Integrating into the African market is part of Creso’s drive to deliver its flagship medicinal cannabis product cannaQIX® 50 into new markets.
Working closely with leading South African pharmaceutical company, Pharma Dynamics, a subsidiary of Lupin Limited (NSE:LUPIN), Creso intends to launch cannaQIX® into the region in the March quarter of 2020.
Initial orders worth approximately A$300,000 for the cannaQIX® product range have been made.
The cannaQIX® range of products are cannabidiol (CBD) hemp oil-based nutraceuticals using Creso Pharma’s proprietary innovative delivery technology.
They contain broad spectrum hemp oil extract with CBD aiming to reduce stress and to support mental and nervous functions.
Pharma Dynamics is an important partner for Creso.
It has the sole distribution rights of Creso’s broad-spectrum hemp oil nutraceuticals cannaQIX® product range across South Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique and Uganda.
Commenting on the collaboration with partner Pharma Dynamics and highlighting their ability to bring an affordable product to market in Africa, Creso Pharma’s chief executive and co-founder Miri Halperin Wernli said, “We are very excited to work together with our preferred partner Pharma Dynamics for the launch of the cannaQIX® product range into the first key countries in Africa.
‘’We are delighted to offer to the customer a top quality product with a top quality partner at an affordable price.”
CannaQIX®’s global market penetration has increased significantly in 2019. Its reach now extends to Canada, Latin America, Europe, Israel and the APAC region.
In August, Creso announced that it had entered an exclusive distribution agreement with JC Logistics Ltd trading as Medleaf Therapeutics for the exclusive distribution of cannaQIX® in New Zealand.
More recently, Creso announced the arrival of its first shipment of cannaQIX®50 in Australia, to be sold under the brand name ‘LozaCan’ through its exclusive Australian distributor, Burleigh Heads Cannabis.
Burleigh Heads Cannabis has confirmed prescriptions are already taking place and the product is receiving very positive feedback from physicians and patients.
cannaQIX® 50/LozaCan has been developed to Good Manufacturing Practice (GMP) standards and is produced in Switzerland by Creso Pharma’s partner, Switzerland-based food and pharma development company Domaco, Dr. med Aufdermaur AG to the highest Swiss quality with a ‘Swiss Made’ label.
Creso Pharma and Burleigh Heads Cannabis are exploring the potential to expand their collaboration to include additional therapeutic/medicinal cannabis products from Creso Pharma’s pipeline.
The delivery follows the recent signing of an exclusive Distribution Agreement with Burleigh Heads Cannabis in April, and the securing of an import permit for Australia.
The collaboration will enable Creso Pharma to leverage Burleigh Heads Cannabis and CDA’s local regulatory experience and established distribution networks to facilitate patient access to its products in Australia.
Burleigh Heads Cannabis is a subsidiary of CDA Health Pty Ltd, an established Australian business supporting patient access to medical cannabis products in Australia.
Discussing this milestone event and pointing to its significance in terms of new product launches, Dr Wernli said, “We are pleased to announce the first delivery of cannaQIX® 50 in Australia.
‘’Burleigh Heads Cannabis and CDA Clinics Australia continue to rapidly expand their patient reach with their extensive distribution network.
“This close partnership enables us to fulfil our mission of bringing life-improving products to patients in Australia.
Developments in Australia along with the new sales being generated in Africa will assist Creso in delivering strong revenue growth in fiscal 2020.
Its portfolio of cannabis and hemp-derived products focuses on the four key areas of therapeutics nutraceuticals, animal health, and cosmetics.
The company currently has a portfolio of 13 products which have been developed with pharmaceutical expertise and methodological rigour by a qualified pharmaceutical team. Four products have been commercialised, and are generating sales, and nine are pending commercialisation.
Creso anticipates signing with more commercial partners to expand the commercial reach of its two existing human health products cannaQIX® 10 and cannaQIX® 50 and to introduce the newly developed products in additional European countries.
The company is prioritising Spain, Portugal, the Scandinavian countries, as well as Poland and Israel.
As for its animal health products, partner Virbac is introducing the two initial anibidiol® products into further countries in Europe and will be launching Creso Pharma’s new animal health products in the near future.