“The European market is growing and Khiron is well positioned through our differentiated education platform, mounting clinical evidence, and EU-GMP certified products ready for prescription. Our team continues to work diligently to increase patient access to medical cannabis products, and patients will now benefit through greater product variety and volumes. In the coming months, we plan to introduce additional cannabis-based medical products from our registered Colombian strains, elevating the level of clinical data available to medical professionals in the UK,” stated Tejinder Virk, President of Khiron Europe
Khiron is a vertically integrated medical and CPG cannabis company with core operations in Latin America. In fact, Khiron is the leading medical cannabis provider in Columbia and is the first company to receive a license in Colombia for cultivation, production, distribution, sales, and international export of cannabis products. However, the Company also has a presence in Europe and North America, two of the largest cannabis markets in the world.
Throughout Europe, medical cannabis has steadily gained traction as its benefits become more widely recognized. As a result, an increasing number of European countries are legalizing the use of marijuana products for medical usage to treat various conditions like anxiety and depression. According to Brightfield Group, Europe’s general cannabis market was estimated at $318 million in 2018 and is expected to grow more than 400 percent through 2023. Both the UK and Austria generated $80 million markets in 2018 and are recognized as some of largest cannabis markets in Europe. However, the UK is expected to see the greatest medical cannabis market growth in Europe between 2020 and 2025.
In addition to establishing an offshore inventory of dried cannabis flower, Khiron will also be expanding its portfolio of products with the introduction of Khiron 1/14 to the UK in Q2 of 2021. Khiron 1/14 is intended to complement the Company’s preexisting Khiron 20/1 which is currently being prescribed to patients in the UK. Having already supported numerous patients and specialists in the UK, Khiron’s presence in Europe’s cannabis market is firm. Lets not forget that the Company also has operations in Germany. While the UK is expected to see the largest growth, Germany currently has the largest medical cannabis market in Europe with projected sales expected to create a $2.1 billion market by 2025. As a whole, the European cannabis market is expected to grow to over $3.1 billion with an impressive CAGR rate of 52 percent between 2020-2025.
This is excellent news for a company like Khiron that has extended its roots deeply into the European medical cannabis market. Having already found success in Germany and the UK, the Company is in an excellent position to see growth as we inch towards 2025. With this in mind, Khiron’s recent growth is no surprise.
Khiron’s stock price opened at $0.58 today, up from a previous close of $0.55 following the news. The Company’s stock price remains the same at $0.58.