Australian CBD nutraceutical firm set for global expansion as Europe revenues roll in
The company has reported reports revenues of CHF230,000 (A$311,940) from cannaQIX and its animal health product Anibidol, after launching the products in Switzerland as part of a venture with Doetsch Grether.
"This launch and commercial partnership sets the cornerstone for Creso Pharma's global commercialisation strategy, using Switzerland as a reference country."
Creso said cannaQIX is a standardised nutraceutical containing organic hemp extract with CBD, vitamins and zinc, designed to reduce stress and support mental and nervous system functions.
The company obtained the necessary approvals last year to market cannaQIX in Switzerland as a food supplement compliant with Swiss Federal Food Law. The product will be launched in Lichtenstein next month.
Safe and reliable
The firm told investors: "Creso Pharma is currently in the process of finalising the access and distribution agreements in a number of key countries in Europe, as well as Latin America."
Thomas Wyss, CEO of Doetsch Grether, added: "We see strong demand in safe and reliable hemp-derived products in the Swiss market. The cooperation with Creso Pharma gives us a great opportunity to bring a unique and attractive hemp-derived nutraceutical to the Swiss pharmacies and drugstores."
CannaQIX is said to support mental and nervous functions by regulating homeostasis.
"The product is safe, well tolerated, non-euphoric, non-addictive and sugar-free. The standardised user friendly strength and formulation allows a precise dosage control, assuring a reliable and stable effect over several days.
"The innovative buccal delivery formulation provides good absorption and high bioavailability," added the firm.