Creso Pharma African launch of cannaQIX® imminent
Creso Pharma Limited (ASX:CPH) has advised that the launch preparations of the cannaQIX® range with leading South African pharmaceutical company, Pharma Dynamics, a subsidiary of Lupin Limited (NSE:LUPIN) in the March quarter of 2020 is on schedule.
Pharma Dynamics has the sole distribution rights of Creso Pharma’s broad-spectrum hemp oil nutraceuticals cannaQIX® product range across South Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique and Uganda.
In conjunction with execution of the Commercial Agreement, Pharma Dynamics has also made two initial orders for cannaQIX® regular with an approximate value of A$300,000.
It is expected that the product will be available at leading South African retail pharmacies in the first quarter 2020.
Commenting on the collaboration with partner Pharma Dynamics and highlighting their ability to bring an affordable product to market in Africa, Creso Pharma’s chief executive and co-founder Miri Halperin Wernli said, “ We are very excited to work together with our preferred partner Pharma Dynamics for the launch of the cannaQIX® product range into the first key countries in Africa.
‘’We are delighted to offer to the customer a top quality product with a top quality partner at an affordable price.”
By way of background, the cannaQIX® range of products are cannabidiol (CBD) hemp oil-based nutraceuticals using Creso Pharma’s proprietary innovative delivery technology.
They contain broad spectrum hemp oil extract with CBD aiming to reduce stress and to support mental and nervous functions.
The launch of the product in South Africa will provide access to an affordable, high-quality, broad-spectrum hemp oil based GMP lozenge nutraceutical product.
Providing further sales momentum
CannaQIX®’s global market penetration has increased significantly this year.
In the June quarter, cannaQIX® became available in major retailers like Holland & Barrett and Boots in the UK, and Creso Pharma announced in July that it had received approval to import the product into Brazil and Australia.
In August, Creso announced that it had entered an exclusive distribution agreement with JC Logistics Ltd trading as Medleaf Therapeutics for the exclusive distribution of cannaQIX® in New Zealand.
Creso also announced the arrival of its first shipment of cannaQIX®50 in Australia, to be sold under the brand name ‘LozaCan’ through its exclusive Australian distributor, Burleigh Heads Cannabis
These developments along with the new sales being generated in Africa will assist Creso Pharma in delivering strong revenue growth in fiscal 2020.