Medical cannabis firm Khiron Life Sciences (OTCQB: KHRNF) announced that its subsidiary Kuida Life Mexico S.A. received approval from Mexico’s Federal Commission for the Protection against Sanitary Risk (COFEPRIS) to import and commercialize three products of the company’s Nutraceutical Line.
The approved initial products include; a CBD (cannabidiol) based formulation designed to help promote sleep; a CBD based food supplement designed as a digestive aide; and a CBD based supplement that is formulated to help promote the body’s recovery following periods of exertion and stress.
These products are developed under Khiron’s wellness business unit, which is focused on offering the full benefits of cannabis for consumers across Latin America. Their sale in Mexico is subject to prior TSX Venture Exchange approval.
The approval puts Khiron in a good position to market its products across Mexico, a country of over 120 million people, and with the largest per capita consumption of dietary supplements in Latin America, according to Euromonitor International. At the end of 2016, the market value of this sector in Mexico alone was US $552.1 Million and growing at an annual rate of 13.4% since 2011.
“Mexico is a priority market for Khiron, and through a previously announced distribution deal with Farmalisto, the region’s leading digital drugstore, we are positioned to leverage their e-commerce capabilities to bring our products to customers across the region,” Khiron Co-founder and CEO Alvaro Torres said in a press statement.