Creso Pharma (ASX: CPH) will hit the United Kingdom market with its hemp-based cannaQIX®10 and 50 nutraceutical products after securing a distribution agreement with Precision Healthcare.
Based in the UK and a private company Precision Healthcare will have the rights to distribute cannaQIX throughout the country’s pharmacies and health food stores, with the launch anticipated by the end of the current quarter.
Precision Healthcare has more than 5,000 points of sale across the UK.
The agreement follows the UK Trading Standard Office granting Creso’s cannaQIX food supplement status and Swiss authorities permitting export of the product from Switzerland into the UK.
“We are delighted to partner with Precision Healthcare and to have obtained the necessary regulatory approvals for cannaQIX in the UK – both significant milestones for our company,” Creso chief executive officer and co-founder Dr Miri Halperin Wernli said.
Creso’s proprietary cannaQIX contains hemp extract with CBD, vitamins and zinc. The product purports to alleviate stress and support healthy mental and nervous function.
The proprietary buccal delivery system contains capsicum, which the company claims accelerates blood circulation in the mouth, allowing the product to dissolve and facilitate direct delivery into the blood stream and provide a faster and more complete dose.
Back in Australia, the cannaQIX®50 lozenges are expected to hit the market early this year via the Therapeutic Goods Administration’s Special Access Scheme.
Australia’s Special Access Scheme allows medical practitioners to apply for approval to prescribe the products.
The lozenges will be targeted at Australian patients suffering from chronic pain.
Meanwhile, the cannQIX®10 in pastille form will be distributed throughout Switzerland from March this year.
These distribution agreements follow the company’s other collaborations to develop and sell a host of cannabis and hemp-based products including hemp-based alcoholic drinks, and cannabis-based cosmetics and body care products, as well as the company’s foray into Latin America’s medicinal cannabis scene with its proposed takeover of Kunna Canada’s Colombian subsidiary Kunna SAA.
Creso’s shares were up 4.65% in early morning trade to A$1.12.