Khiron Life Sciences Corp (CVE:KHRN) Added To MJ ETFMG Alternative Harvest ETF
Khiron Life Sciences Corp (CVE:KHRN) (OTCMKTS:KHRNF) (FRA:4KH) has been added to another cannabis-focused Exchange Traded Fund (ETF). On May 29th, the Latin America-focused licensed producer announced its addition to the MJ ETFMG Alternative Harvest ETF (NYSE:MJ)—a fund with approximately US$1.22 billion in assets currently under management.
The Fund tracks the Prime Alternative Harvest Index, designed to measure the performance of companies within the recreational and medical cannabis ecosystem. The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Prime Alternative Harvest Index. Through April 30th, the Fund had generated stellar returns year-to-date: Market value of its portfolio has risen 43.17%, although that will likely drop slightly once May figures are calculated. Rebalancing of the Fund occurs each calendar quarter.
In a recent Form 13F filed with the U.S. Securities and Exchange Commission, Tier-1 investment bank Goldman Sachs Group disclosed that it staked a $1.2 billion position in the Fund in the most recent quarter.
Khiron Life Sciences enters into the Fund in #37 position (out of 47), with roughly 4,23,3799 shares purchased. Segmented by market value, KHRN is nestled between MediPharm Labs (#36) and Newstrike Brands (#38), with just over C$9.00 million staked.
The news comes just a day after Khiron announced the closing of its previously announced bought deal short form prospectus offering—including the exercise of the full over-allotment option. A total of 9,914,150 common shares were sold at a price of $2.90/share, for aggregate gross proceeds of $28,751,035. The Offering was completed by a syndicate of major Canadian investment banks, including BMO Capital Markets, Scotia Capital and Canaccord Genuity. Khiron intends to use the net proceeds to develop and build-out facilities in Uruguay, for the marketing and sales of cosmeceuticals, and for working capital requirements.
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Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such forward-looking information includes that Khiron Life Sciences Corp will be a big, successful company in the cannabis sector; that cannabis use and sales will grow and KHIRON’s sales along with it; KHIRON’s intended acquisition of various foreign companies and expansion into the European and South and North American markets; that cosmeceuticals is and will continue to be a fast growing and profitable sector of the cannabis industry; and that it will be able to carry out its business plans.
Readers are cautioned to not place undue reliance on forward-looking information. Forward looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on KHIRON. Such risks and uncertainties include, among other things: that a regulatory approval that may be required for the intended acquisitions and subsequent sales are not obtained or are obtained subject to conditions that are not anticipated; growing competition for intended acquisitions in the cannabis industry; potential future competition in the markets KHIRON operates for sales; competitors may quickly enter the industry; general economic conditions in the US, Canada and globally; the inability to secure financing necessary to carry out its business plans; competition for, among other things, capital and skilled personnel; the possibility that government policies or laws may not permit legal cannabis sales or growth or that favorable laws in place may change; KHIRON not adequately protecting its intellectual property; interruption or failure of information technology systems; the cannabis market may not grow as expected; KHIRON’s technology may not achieve the expected results and its accomplishments may be limited; even if it is granted patents, it may not have success at licensing its technologies or sell its products at the rate expected; planned acquisitions and partnerships may not materialize because of inability to agree on terms with prospective partners or targets; KHIRON’s business plan also carries risk, including its ability to comply with all applicable governmental regulations in a highly regulated business; incubator risk investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal and foreign laws; and other regulatory risks relating to KHIRON’s business, financings and strategic acquisitions, including securities laws, trade rules, and foreign country regulation that is not the same as Canadian or US regulations.
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