Khiron begins dispensation of insurance-covered prescriptions in Colombia

Rhea-AI Summary

Khiron Life Sciences Corp. has commenced the dispensing of medical cannabis prescriptions in Colombia, following the government’s approval for insurance coverage effective January 1, 2023. This initiative is implemented through Khiron's Zerenia™ clinic network, which is recognized as Colombia's leading medical cannabis clinic network. In 2022, Zerenia conducted over 130,000 consultations, a 20% increase from the previous year, with 40% of these resulting in medical cannabis prescriptions. The company aims to enhance patient access to life-changing medication and expand its footprint across Latin America and Europe.

Positive

• Khiron has begun dispensing medical cannabis under new insurance coverage in Colombia.
• Zerenia™ clinic network is the leading medical cannabis clinic in Colombia.
• In 2022, Zerenia had over 130,000 consultations, up 20% from 2021.
• Over 40% of consultations resulted in medical cannabis prescriptions.

Negative

• None.

• Following the Government of Colombia's decision on insurance coverage for medical cannabis, Khiron has begun dispensing medical cannabis to its patient base under the new mandate.

TORONTO, Jan. 19, 2023 /PRNewswire/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), announces that it has begun dispensing medical cannabis to patients in its wholly owned Zerenia^TM clinic, under the insurance coverage system approved by the Government of Colombia on January 1^st, 2023.

Zerenia^TM is a healthcare network of specialized clinics focused on treating chronic pain, neurological conditions, mental health, and sleep disorders. It is the leading medical cannabis clinic network in Colombia, as evidenced by its recent contract with Colombia´s largest public insurance company. In 2022, in Colombia alone, the clinic network had more than 130,000 individual consultations, up 20% from 2021, and it has a physical capacity of up to 300,000 consultations per year. In the first half of 2022, more than 40% of all consults resulted in a medical cannabis prescription. Zerenia^TM has locations in Colombia, UK, Brazil, and Peru.

Alvaro Torres, CEO of Khiron, comments: "Thanks to the wise decision from the Government of Colombia to cover medical cannabis prescriptions, more and more of our patients are leaving our clinics with funded life-changing medication. It´s great to see that medical cannabis is now an integral part of the patient journey towards improving their quality of life. Our Zerenia clinics are recognized nationwide by patients, doctors, insurance companies, and the Government, for our unique healthcare model and we will continue to lead the disruption of medical cannabis in Colombia and abroad."

About Khiron Life Sciences Corp.

Khiron is a leading global medical cannabis company with core operations in Latin America and Europe. Leveraging wholly owned medical health clinics and proprietary telemedicine platforms, Khiron combines a patient-oriented approach, physician education programs, scientific expertise, product innovation, and focus on creating access to drive prescriptions and brand loyalty with patients worldwide. The Company has a sales presence in Colombia, Germany, the United Kingdom, Switzerland, Peru, and Brazil. The Company is led by its co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and board of directors.

Visit Khiron online at https://investors.khiron.ca.

Linkedin https://www.linkedin.com/company/khiron-life-sciences-corp/

Cautionary Statement Regarding Forward-Looking Information

This press release may contain "forward-looking information" within the meaning of applicable securities legislation. All information contained herein that is not historical in nature constitutes forward-looking information. Forward-looking information contained in this news release may include statements pertaining to the expected synergies and benefits to the Company from the acquisition of the Target as well as statements as to business strategy. Forward-looking information and statements contained in this news release reflect management's current beliefs and is based on information currently available and on assumptions that management believes to be reasonable. These assumptions include, but are not limited to, the expected benefits to be realized by Khiron's business as a result of the acquisition of the Target, and assumptions regarding market opportunities in the jurisdictions in which the Company operates and where it seeks to operate.

Although management believes that its expectations and assumptions to be reasonable, forward-looking information is always subject to known and unknown risks, uncertainties, and other factors, many of which are beyond the control of management, that may cause actual results to differ materially from those expressed or implied in such forward-looking information. Such risks and uncertainties include but are not limited to the following: general economic conditions, adverse conditions in capital markets, political uncertainties, counterparty risk, failing to obtain required regulatory requirements and approvals, failure to maintain required permits and licences, business integration risks, as well as those other risk factors discussed in Khiron's most recent annual information form which is available on Khiron's SEDAR profile at www.sedar.com.

As a result of the foregoing and other risks and uncertainties, readers are cautioned not to place undue reliance on forward-looking information contained in this press release. Readers are further cautioned that the foregoing risks and uncertainties is not exhaustive, and there may be other risks and uncertainties, presently unknown to management of the Company, that may cause actual results to differ materially from those expressed or implied in forward-looking statements contained in this press release. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Khiron disclaims any intention to update or revise any forward-looking information disclosed herein, whether as a result of new information, future events or otherwise, except as required by law.

NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE), ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE

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SOURCE Khiron Life Sciences Corp.

FAQ

What is the significance of Khiron's new medical cannabis coverage in Colombia?

Khiron Life Sciences Corp. can now dispense medical cannabis prescriptions covered by insurance, expanding patient access and potentially increasing business.

When did Khiron begin dispensing insurance-covered medical cannabis prescriptions?

Khiron started this initiative on January 1, 2023.

What is Zerenia™ and its role in Khiron's operations?

Zerenia™ is Khiron's clinic network, specializing in medical cannabis, chronic pain, and mental health treatment.

How many consultations did Zerenia™ conduct in 2022?

Zerenia™ conducted over 130,000 consultations in 2022, a 20% increase from the previous year.

What percentage of Zerenia™ consultations resulted in medical cannabis prescriptions?

More than 40% of consultations at Zerenia™ resulted in medical cannabis prescriptions.