Khiron Life Sciences Corp. announced that the Brazilian Health Regulatory Agency (ANVISA) has authorized for Khiron medical cannabis product to be imported into Brazil on an individual patient basis. This authorization will enable the Company to apply for a permit to export the product from Colombia. Commercialization in Brazil is also conditional on TSXV approval.
“Within our LatAm strategy receipt of this authorization from ANVISA represents another regulatory milestone in bringing our medical cannabis products to the largest patient market in Latin America. With a continued focus on the health and wellbeing of patients in the region, we continue to grow our network in Brazil as we also work towards pending authorizations in Colombia and Peru.” Comments Alvaro Torres, Khiron CEO and Director.
The announced regulatory framework, administered by the Brazilian Health Regulatory Agency (ANVISA), sets a comprehensive procedure for the manufacture and import of medical cannabis products and requirements for commercialization, prescription and dispensing. In the announcement, a new class of medical cannabis-based products will be prescribed by doctors and sold through pharmacies, enabling patient safe and legal access.
The medical cannabis market in Brazil is anticipated to grow to 3.4 million patients and a market of US$1.4 Billion within three years, including serving patients with chronic pain conditions (Source: New Frontier Data). Further, total requests for medical cannabis have tripled since 2015 (Source: ANVISA) and today, approximately 1,100 physicians are now prescribing medical cannabis to their patients.