Canadian medicinal cannabis producer Khiron Life Sciences has signed an agreement with Venezuelan drugstore chain Locatel to distribute its cannabis products in Colombia
Locatel, a pharmaceutical and medical equipment and services provider, is estimated to have a client base of around two million consumers, in Venezuela, Colombia and the US, with both physical and online sales.
In 2005, Locatel launched a credit card in conjunction with Banesto Banco Universal, the first of its kind in Venezuela dedicated exclusively to healthcare expenses. The company also operates an app, allowing users to check the availability of medicines, locate branches and consult its range of products and services.
Khiron, which has offices in Toronto and Bogotá, is listed on the stock exchanges in Toronto, New York and Frankfurt, already operates in Colombia, and claims to be targeting a market across Latin America of some 620 million people.
The company’s medical product portfolio comprises more than 20 THC and CBD strains and is already registered with the Colombian Agricultural Institute (ICA). Its products are applied in the treatment of a variety of medical conditions.
Khiron’s Kuida cosmeceuticals line is the first mass-market branded CBD skincare line in Latin America, and which is distributed over the counter and online across Colombia and in permissive states of the US.
The company has forged partnerships with some Latin America’s most respected medical associations, according to the company’s website. In coordination with those associations, Khiron aims to create a regional network of physicians to serve as its primary distribution channel.
“With regulatory change happening rapidly across Latin America, eleven countries have legalized medical cannabis, and three have decriminalized the use of personal amounts,” the company says.
“With regulatory change happening rapidly across Latin America, eleven countries have legalized medical cannabis, and three have decriminalized the use of personal amounts,” it adds.
Holland & Knight in Colombia advised Locatel, with a team led by partners Danilo Romero Raad and Lucas Saffón-López, assisted by associate María Isabel Romero. Khiron was advised by its in-house team.