Creso Pharma makes plans to enter US market with new partnership
Health & Biotech
Health & Biotech
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Creso Pharma (ASX:CPH) has announced plans for its hemp and CBD-based animal health products to be distributed in the world’s largest economy, just as soon as the USA legalises CBD products.
Creso has executed a non-binding letter of intent with CBD and plant-based remedies provider CERES Natural Remedies for the distribution of Creso’s anibidiol products in the United States.
Once CBD is legalised in the USA on the federal level – which Creso and CERES expect will happen this year – the two companies will work together to sell and distribute Creso’s products, first in the Northeast and then into more states.
CERES has three traditional retail stores in Vermont and Massachusetts and access to over 50,000 distribution outlets around the country.
The Vermont-based company has a strong track record of scaling up brands through its sales channels, says Creso, which expects to leverage CERES’ established relationships to expand its footprint in the USA.
CERES will aim to achieve a sales target of US$5 million in sales over a two-year period, assuming CBD is indeed legalised.
“Entering the US market with a high calibre partner such as CERES is a major achievement for Creso Pharma and we look forward to working with the group to outline a progress for the launch of anibidiol across the country,” says Creso Pharma non-executive chairman Adam Blumental.
“We are very confident that our animal health products will be well received.”
The company is monitoring regulatory and policy shifts in the USA to ensure that Creso and CERES are “primed for launch,” Blumenthal said.
CERES executive director Shayne Lynn says the company is excited to be able to bring Creso’s “industry leading animal healthcare products to the US market”.
“We continue to witness rapid demand for CBD and hemp based pet health products through our network and anticipate anibidiol to be very well received,” he said.
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.