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The parametric insurance policies cover higher-than-expected rain and drought during the periods of the year when coffee beans are young and most susceptible to weather shocks.

The Canadian company with its main operations in Colombia sold more than 14.3 million common shares for $0.90 per share to raise the funding.

"Hass avocado production is growing at a tremendous rate in Colombia,” said Daniel Bustamante of the World Avocado Organization.

David Gordon, former managing partner in Canada for global public relations firm Cohn & Wolfe, will step into his role with PharmaCielo on October 1.

Long-standing allegations have surrounded the company for decades. In a U.S. court settlement in 2007, Chiquita paid a $25 million USD fine and admitted it had paid protection money to paramilitary groups.

The Ernesto Illy International Coffee Award winner will be announced during a ceremony at the world-famous Rockefeller Center on October 4.

The Toronto-based company, which has its main operations in Colombia, is trading under the ticker symbol KHRNF.

"This acquisition represents a significant milestone for the cannabis industry, being the first in which a major multinational agricultural corporation has taken a position in a joint venture of this nature,” said Avicanna.

The new plants are a THC-dominant variety, which trigger a psychoactive response, whereas the earlier crop were cannabidiol, or CBD, dominant.

Khiron CEO Alvaro Torres says adding Fox to the board of directors “significantly expands our scope of influence and relationships within the Latin American market.”