Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) (Frankfurt: A2JMZC), a medical and cosmetic cannabis products and treatment firm with operations in Latin America & Europe has today announced its financial results for the quarter ended September 30, 2021. The company with offices in Bogotá and Toronto reports medical cannabis revenue of $1.2 million dollars, 34% of total revenues. All figures in Canadian dollars.
The company, led by CEO and Co-Founder Álvaro Torres, said in a SEDAR filing that Europe now makes up 31% of medical cannabis revenue. Gross margins increased for clinical services to 26% of revenues, up from 12% in Q3 of 2020, and 15% in Q2 2021. Net loss is down 50% year over year to $3.3 million CAD compared to $6.7 million in Q3 2020. The company reports $15.4 million in cash on hand as of September 30, 2021.
“In Q3, we achieved strong results and broke revenue and profitability milestones, surpassing our first million dollars in medical cannabis revenues and gross profits. Prescription growth were driven by our patient-focused operations in Colombia and Germany. In the first 9 months of 2021, we have already exceeded 2020 medical cannabis sales by more than 600% while maintaining medical cannabis margins of over 89%,” said Torres.
“As expected, Europe is becoming a more significant region for Khiron, representing 31% of our medical cannabis revenue. With the opening of Zerenia Clinics in the UK, we have now established an international clinic footprint that will continue to drive sustainable growth in the future. A year ago, our company was just starting medical cannabis sales in Colombia, and now we have 15 clinics in 5 countries, and soon in Mexico. We are very excited about our quarterly growth rate, and the growing evidence that Khiron is fulfilling its mission to improve the quality of life of our patients.”
Above photo: Khiron’s agricultural facilities in Ibagué, Tolima, Colombia (courtesy Khiron)