AusCann Group signs a medical cannabis deal with Columbia based Khiron Life Sciences
Monday, 1 October 2018 AusCann Group Holdings Ltd’s (ASX:AC8) Chilean joint venture DayaCann has signed a memorandum of understanding (MoU) with Columbian medical cannabis company Khiron Life Sciences Corp (CVE:KHRN). Khiron has its core operations in Colombia and aims to address the unmet medical needs in a market of over 620 million people in Latin America. The MoU contemplates a method of collaboration through which new alternatives of medical cannabis are offered to patients in Chile. To achieve this, the parties will engage in cultivation, manufacturing, pedagogical, scientific and other activities that present cannabinoid medicines as a viable medical option. READ: AusCann Group commences trading in the US increasing global exposure As part of the agreement, Khiron will provide funds to support the development of these activities. Under the MoU, DayaCann will provide cultivation and manufacturing services to Khiron. AusCann and Fundación Daya formed DayaCann in 2016 with the aim of becoming Latin America’s leading medicinal cannabis group. It is worth noting that DayaCann is the only company in Chile to hold a medical cannabis production licence. DayaCann has already completed two harvests at its 30-hectare facility yielding a total of over 1000 kilograms of dried cannabis flower. A portion of this cannabis is being used by Chilean pharmaceutical manufacturing group, Knop Laboratories, to create medical cannabis products available to Chilean patients via a special access scheme. READ: Auscann Group makes steady progress towards production of cannabinoid medicines AusCann managing director Elaine Darby said: “We look forward to working with Khiron through our joint venture DayaCann. “To be supplying them high quality cannabinoid medicines and working together on addressing the needs of the Latin American market. “The MoU will not only expand DayaCann’s presence in Chile, but also give DayaCann wider access to the Latin American market.”
In trading on Thursday, biotechnology shares were relative laggards, down on the day by about 3%. Helping drag down the group were shares of Asterias Biotherapeutics (AST), down about 10.1% and shares of Anavex Life Sciences Corp (AVXL) down about 9.2% on the day.
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