Khiron reports medical cannabis prescription growth in South America and Europe

Rhea-AI Summary

Khiron Life Sciences Corp. (KHRNF) reported significant growth in medical cannabis operations. In Latin America, prescriptions surged over 40% from Q2 2021, totaling more than 35,000 units year-to-date, a 600% increase from 2020. Q3 saw 9,600 patients, a 32% rise from Q2, with 62% being returning patients. In Europe, sales accounted for 30% of total revenue, with expectations of over 80% growth in Germany and 70% in the UK. Health services have also seen recovery, with over 104,000 patient visits at Khiron clinics, surpassing 2020 figures.

Positive

• 40% increase in medical cannabis prescriptions from Q2 2021.
• Year-to-date, over 35,000 medical cannabis prescriptions, a 600% increase compared to 2020.
• Total medical cannabis patients grew to over 9,600 in Q3, an increase of 32% from Q2 2021.
• 62% of Q3 patients were returning, up 35% from Q2 2021.
• 30% of sales generated from Europe in Q3 2021.
• Expected revenue growth in Germany and the UK of over 80% and 70%, respectively.

Negative

• None.

TORONTO, Oct. 4, 2021 /PRNewswire/ - Khiron Life Sciences Corp. ("Khiron" or the "Company") (TSXV: KHRN) (OTCQX: KHRNF)(Frankfurt: A2JMZC), a vertically integrated international cannabis leader with core operations in Latin America and Europe, is pleased to provide a corporate update on global medical cannabis operations:

Medical Cannabis

Latin America

• Medical cannabis prescriptions grew by more than 40%, from Q2 2021
• Year to date medical cannabis prescriptions have exceeded 35,000 units, 600% more than the entire 2020 fiscal year
• Total medical cannabis patients in Q3 increased to more than 9,600, up 32% from Q2 2021
• 62% of the patients in Q3 were returning patients, up 35% from Q2 2021
• 47% of units sold were covered by insurance
• New satellite clinics accounted for 10% of prescriptions

Europe

• Europe generated 30% of the Company's medical cannabis sales in Q3 2021
• Germany revenues expected to grow more than 80% and UK revenues expected to grow more than 70% quarter on quarter
• The Company has increased its imported volumes in the U.K., ensuring uninterrupted supply for all Khiron patients

Health Services

• Year to date patient visits at Khiron clinics have exceeded 104,000, topping all patient visits in 2020
• Revenue in health services is steadily returning to normal at Zerenia clinics as pandemic measures ease
• Total quarterly patient visits at Zerenia were up 18% quarter on quarter
• Khiron will expand its flagship clinic brand, Zerenia to the UK, with the first Zerenia opening in London in Q4 2021.

Management Commentary
"Through the end of Q3, the Company continued to make steady progress in helping more patients access medical cannabis. Europe is starting to become an important market for the Company, and we will soon be opening our first Zerenia medical cannabis clinic in the UK.  Our integrated clinic model continues to connect patients, doctors, and insurance, helping improve patient outcomes.  The integrated medical clinic approach offers a range of treatments and services, including medical cannabis, that help patients save time and money by not having to travel to seek out individual treatments.   Almost half of our patients have insurance coverage now, a tremendous improvement since our first covered prescription in December of 2020. ", commented Alvaro Torres, Chief Executive Officer and Director of the Company.

About Khiron Life Sciences Corp.
Khiron is a leading vertically integrated international 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 agricultural infrastructure to drive prescriptions and brand loyalty with patients worldwide. The Company has a sales presence in Colombia, Peru, Germany, UK, and Brazil and is positioned to commence sales in Mexico. The Company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and diverse executive team and Board of Directors.

Visit Khiron online at investors.khiron.ca and on Linkedin at https://www.linkedin.com/company/khiron-life-sciences-corp/ 

Cautionary Notes

Forward-Looking Statements

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 on 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 is 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.

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.

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SOURCE Khiron Life Sciences Corp.

FAQ

What were the key results from Khiron Life Sciences Corp. in Q3 2021?

Khiron reported a 40% increase in medical cannabis prescriptions from Q2 2021, with over 35,000 total prescriptions year-to-date.

How many patients does Khiron have as of Q3 2021?

As of Q3 2021, Khiron has more than 9,600 medical cannabis patients.

What percentage of Khiron's patients were returning patients in Q3 2021?

62% of Khiron's patients in Q3 2021 were returning patients.

What contribution did Europe make to Khiron's sales in Q3 2021?

Europe contributed 30% to Khiron's medical cannabis sales in Q3 2021.

What are the projections for Khiron's revenues in Germany and the UK?

Khiron expects revenues from Germany to grow over 80% and from the UK over 70% quarter on quarter.