A medical cannabis company with operations in Europe and Latin America has reported a rise in prescriptions in both markets.
Today, Khiron Life Sciences released an update showing significant increases in medical cannabis prescriptions in Europe and Latin America.
According to the company, medical cannabis prescriptions grew by more than 40 percent from the first quarter of 2021 in Latin America.
Khiron says that to date, medical cannabis prescriptions have exceeded 35,000 units, a 600 percent increase from the 2020 fiscal year.
The total number of patients in Q3 increased by 32 percent to more than 9,600, and 62 percent of patients in Q3 were returning patients.
Additionally, insurance covered 47 percent of units sold, and new satellite clinics accounted for 10 percent of prescriptions.
Khiron says that Europe generated 30 percent of the company’s medical cannabis sales in Q3 2021, and it expects Germany revenues to grow by more than 80 percent.
The company also expects United Kingdom revenues to grow more than 70 percent, quarter on quarter.
According to a 2020 report by MJBizDaily, Europe is a key region for international cannabis companies filled with opportunities for local entrepreneurs.
In a press release, Khiron CEO Alvaro Torres says that the company has continued to make steady progress in assisting more patients in accessing medical cannabis and that Europe is becoming an important market.
“…and we will soon be opening our first Zerenia medical cannabis clinic in the U.K.,” says Torres. “Our integrated clinic model continues to connect patients, doctors, and insurance, helping improve patient outcomes. The integrated medical clinic approach offers a range of treatments and services, including medical cannabis, that help patients save time and money by not having to travel to seek out individual treatments. Almost half of our patients have insurance coverage now, a tremendous improvement since our first covered prescription in December of 2020.”
So far in 2021, Khiron says patient visits to its clinics have exceeded 104,000, more than all patient visits in 2020.
According to Khiron, as pandemic measures relax, revenue in health services is steadily returning to normal at Zerenia clinics, and total quarterly patient visits are up 18 percent.
Khiron says it will expand its flagship Zerenia brand to the United Kingdom, opening its first location in London later this year.