12 de June 2018

Medical cannabis producer with a newly opened office in Colombia opens the Toronto Stock Exchange

farmaceutics, Invest in Bogota, health
Khiron, cannabis business opens in Toronto

Bogotá, Jun 12 (EFE).- Khiron, one of the first licensed medical cannabis producers to foray into the Colombian market, opened the Toronto Stock Exchange this Monday according to our business sources.

“Khiron’s successful IPO on the Toronto Stock Exchange (TSX) is excellent news not only for the company and its employees, but also for Colombia and other companies venturing into the medicinal cannabis sector. Milestones such as this one create favorable conditions for the consolidation of this new line of the Colombian economy with the support of international leadership, which is the result of the soundness and security of Colombian law,” said Álvaro Torres, CEO of Khiron Life Sciences Corp., in a company press release.

The company celebrated going public on the Canadian stock market on May 24 at the opening ceremony, where Torres rang the bell.

Khiron is paving the way for other companies to venture into the international capital market thanks to the support of the Colombian government, which kickstarted the process to regulate the medicinal and scientific use of cannabis in December 2015. This process culminated with the issuance of the decrees that set forth the rules for the licenses needed for planting and growing psychoactive and non-psychoactive cannabis seeds on July 6, 2016.

Khiron believes that its successful listing on the Canadian stock market will boost foreign capital investment in medical cannabis research and development in Colombia.

In this regard, the president of ProColombia, Felipe Jaramillo, added that, "Khiron’s achievement strengthens the country’s position as an ideal destination for foreign investment in science, technology and innovation.”

These sectors, he said, have “key players such as Khiron, which have proven to be highly committed to the development of a new industry in the country through sectors such as cosmetics and pharmaceuticals.”

Pharmaceutical product sales in the country increased between 2013 and 2017 at an annual average rate of 5.64%, while 82% of business transactions are taking place in Bogotá, home to 67% of pharmaceutical manufacturers.

Juan Gabriel Pérez, Executive Director of Invest in Bogotá, said that the Colombian capital, “has become a highly innovative hub for the development of the pharmaceutical industry.”

“Khiron’s newly opened office in the city and its international IPO are just another example of the momentum of foreign investment arriving in Bogotá, in this case, from Canada,” said Pérez.