The 10-year deal with Swiss-based distributor Doetsch Grether will entail the marketing and distribution of Creso’s cannaQIX®10 nutraceutical food supplement to drugstore chains, giving the latter access to over 2,300 stores in Switzerland and Lichtenstein.
Creso CEO and co-founder Dr Miri Halperin Wernli said the firm wants to use its flagship product as a platform to enter the Swiss market, saying cannaQIX®10 is meant to help relieve anxiety and stress.
According to Doetsch Grether CEO Thomas Wyss, there is indeed "strong demand" for "safe and reliable hemp-derived products" in Switzerland.
"The cooperation with Creso Pharma gives us the great opportunity to bring a unique and attractive hemp-derived nutraceutical first to the Swiss pharmacies and drugstores," he added.
MJ on the mainland
The deal was signed not long after Creso had struck up a strategic partnership and commercial distribution agreement with investment firm Zhejiang Kingdom Creative Co., Ltd (Kingdom Creative), a subsidiary of the Hong Kong-listed Kingdom Group.
The agreement allows Kingdom Creative to use Creso's expertise in cannabis- and hemp-based nutraceutical products to expand its offering in the healthcare segment.
Kingdom Creative will therefore import, market and distribute Creso's cannabis and hemp products for human and animal health in China, as well as diversify its product offering to include cosmetics.
The agreement has also led to Creso opening four offices in China (in Beijing, Shanghai, Shenzhen and Guangzhou), and will allow the firm to tap into the Chinese health food market, which is presently valued at US$30bn and said to be the world's second largest pharmaceutical market.
The market is expected to grow by an annual 10% to 2025, and medical cannabis sales in China are predicted to rise as local authorities relax regulations so patients can access hemp- and cannabis-derived products.
Weeding out opportunities
Regarding Creso's presence in China, Wernli said, "We will use this presence to expand into other strategic Asian markets."
Currently, the company is in talks with several cosmetic and pharmaceutical groups in Asia, with China as its entry point to the wider Asian market for hemp- and cannabis-based products.
Apart from its recent deals in China and Switzerland, Creso has also announced the appointment of its new head of finance, Chris Grundy.
Prior to joining Creso, Grundy worked with medical advice and pharmaceutical firms, as well as hospitals, in Australia and other countries.