Creso Pharma sees ‘major opportunity’ after TGA interim decision
Health & Biotech
Health & Biotech
Link copied to
Special Report: Creso Pharma smells opportunity after Australian regulators moved to make CBD oil products available without a prescription.
Hemp and cannabis company Creso Pharma (ASX:CPH) has plans to pursue a number of initiatives in the Australian market after the Therapeutic Goods Administration said it would loosen the regulations around CBD oil.
In an interim decision released on Wednesday, the TGA declared it would down-schedule low-dose CBD products from next June so they could be obtained through pharmacists rather than via a doctor’s prescription.
“This development unlocks a major opportunity for Creso Pharma’s CBD and hemp products and the Company will look to progress a number of opportunities to capitalise on a market which is estimated to be valued at $200 million and set to grow rapidly in the near term,” Creso told the ASX.
Creso currently makes a low-dose lozenge, the cannaQIX 50®, that is sold under the LozaCan brand via distribution partner Burleighs Heads Cannabis.
Each lozenge contains 50mg of CBD from full spectrum hemp plant extracts along with niacin, vitamins B6, B12, C, and zinc in a standardised pharma-grade formulation produced in Switzerland.
The lozenges are prescribed for chronic pain, and Creso said they taste better than the oils popular with CBD users.
Creso said it had developed various cannabidiol (CBD) hemp oil-based products in its cannaQIX range that contain broad spectrum organic hemp oil extracts with CBD that aim to reduce stress and support mental and nervous functions.
“The down scheduling of CBD products in Australia is an exciting development and provides Creso Pharma with a number of key near term opportunities,” said Miri Halperin Wernli, Creso’s non-executive director and head of technology, innovation and distribution.
“We anticipate that the Australian market will play an important role in the Company’s growth trajectory and will grow significantly as CBD becomes more accepted and entrenched with consumers.
“Creso Pharma has a large GMP product range and we are confident that the Company’s offering would be well received in Australia. Board and management are currently progressing a number of strategies to grow our market shares and we look forward to providing regular updates to shareholders.”
As previously reported, Creso has also been picking up customers for its premium medical cannabis products with orders from Israel, Pakistan and South Africa.
In July Israeli company Univo Pharmaceuticals has placed a $US625,000 ($894,653) order with Creso’s 100 per cent-owned subsidiary Mernova Medicinal for its premium, cured and hand-trimmed dried medicinal cannabis flower.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.