Proactive Investors - Run By Investors For Investors

AusCann Group DayaCann joint venture to commence crop cultivation with Khiron

DayaCann is a 50:50 joint venture formed by AusCann and Chilean partner Fundación Daya.
multiple cannabis plants
Khiron will pay DayaCann US$1.2 million

AusCann Group Holdings Ltd (ASX:AC8) through its DayaCann joint venture with Khiron Life Sciences Corp (CVE:KHRN) is to commence its first third party cannabis cultivation activity.

Khiron is a third party working with the joint venture, Khiron’s core operations are in Colombia.

AusCann announced an MoU between DayaCann and Khiron on 1 October 2018 to collaborate on the development of medicinal cannabis products and market in Chile.

This includes cultivation, manufacturing, scientific and commercial activities that support cannabinoid medicines as a valued medicinal option.

Khiron to pay DayaCann US$1.2 million

Under the terms of the agreement, DayaCann will provide cultivation and potentially manufacturing services to Khiron.

DayaCann is now preparing for the cultivation of cannabis plant material to be used for patients and clinical trials, resulting in staged payments by Khiron to DayaCann of US1.2 million.

READ: AusCann Group shortlists candidates for chief executive officer role

AusCann’s executive director and interim CEO Dr Paul MacLeman said: “We are extremely pleased to see the MoU with Khiron progress towards the commencement of cultivation activity on the ground for the 2019-2020 season.

“This will result in supply of quality medicinal cannabis material to Khiron, allowing them to help Chilean patients.

“This is the first step in our collaboration, and we look forward to continuing to work together to address unmet medical needs in the Latin American market.”

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full AC8 profile View Profile

AusCann Group Holdings Ltd Timeline

Related Articles

cannabis
August 28 2018
Tidal Royalty provides capital to help grow licenced US cannabis firms in exchange for receiving a percentage of future top-line revenues.
medical cannabis concept
February 10 2019
AusCann is a fully integrated early-mover pharmaceutical cannabinoid company.
cannabis plan in sun
February 21 2019
The cannabis company will manufacture, infuse and package branded recreational and wellness products

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use