Khiron Life Sciences (KHRN.V) announced today that it has partnered with the Colombia Cancer League (CCL) to launch the “Cannabis: Medicine for Your Life” campaign throughout Columbia. In collaboration with CCL and 21 medical clinics throughout the country, chronic pain, palliative care and oncology patients will be able to access consultations for medical cannabis.
“We are very excited to be partnering with some of the country’s leading specialized medical institutions to increase awareness and provide safe access to patients seeking different types of treatments. As more external health care providers complete our medical cannabis education program, physician engagement and willingness to prescribe continues to improve, providing greater access to the more than two million patients that suffer from chronic pain in Colombia. In due course, we hope to expand the reach of these campaigns to include additional pathologies and more countries throughout the region,” commented Alvaro Torres, CEO and Director of Khiron Life Sciences.
The “Cannabis: Medicine for Your Life” campaign will provide consultations for medical cannabis to a variety of patients including oncology patients looking to manage chemotherapy related sickness. Moreover, by working with 21 medical clinics throughout the country, “Cannabis: Medicine for Your Life” will be hosted in 11 Columbian cities and will donate up to 3,000 medical consultations throughout the month of June. Through its robust telemedicine services, Khiron’s consultations will be provided both in person and through its teleconsultation channels.
According to Allied Market Research, the global pain management drugs market was valued at approximately $71,431 million in 2019, and is projected to reach roughly $91,649 million by 2027. Between 2020 and 2027, this market is expected to grow at a compound annual growth rate of 3.8%. With this in mind, cannabis has been gaining traction in the pain management market as an effective pain relief solution for patients suffering from a wide range of illnesses and diseases. For example, Marinol, a drug containing dronabinol – a cannabinoid found in cannabis, has been approved by the US Food and Drug Administration (FDA) to treat severe nausea associated with cancer chemotherapy.
As a whole, Khiron is committed to providing cannabis as an effective alterative for patients looking for different types of treatment. Furthermore, through Khiron Academy, the Company has pushed the boundaries of medical cannabis by increasing education and awareness surrounding cannabis. In doing so, Khiron has effectively increased the rate of cannabis prescriptions in Columbia. In fact, the Company itself has filled over 18,000 prescriptions to date, achieving more than 120% growth in medical cannabis prescriptions filled between Q1 2021 and Q4 2020 with gross margins of over 80%.
Khiron Life Sciences’ share price opened at $0.48 today and is currently trading at $0.50 as of 10:39AM ET. The Company’s shares are up 6.38% indicating that there has been some noticeable change following the news.