A rising tide is lifting all ships in cannabis right now.
The legalization of cannabis in several key states has increased industry excitement about the potential of the U.S. market, prompting shares of many cannabis stocks to rally hard.
But the good news is not limited to just the U.S. Elsewhere, cannabis activity in major overseas markets are continuing to rise.
Latin America (Latam)-based Khiron Life Sciences (OTCQX:KHRNF), a cannabis operator focused on the medical and health & wellness markets, recently reported more than 4,600 prescriptions filled in Latin America, including 1,300 for the month of October, a 130% increase from July.
In all, the company reported that total monthly patient consultations at Khiron clinics increased to over 9,500 in October, surpassing pre-pandemic levels in February. This comes after the company experienced a significant drop due to the pandemic, with 4,500 patient consultations in April.
While many aspects of daily life have resumed in the ensuing months, the company says a focus on telehealth is partially what led to the growth in total consults. Roughly 15% of patient consultations are now conducted virtually, according to the company.
It’s also the result of increased sales in newer markets. Khiron which was the first company to prescribe and sell medical cannabis in Colombia, has also recently become the first company to sell medical cannabis in Peru. And recent data show that the initial 4-week sales activity in the latter has surpassed the initial rate in the former.
"We are seeing the positive impact of our highly focused sales model in the key Latam markets of Colombia and Peru with targeted strategies for distribution, education and patient growth,” said Khiron CEO Alvaro Torres in a release. “We are leveraging our experience in Colombia, together with the adoption of timely digital tools, and as a result are achieving increasing sales activity in the Colombian market and positive rates of initial sales in Peru.”
The digital tools Torres referred to includes Dr. Zerenia, a fully integrated telehealth portal. The app has successfully rolled-out in Colombia with plans to expand its reach across Latam.
In addition to Colombia and Peru, Khiron is also working to expand its Latam operations in Brazil and Uruguay, as well as continued growth in the EU market, where it already has a presence in the UK and Germany.