Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) announced its financial results for the year ended and quarter ending on December 31, 2021. In the fourth quarter, Khiron reported revenue of $3.6 million an increase over last year’s $2.5 million for the same time period. The net loss mushroomed to $19.2 million over last year’s net loss of $2.3 million for the same quarter.
In 2021, the total revenue increased over 60% YoY to $12.8 million compared to the previous year. the net loss for the full year was $33million versus 2020’s net loss of $24 million.
Khiron is forecasting revenue of $4.5 million for the first quarter of 2021.
“The success we have experienced in Europe so far is due to Khiron’s ability to leverage our novel understanding of medical cannabis in Latin America, driven by our health services strategy and validated by the extraordinary evidence we build every day from the data generated in our clinics,” said Alvaro Torres, Khiron CEO and Director. “Khiron is currently one of the top-selling brands of medical cannabis in the UK, and we have grown our market share rapidly in Germany. We recently opened our first hybrid Zerenia clinic in the UK, and we have received excellent adoption from both patients and doctors.”
In April, Khiron announce the opening of a new Zerenia clinic location and a new retail pharmacy in Colombia. Following the announcement at the beginning of the year by the Government of Colombia on mandatory insurance coverage for medical cannabis products, Khiron opened a new clinic location in the city of Bogota, with a maximum annual capacity of 40,000 consults per year. The new clinic, located in El Ensueño shopping mall in Bogota´s fastest-growing district with more than 850,000 people, will allow the company to continue its market leadership in Colombia and offer more services to existing and current patients. In addition, the company has opened its first retail pharmacy location within this shopping center. This pharmacy will allow the Company to sell medical cannabis products to patients outside its own Zerenia network and dispense High and Low THC medical cannabis to insurance companies in the country.
Mr. Torres continued, “In Colombia, growth was partly due to our efforts to ensure insurance coverage for patients by the country’s principal insurance companies. To date, in Colombia, our Zerenia Clinics have served more than 20,000 individual patients with medical cannabis. In Peru, we obtained key final product registrations (“Alixen”), and we will continue to grow as we introduce new THC-based formulations to the Peruvian market. During the second half of the year, we sold our first Khiron-branded product in Brazil, a market of more than 230 million people. We are currently completing construction of our first clinic in Rio de Janeiro, and introducing THC-based medications, which will position us as one of the top companies in medical cannabis in this country. As we focus on our B2C medical cannabis strategy, Khiron has also decided to discontinue sales of our Kuida CBD-based cosmetics product line. Although we are very proud of the brand we created, it is clear that our biggest growth opportunities are within the medical cannabis sector, where revenue is increasing quickly. In addition, the Company no longer requires our cannabis cultivation license in Uruguay as we are currently exporting our products directly from Colombia. The Uruguay asset was purchased in 2019 for a total consideration of approximately 8.5 million shares.”