Creso Pharma increases global footprint with expansion into Sri Lanka and New Zealand.
Creso Pharma (ASX:CPH) has had two big announcements already in 2019, as it enters two new markets – Sri Lanka and New Zealand.
Creso Pharma already has a significant international footprint, and numerous products & distribution partners:
These two new partnerships continue to expand on their growing footprint.
In Sri Lanka, Creso has partnered with one of the country’s leading pharmaceutical distribution companies, Ceyoka Health. This relationship will bring in their flag-ship product, cannAFFORD 50, followed by Creso’s broader range of CBD product.
Dr Miri Wernli, Creso’s CEO, said “We are really excited to partner with Ceyoka Health on the expansion of our business into Sri Lanka. In addition to their broad distribution network which accesses over 1,800 pharmacies, this is a company which is heavily focussed on investing in innovation.”
Creso has larger plans in New Zealand, where they have expanded their existing distribution agreement with Medleaf to build a comprehensive cannabis business focussed on research and development, domestic cultivation, extraction and product development for both internal use and export.
Creso has stated they believe New Zealand to be on the of the fastest growing regions in the Asia-Pacific region, and are taking full advantage of the country’s advancing policy and regulation changes.
On New Zealand, Dr Wernli said, “The partnership is greatly encouraged by the evolving regulatory situation in New Zealand which will lead to a wide range of new opportunities with initial investments by Medleaf.”
New Zealand passed medicinal cannabis legislation in late 2018:
- An improved status for palliative care patients;
- Cannabidiol (CBD) is no longer a controlled drug (ie – can be prescribed without government approvals); and
- Regulation providing for the commercial cultivation and manufacturing to be written within 12 months.