An important step will be researching the best varieties of cannabis to develop biotechnology.
This week will be key for Khiron Life Science Corporation, one of the companies that bid for a slice of the medical marijuana market in the country. Company executives confirmed that on Wednesday they will receive a group of Canadian investors to show them the potential of this business.
The company is currently seeking fresh capital in Canada and aims to raise around five million Canadian dollars to finance the completion of its project in the production and processing of therapeutic cannabis.
According to co-founder and commercial manager Andrés Galofre, the process to find more resources, which will double the investment that has been made in his project so far, began in October and "we found an investment vehicle to operate in the stock market of Canada", although he did not elaborate on this.
He asserted that they remain firmly with their focus on the domestic market to meet the medicinal cannabis needs of some 5 million potential clients in the country - especially those with epilepsy, multiple sclerosis, chronic pain and cancer. Unlike several competitors who, like them, have just entered the business (the government just barely gave out the first licenses), Khiron will not only make marijuana oils and then sell them to international pharmacists but will seek to produce medicines on their own.
“The idea is to reach patients with value-added products, where biotechnology is the differentiating element, because that’s where the value is” Galofre said. He added that they could even set up a cluster to buy raw materials from companies that have licenses today.
For this, they created an interdisciplinary team with specialists for each stage of the process and formed an alliance with the Colombian Association of Neurology, which would validate the efficacy of their developments. The strategy will focus on educating medical professionals on the benefits and good management of this possibility that is opening in the country
But along with their focus on local markets, they also hope to take advantage of the opportunities in Latin America, a region that has a potential of 68 million patients and that makes it necessary to adapt to different contexts. “We have a team that manages to understand the dynamics of different countries, so that the company can arrive and operate there with the same business model", he said. He explained that Mexico, for example, only permits the import of products that contain less than 1% THC, while in Argentina the issue is focused on the State, Brazil has similar conditions to Colombia and Peru is looking at Colombian developments.