CPH’s subsidiary Hemp Industries receives approval to sell new range of hemp extract products in Czech Republic
Published on: | by Megan Graham
Creso Pharma (ASX:CPH) today announced its subsidiary Hemp Industries has received regulatory approval for the sale of its new range of hemp extract-based products called ‘diCBDium’ in the Czech Republic.
It’s a significant move which will pave the way for the company to begin selling the product range to 396 pharmacies in the country, offering the THC-free diCBDium in three different concentrations of CBD (the acronym for cannabidiol, the products’ key ingredient) at 3%, 5% and 10%.
Creso Pharma has established itself as a leader in cannabidiol innovation, and is developing cannabis and hemp derived therapeutic grade CBD nutraceuticals and medical cannabis products across both human and animal health sectors.
Today’s development is the first of what the company hopes will be a string of similar announcements over the next six months, as it advances negotiations with other potential distributors in Slovakia, Austria and Central Europe.
Yet, CPH does remain a speculative investment and professional financial advice should be sought for those considering this stock for their portfolio.
Hemp Industries is also expecting a third order of its Hemp Protein from one of Slovakia’s largest bakeries, Pekarne Liptovsky Hradok (PLH) with the order being used to produce several top-quality protein bar products. These bars are to be sold in leading grocery chains like Tesco and Kaufland.
Hemp Industries has previously supplied PLH with a 500kg shipment of hemp protein in August 2016 and a 700kg shipment in December 2016.
Hemp’s non-THC diCBDium product line is used for regulating health and disease, physiological functions, supporting the central and peripheral nervous systems and in peripheral organs.
“Hemp Industries continues to build its profile as the leading supplier in the region of hemp extract and hemp protein products and this new range provides another opportunity for the Company to grow its customer base and revenues,” said Creso Pharma Chairman and Co-Founder Boaz Wachtel.
“We anticipate strong demand for the new range both in our existing markets and we also hope to build additional demand through distribution relationships in new markets across Central Europe.”