Australian cannabis-based supplements set for European market amid global expansion drive
Creso Pharma specialises in therapeutic products that target the body’s endocannabinoid system.
It says optimising and restoring normal endocannabinoid function and re-establishing internal balance can help reduce inflammation, anxiety, pain, depression and nausea.
The company announced this week it has secured a deal with distributor MEDI-IN s.r.o for its hemp extract-based food supplement CBDium to be sold in more than 300 retail outlets in the Czech Republic. This will be the first Creso-developed creation to be released to market.
They say the product aids "health and general wellness."
Creso co-founder Boaz Wachtel said the deal would lead to rapid growth for the firm in Europe.
The announcement swiftly follwed Creso's signing of a binding letter of intent with Swiss compnay Steruli Pharma for the commercialisation of its cannabis and hemp-based nutraceutical products along the lines of its INNutri Soft Gums.
Creso says it gums use proprietary delivery technology enabling the optimal delivery and absorption of the products.
“The cannabis is delivered through buccal absorption and the soft-gums have several advantages over exisiting health supplement products,” said the firm.
“They are easier to ingest that regular gelatin-based products as they are startch-based and around 60% cheaper than gelatin capsules.”
They are also vegan, halal and kosher, as well as gluten and lactose free.
For its part, Streuli Pharma has been established for 150 years and currently manufactures over 150m tablets and capsules each year.
Strong growth
Creso Pharma CEO Dr Miri Halperin Wernli said the nutraceutical market provided a multi-billion dollar opportunity for the firm.
The global market is due to hit US$205bn next year she said, with the Swiss nutraceuticals ingredient market alone tipped to top $400m by 2018.
“We are very pleased to be commercialising the first human nutraceutical product with Streuli Pharma. The nutraceutical treatment market represents a significant opportunity for Creso and we expect demand for our human health products to be strong given the growth in the European market,” she said.
The firm now plans to explore commercial opportunities in the Benelux countries, Italy and Spain, as well as in Canada, Latin Amercia and the Gulf ststes.
“While we are initially focusing on the Swiss market, we will be working on developing additional partnership agreements for the rest of Europe and globally,” she added.
Creso started trading on the ASX last month, following a successful initial public offering (IPO) that raised $5 million.
Analysts say the IPO was significantly oversubscribed and puts the company in a strong financial position to further develop its product range.
