Creso Pharma’s CBD medicines will be available prescription free in Australia
Health & Biotech
Health & Biotech
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Special Report: Creso Pharma’s low dosage cannabidiol (CBD) products will soon be available over the counter at Australian pharmacies after a ground-breaking decision.
Australia’s Therapeutic Goods Administration (TGA) has confirmed that CBD products with a dosage of up to 150 mg per day can be purchased by adults without a doctor’s prescription.
Creso Pharma (ASX:CPH) said it is well placed to benefit from the TGA’s decision, as it has CBD products that meet the low dosage criteria that are ready to ship to Australia.
“Today’s decision by the TGA is a major step forward for the Australian market, which we expect to grow rapidly in the near term,” non-executive chairman, Adam Blumenthal, said.
The company has a portfolio of CBD products available on prescription in Australia, including its cannaQIX 50 sold under the LozaCan brand, and will be exploring sales of these in pharmacies.
“Australia has always been of considerable focus for Creso Pharma and the company has been actively establishing its footprint through existing relationships in the country that it can leverage immediately,” he said.
“An example of this is our agreement with Martin and Pleasance, which we will now progress as quickly as possible to unlock value for our shareholders,” he added.
Creso Pharma is to expedite its agreement with leading natural health and lifestyle brand supplier Martin and Pleasance to bring its products to the Australian market.
The 100 per cent owned distribution company has leading market brands including, Harmony women’s health range, Ki-Immune range, Zen Joint and Pain relief and He Men’s Health, and its staff service 4,000 pharmacies in Australia and New Zealand.
The TGA decision flows from its downgrading of certain low-dose CBD products to Schedule 3 (pharmacist only medicine) from Schedule 4 (prescription medicine) on its register of therapeutic goods.
Before this, no TGA-approved products on the Australian Register of Therapeutic Goods met the TGA’s Schedule 3 criteria.
The TGA carried out a safety review of low-dose CBD products which indicated any adverse effects of CBD at low dosages were not serious, followed by a consultation exercise.
Some conditions remain on CBD products relating to package size, and child resistant lids.
Creso Pharma is targeting other key markets such as Europe and North America for its therapeutic, nutraceutical and life-style cannabis and hemp-based products.
The US House of Representatives recently voted to decriminalise the use of cannabis in a move welcomed by the company.
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.