Medicinal cannabis and hemp company Creso Pharma (ASX: CPH) has secured regulatory compliance to sell its cannaQIX®10 throughout Switzerland and has inked a marketing and distribution agreement with Swiss-based Doetsch Grether to distribute the product in the region from March 2018.
Comprising Creso Pharma’s proprietary buccal absorption formula, the cannaQIX®10 will be sold as a pastille in packs of 20, 40 or 60 to help patients suffering from stress and anxiety without a prescription.
The buccal delivery method enables the pastilles to be absorbed faster and more efficiently than capsules or tablets which are absorbed through the intestine and passed through the liver. The buccal delivery involves the pastille dissolving in the mouth, which allows the active ingredients to directly enter the blood stream, which is much faster and provides a more complete dosage.
Switzerland’s food safety body gave the regulatory approval for cannaQIX®10 to be sold as a food supplement, and under its agreement with Creso Pharma, Doetsch Grether will have exclusive rights to market and distribute the product in Switzerland and Liechtenstein for an initial 10-year period.
One of Switzerland’s largest pharmaceutical and over the counter distributors, Doetsch Grether will sell cannaQIX®10 to more than 2,300 pharmacy and drug store outlets.
Creso Pharma’s partner Domaco, Dr. med Aufdermaur AG will manufacture the cannaQIX®10 in Switzerland ensuring it meets the country’s quality and regulatory standards. As a result, Creso Pharma plans to use Switzerland as its regulatory, quality and reference point for other countries as it plans to expand globally.
Speaking out about this latest agreement, Creso Pharma’s chief executive officer and co-founder Dr Miri Halperin Wernli said the company was “proud” to have accomplished a further milestone for cannaQIX®10 and sell the product into the company’s home market in Switzerland.
Meanwhile, Doetsch Grether chief executive officer Thomas Wyss said the Swiss market had demonstrated strong demand for hemp-based products.
According to Creso Pharma, the target market for cannaQIX®10 is estimated to be worth up to A$52 million by 2022.
This latest announcement for Creso Pharma follows several distribution agreements in recent weeks to develop and sell various products including hemp-based alcoholic drinks, medicinal cannabis lozenges for pain management, and cannabis-based cosmetics and body care products.