Creso Pharma establishes Swiss launchpad for global nutraceutical strategy
Creso Pharma has been given the tick of approval by Swiss authorities to market its first hemp-based nutraceutical cannaQIX®10 as a food supplement that complies with Swiss law.
Nutraceuticals – a combination of nutrition and pharmaceuticals – are concentrated sources of nutrients with a nutritional and physiological effect designed to supplement a normal diet.
cannaQIX®10 is standardised in dose and formulation with a unique composition designed to provide support during stress or anxiety.
CannaQIX®10 will be distributed via Switzerland and Liechtenstein’s biggest pharmacies and drug store chains — including up to 2300 retailers — by Swiss pharma Doetsch Grether under a 10-year agreement.
Doetsch Grether is one of Switzerland’s biggest Pharma/over the counter & Consumer care Companies is known for its famous Grether’s Pastilles.
The product is due on store shelves by March.
The deal follows Creso’s announcement last week of a $17.5 million capital raising to fund expansion.
Creso (ASX:CPH) shares more than doubled in value in November.
Cannabis is the hottest category on the ASX at the moment, propelled by a flurry of regulatory changes and news flow.
“We are proud for having achieved a further milestone obtaining the marketing approval for cannaQIX®10 in Switzerland,” said Creso CEO and Co-Founder Dr Miri Halperin Wernli.
“We are delighted to enter Creso’s home market, Switzerland, with Doetsch Grether allowing us to launch and market cannaQIX®10 throughout pharmacy and drug store chains in Switzerland and Lichtenstein,”
CannaQIX®10 is a hemp-based nutraceutical that uses Creso’s proprietary innovative technology which allows quick absorption through the inside of the cheek. It works more efficiently than tablets or capsules that need to be swallowed.
The cannaQIX pastille is formulated to dissolve in the mouth. The active ingredients enter the blood stream directly without passing through the liver.
The nutraceutical is produced in Switzerland by Creso partner Domaco, giving it the much sought-after “Swiss Made” label.
Creso estimates the potential market in Switzerland at $40 million to $52 million by 2022.
The introduction of cannaQIX®10 into the Swiss market is the gateway for further global launches. Switzerland will be used as an international regulatory, quality and market reference country.
New Finance Director
Creso also today announced the appointment of a new finance director, Mr Chris Grundy.
Mr Grundy is an accomplished chief financial officer with broad experience in private, public and listed companies with 25 years of finance experience.
“We are delighted to have an executive of Chris’s calibre with his impressive track record and solid financial experience, join the Creso team,” Dr Halperin Wernli said.
Mr David Russell, who was working in a contractor capacity as chief operating officer over the past eight months has resigned to return to his independent consultancy.
This special report is brought to you by Creso Pharma.
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