Medical cannabis company Creso Pharma (ASX: CPH) has expanded its UK presence by signing a commercial agreement with UK-based Pharmacare Europe to market and distribute its proprietary cannaQIX product in the UK.
CannaQIX is a hemp-based human nutraceutical product in a proprietary delivery formulation, containing organic full spectrum hemp extract with CBD, vitamins and zinc. Its prime application is to “reduce stress and to support mental and nervous functions”.
The deal could also mean Pharmacare markets other Creso products within the UK and in other European countries under its “umbrella brand” Naturopathica.
According to PharmaCare, it can provide Creso with accelerated market traction in multiple regions with its products already being sold in thousands of stores across Asia, America and Europe, with “over 10,000 points of sales” in Europe alone.
The two companies say they will collaborate to extend sales numbers for Creso’s products with the UK launch of cannaQIX currently planned for October 2018.
Today’s deal with PharmaCare follows on from January’s announcement that Creso would be entering the UK with its hemp-based cannaQIX 10 and 50 nutraceutical products after securing a distribution agreement with Precision Healthcare.
The deal gave Precision the rights to distribute cannaQIX throughout the country’s pharmacies and health food stores.
Creso has similar deals in other regions including its most recent move to gain access to the Middle East market. Earlier this month, Creso strengthened its market presence in Israel and the Middle East via a commercial agreement with SuperMedic.
The deal will see Creso’s cannaQIX range of hemp-based products launched, marketed and distributed in multiple Middle East countries with the additional nutraceutical products also made available for sale.
Furthermore, Creso has signed a commercial agreement with ‘Dr A & L Schmidgall GmbH & Co KG’ from the Hedoga Group to launch cannaQIX in Austria.
Founded in 1925, Schmidgall is a traditional Austrian family business and a member of the Hedoga Group, which sells pharmaceutical, nutritional and cosmetic products worldwide.
Schmidgall has a professional pharmaceutical sales force which offers a range of pharmaceutical, nutritional and cosmetic products to over 1,350 pharmacies in Austria.
According to Creso, this particular deal was designed to target Eastern and Nordic European countries which underlines the company’s sequential geographic expansion strategy over the past two years.
“We are really excited to commercialise cannaQIX in the UK with Pharmacare Europe. I strongly believe that cannabis evolves to consumer branded products with varying delivery methods to suit everyone’s different preferences and needs. With cannaQIX we offer consumers a safe and effective certified Food Supplement with CBD which has broad market access without the need for a medical prescription,” said Dr Miri Halperin Wernli, co-founder and CEO of Creso Pharma.
“We see this partnership as a significant milestone in expanding our networks and positioning in the UK and in Europe more broadly,” she added.