, including medical facilities which are essential to serving the community. Those plans were put into action and the Company’s facilities and supply chain remain operating within strict government guidelines established as a result of the current pandemic.
Khiron’s ILANS and Zerenia clinics have been deemed essential services by the government of Colombia and continue to operate without requirement of any further authorization. The Company’s recently announced teleconsultation services ensure patients, including those from its ILANS and Zerenia network, have access to clinic services and doctors trained to prescribe medical cannabis and other treatments.
For the time being and until economies stabilize, Khiron has shifted its strategic approach to focus on our highest margin businesses, and revenue opportunities, alter marketing methods and conserve cash, but has maintained its overall strategic direction to improve the quality of life of patients and consumers. The Company continues to prioritize the physical and mental health of its employees, health professionals and partners during this pandemic.
- Expanded to Europe in October 2019, and now has teams in Germany and the U.K.
- Granted approval to cultivate 9.3 tons of THC cannabis, representing 17% of the total allocated quota for Colombia in 2020, subsequent to the year end
- Completed Company’s state-of-the-art, 14,000 square foot GMP and ISO 17025 compliant extraction and analysis lab in Ibague, Colombia
- Received first Colombian authorization to commercialize high-THC cannabis for domestic and export sales
- Authorized in Colombia to manufacture high- and low-THC medical cannabis, and to fill prescriptions for low-THC medical cannabis, effective March 20, 2020
Brazil and Peru
- Authorization from the Brazilian Health Regulatory Agency (ANVISA) allows for Khiron medical cannabis product to be imported for use on an individual patient basis, subsequent to the year end
- Signed a 2-year exclusive agreement to manufacture and distribute Khiron-branded medical cannabis products in Lima, Peru´s largest city with 8.6 million inhabitants
Research and Development
- Participant and exclusive Latin American provider to Project Twenty21, Europe’s largest medical cannabis study with 20,000 patients
- Initiated pre-clinical medical cannabis studies with Universidad de la República of Uruguay and Institut Pasteur de Montevideo in Uruguay
- Entered an agreement with prominent Colombian research hospital, Centro Dermatológico Federico Lleras Acosta (“CDFLLA”), establishing a clinical research partnership focused on the effectiveness of medical cannabis for dermatological conditions
Education and Awareness
- Embraced online education with a signed agreement with Tecnologico de Monterrey, a leading Latin American university (Third Ranked in Latin America) in Mexico bringing Khiron´s online education program to reach 1,500 physicians and healthcare practitioners
- Hosts Canadian Pavilion at Cannamexico World Summit 2019, targeting over 2,000 global cannabusiness leaders
- Entered into an agreement with Universidad Peruana Cayetano Heredia, a Peruvian university to sponsor workshops and remote talks in the university’s international course on Medicinal Use of Cannabis
- Through 2019, participated in more than 30 medical events around Latin America geared towards educating physicians on the use and benefits of medical cannabis
- Launched Telemedicine, to meet essential patient needs without the need for an in person visit
Acquired 100% of ILANS, a neurological clinic with a network of approximately 120,000 patients in Colombia
- Launched Zerenia Clinic, an integrative medical care service clinic, increasing Company’s patient capacity in Colombia by 75%, with medical cannabis and other services, subsequent to the year end
- Patient network served through Khiron-owned clinics increased to over 155,000 medical transactions
- Expanded Kuida CBD-based cosmeceutical brand distribution to over 300 points of sale in Colombia
- Received approval from INVIMA, Colombia’s health agency, to sell 3 additional Kuida® CBD skin care products, expanding on the 7 products already on the market in Colombia
- Secured initial Kuida sales in the UK and the US in Q4 2019 and Q1 2020, respectively
- Entered into a multi-year agreement with Centro Dermatológico Federico Lleras Acosta (CDFLLA), to jointly conduct medical cannabis research and host educational activities focusing on skin conditions and symptoms
- Closed $28.84 Million bought deal financing on February 28, 2019, including full exercise of over-allotment option
- Closed $28.75 Million bought deal financing on May 28, 2019, including full exercise of over-allotment option
Webcast and Q&A
Khiron invites individual and institutional investors, as well as advisors and analysts, to attend a webcast and Q&A to discuss the Company’s 2019 year-end results and corporate update.
DATE: May 4, 2020
TIME: 10:00am ET/7:00am PT
PRESENTERS: Alvaro Torres, Khiron CEO and Director, and Chris Naprawa, Khiron President
FORMAT: Live 20 minutes presentation & Q&A session
REGISTER LINK: https://event.on24.com/wcc/r/2307088/CDF8CB87D88B5A9CC5D225E0634845EF
About Khiron Life Sciences Corp.
Khiron Life Sciences Corp. is the dominant integrated medical cannabis company in Latin America. Khiron has core operations in Latin America, along with activity in North America and Europe, and is licensed in Colombia for the cultivation, production, domestic distribution, and international export of both tetrahydrocannabinol (THC) and cannabidiol (CBD) medical cannabis. The Company delivers best in class regulatory compliance, has the first approved line of CBD cosmetic products on shelf in Colombia, and is fully authorized to manufacture high- and low-THC medical cannabis, and to fill prescriptions for low-THC medical cannabis in the country.
With a focused regional strategy and patient oriented approach, the Company combines global scientific expertise, agricultural advantages, branded product market entrance experience and education to drive prescription and brand loyalty to address priority medical conditions such as chronic pain, epilepsy, depression and anxiety in the Latin American market of over 620 million people. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced executive team, and a knowledgeable Board of Directors that includes former President of Mexico, Vicente Fox.
Visit Khiron online at www.khiron.ca and on Instagram @khironlife
This press release may contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Khiron undertakes no obligation to comment analyses, expectations or statements made by third-parties in respect of Khiron, its securities, or financial or operating results (as applicable). Although Khiron believes that the expectations reflected in forward-looking statements in this press release are reasonable, such forward-looking statement has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond Khiron’s control, including the risk factors discussed in Khiron’s Annual Information Form which is available on Khiron’s SEDAR profile at www.sedar.com. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and are made as of the date hereof. Khiron disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
United States Disclaimer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Ayurcann Holdings Corp. (CSE: AYUR) (the “Company” or “Ayurcann”) an integrated Canadian extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, announces the granting of stock options and restricted share units.
The Company has announced that it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase an aggregate of 1,000,100 common shares under the Company’s Stock Option Plan. Each option is exercisable at a price of $0.16 per common share, expires three years from the date of grant and vest six months from the date of the grant.
The Company has also granted restricted share unit grants, pursuant to the Company’s Restricted Share Unit plan, dated April 1, 2021, totaling 1,548,875 to certain eligible participants.
For further information, please contact:
Igal Sudman, Chairman, Chief Executive Officer and Corporate Secretary
Ayurcann Holdings Corp.
About Ayurcann Holdings Corp.:
Ayurcann is a leading post-harvest solution provider with a focus on providing and creating custom processes and pharma grade products for the adult use and medical cannabis industry in Canada. Ayurcann is focused on becoming the partner of choice for leading Canadian cannabis brands by providing best-in-class, proprietary services including ethanol extraction, formulation, product development and custom manufacturing.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
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A planned business merger between two leading cannabis producers hit a small delay this week as a critical vote got moved.
Keep reading to find out more cannabis highlights from the past five days.
Tilray delays critical shareholder meeting
On Thursday (April 15), Tilray (NASDAQ:TLRY) announced it will be postponing its shareholder vote on the fate of its merger with Aphria (NASDAQ:APHA,TSX:APHA). It will take place on April 30 instead of April 16.
Neither cannabis company offered an explanation for the change. Tilray has asked shareholders to participate in this vote regardless of how many shares they may hold. “Tilray stockholders who have not already voted, or wish to change their vote, are strongly encouraged to do so,” the company said.
This news came days after Aphria shareholders overwhelmingly voted in favor of the business transaction, with a total of 99.38 percent of shareholders voting for the deal to continue. Confirmation from Aphria Chairman and CEO Irwin Simon indicated the partnership was en route to being complete.
This past week Aphria also released financial results for the third quarter of its 2021 fiscal year, in which the firm highlights the overall direction of the company with the Tilray deal.
“We expect to have a tremendous runway for long-term sustainable growth as we build upon our existing foundation in Canada and internationally by increasing the scale of our global operations,” Simon said in a statement.
Cannabis retailer celebrates digital trend
Bidding for the piece, named “Non-Fungible Toke“ started at a price of C$4.20. The retailer plans to donate the proceeds to two charities, Second Harvest and Less.
The latter is designed to counter the carbon footprint of blockchain technology, a common criticism drawn against the rise of NFTs and other novel technologies.
As of 11:00 a.m. EST on Friday (April 16), the NFT bid was up to C$169.11.
Cannabis company news
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) issued its financial report for the first quarter of its 2021 fiscal year. In its results, the company highlights a net revenue uptick of 24.7 percent from the previous quarter, resulting in C$20 million for the period.
- Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) closed a public offering of 5 million subordinate voting shares at a price of C$50 each for total gross proceeds of C$287.5 million. The company celebrated its financial position after an offering in January, which will lead to the pursuit of merger and acquisition targets.
- Australis Capital (CSE:AUSA,OTCQB:AUSAF) appointed Jason Dyck as its new chief science officer and chairman of the firm’s scientific advisory board. Dyck previously served as an executive at Aurora Cannabis (NASDAQ:ACB,TSX:ACB), leading the scientific efforts for the cannabis producer. “I look forward to providing AUSA with advice and direction in its scientific efforts towards bringing innovations to market with immediate and significant commercial appeal,” Dyck said.
- Truss Beverage, a cannabis drinks venture co-owned by Molson Coors Beverage Company (NYSE:TAP,TSX:TPX) and HEXO (NYSE:HEXO,TSX:HEXO), released the details of its new lineup of infused beverages. Six new drinks will become available around the summer and are intended to pair with the season.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Partnerships with Minardi Law , Minorities for Medical Marijuana, CultivatED, and the Georgia Justice Project will include clinics and virtual events across Florida , Georgia , and Massachusetts
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today a series of expungment clinics located throughout south and central Florida as well as virtual events in Georgia and Massachusetts . The clinics are part of the Company’s celebration of the 50 th anniversary of 420.
During the month of April, Minardi Law has hosted expungment clinics and will be hosting two more as follows:
- Releaf Patient Appreciation Day, April 17 th ( Valrico )
- First Annual 4/20 Event ( St. Petersburg Beach )
At these clinics, an attorney will be present to review records and see if someone is eligible for a sealing or expungment of their records. As part of the events, Trulieve will be helping cover the costs for finger prints, legal fees, and court costs.
Trulieve is working with Minorities for Medical Marijuana (“M4MM”) to host a 4/20 Expungement Clinic, part of M4MM’s Project Clean Slate. This event will take place on Saturday, April 24, 2021 , from 9:30am – 4:30pm at Riviera Beach City Hall. Anyone seeking to take place in this event is required to register in advance at http://trulieve.cc/expungementpreregistration .
In addition, Trulieve is sponsoring the First Friday Series , a weekly virtual event from the Georgia Justice Project to help Georgia citizens with record restrictions, and is also sponsoring the Fellowship Presentation and Expungement Clinic being offered through CultivateEd and GBLS on Friday, April 23 from 3:00pm – 4:00pm . You can register for the Massachusetts expungement clinic in advance here: HTTPS://BIT.LY/2Q655KK
“Our mission as a company has always been to improve people’s lives,” said Trulieve CEO Kim Rivers . “We’ve always been dedicated to improving the communities we call home. Partnering with Minardi Law , Minorities for Medical Marijuana, Georgia Justice Project and CultivatED on these clinics was a simple decision for us; we encourage anyone seeking help with the expungement process to attend one of these clinics in your own state to start the process.”
For more information about Trulieve and the April expungment clinics, please visit www.Trulieve.com .
Trulieve is primarily a vertically integrated “seed-to-sale” company in the U.S. and is the first and largest fully licensed medical cannabis company in the State of Florida . Trulieve cultivates and produces all of its products in-house and distributes those products to Trulieve-branded stores (dispensaries) throughout the State of Florida , as well as directly to patients via home delivery. Trulieve also has operations in California , Massachusetts , Connecticut and Pennsylvania. Trulieve is listed on the Canadian Securities Exchange under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF.
To learn more about Trulieve, visit www.Trulieve.com .
SOURCE Trulieve Cannabis Corp.
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Seth Rogen’s New Cannabis Brand are Now Available at Apothecarium Dispensaries in San Francisco , Berkeley and Capitola
The Apothecarium is offering cannabis from Houseplant, the cannabis lifestyle brand founded by Seth Rogen and Evan Goldberg at its five California dispensaries. The Apothecarium has three San Francisco locations (Castro, SOMA and Marina ) and one each in Berkeley and Capitola (outside of Santa Cruz ).
“With the vast number of dispensaries in California , we put a lot of effort into identifying the right ones that align with Houseplant’s values,” said Seth Rogen , Co-Founder of Houseplant. “The Apothecarium shares the same commitment to creating a strong consumer experience that we pride ourselves on and we are thrilled to bring our three initial strains to their stores in the Bay Area.”
Houseplant is launching with three flower strains, all of which will be available at The Apothecarium, including: Diablo Wind (sativa), Pancake Ice (sativa) and Pink Moon (indica). Like their founder’s groundbreaking film “Pineapple Express”, Houseplant strains are named after weather phenomena. Each strain will be sold in a custom tin.
“We are so proud to be one of the very first dispensaries in California to offer Houseplant to our customers,” said Ryan Hudson , CEO and co-founder of The Apothecarium. “Seth, Evan and everyone at Houseplant love and respect cannabis as much as we do. We simply cannot wait to share their beautiful and delicious flowers with our guests.”
“We’ve been working with the Houseplant team for more than a year and are grateful to have a partner that shares so many of our values, including an emphasis on cannabis education, quality, reform of cannabis laws and beautifully designed, recyclable packaging.”
“Seth has been hands-on during the process, spending time with our store managers to make sure they know the products and how much care has gone into vetting and selecting the best strains. We think our guests are going to love Houseplant.”
About The Apothecarium
The Apothecarium is recognized as one of the nation’s premier cannabis dispensaries, with an emphasis on education via in-depth one-on-one consultations from highly trained cannabis consultants. The company was founded by three first cousins and two family friends in 2011. Our dispensaries are known for providing educational events that are open to the public at no cost — and for welcoming seniors, first-time dispensary visitors, and people with serious medical conditions. The Apothecarium’s flagship San Francisco dispensary was named the best-designed dispensary in the country by Architectural Digest . Patients and customers may order at our dispensaries or online for pickup or delivery at apothecarium.com [apothecarium.com] .
The Apothecarium is committed to giving back to the communities we serve. We have donated more than $400,000 in cash to community groups and nonprofits — plus more than $300,000 worth of in-kind donations.
All Apothecarium dispensaries continue to implement safety measures to protect guests and team members. Protocols include strict social distancing inside and outside the dispensaries, a mask requirement for everyone inside the dispensaries, no contact check-in procedures and ongoing sanitizing throughout the day.
CA Licenses: C10-0000523-LIC; C10-0000522-LIC; C10-0000515-LIC, C10-0000738-LIC, C10-0000706-LIC
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MISSISSAUGA, Ontario TheNewswire – April 16, 2021 Sire Bioscience Inc. (CSE:SIRE) (OTC:BLLXF) (FSE:BR1B) (CNSX:SIRE.CN) (“SIRE” or the “Company”) announces that Brian Nugent has resigned as a member of the Company’s board of directors (the “ Board ”). It has been a pleasure and a blessing to have worked with Brian Nugent over the past few years, his business acumen and tremendous experience will certainly be missed, SIRE wishes him nothing but the best in all his future endeavors.
About Sire Bioscience
SIRE is headquartered in Mississauga, Ontario with its wholly owned subsidiary PLANTFUEL® based in Denver, Colorado. SIRE is managed by a group of successful entrepreneurs who have extensive experience in the areas of consumer-packaged goods, manufacturing, logistics, and distribution. SIRE is a CPG life science company focused on the plant-based foods and supplements industry.
For additional information contact:
Sire Bioscience Inc.
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