Khiron Life Sciences Corp (OTCMKTS:KHRNF) reported that it has completed the construction of its cultivation and extraction facilities in Ibague. Also, the company has commenced the operations in these facilities. This comes as a notable achievement for the company as Colombia is one of the places where substantial development has been seen in the industry of medical cannabis.
Khiron already is the owner of one of the most advanced medical cannabis grow and possessing centers in Latin America. It has successfully advanced GMP and ISO 17025 compliant analysis and extraction lab that spread over 14,000 square foot area. The company supplies premium quality medical cannabis produced in its main facility through its several distribution networks. It has finalized deals with more than 900 pharmacies across Khiron and Colombia clinics.
In other developments, the company has been constructing additional greenhouses to support its existing greenhouse. Khiron intended to list its exclusive selection of strains and for the purpose has obtained permission from the National Cultivar Registry & Colombian Institute of Agriculture. These strains form a targeted portfolio that targets the problem areas like epilepsy, pain, and sleep disorders.
The fiscal performance
More recently, Khiron reported its financial report for the first quarter closed March 31, 2019. Net loss for the quarter closed March 31, 2019, came at around $8.73 million as compared to a net loss of $6.16 million in the quarter closed December 31, 2018. Revenues for the quarter closed March 31, 2019, came at $2.09 million as against $891,677 for the quarter closed December 31, 2018.
The first quarter revenues comprised of full quarter revenues from clinics as well as cosmeceutical sales. However, the Q4 2018 revenues just included revenues part way via the reporting period. The quarterly performance shows that there is notable growth in the clinics business, which meets the management outlook for the business.
Alvaro Torres, the CEO, and Director of Khiron expressed that the firm recorded considerable growth in the reported quarter. The company finalized deals to expand into three new markets, as they identify international market prospects where they consider the company has a competitive advantage.