leadf
logo-loader
viewCreso Pharma Ltd

Creso Pharma set for TGA's final decision on reclassification of CBD products in Australia

The potential down scheduling of CBD products in Australia unlocks a major market for Creso Pharma’s CBD and hemp products.

Creso Pharma Ltd -
It will allow Australian consumers to buy CBD products over-the-counter through pharmacies without requiring a prescription

Creso Pharma Limited (ASX:CPH) (OTCMKTS:COPHF) (FRA:1X8) is set for the Therapeutic Goods Administration’s (TGA) final decision confirming an interim recommendation to down schedule the distribution of cannabidiol (CBD) products in Australia and this is expected in late December 2020.

If confirmed, this would allow Australian consumers to purchase CBD products over-the-counter (OTC) through pharmacies without the requirement of a prescription. 

An interim decision, made on September 9, 2020, recommended CBD products be down scheduled from schedule 4 and classified as schedule 3 medicines in Australia.

"Potential new sales channel"

Creso non-executive chairman Adam Blumenthal said: “The potential down scheduling of CBD is a major development for the broader market and provides Creso Pharma with a number of opportunities and potential new sales channels.

“Australia has always been considered an important market in our growth strategy.

“Ahead of the TGA’s final decision, the board and management have been exploring initiatives which will allow us to capture a large market share in Australia and unlock value for our shareholders.”

“The company remains well capitalised and looks forward to providing ongoing updates on progress.”

Unlocks major market

The potential down scheduling of CBD products in Australia unlocks a major market for Creso Pharma’s CBD and hemp products.

It is estimated that this market is currently at more than $200 million per annum and growing.

Creso’s cannaQIX® 50 is being sold in Australia as a medicinal cannabis product under the ‘LozaCan’ brand via distribution partner ‘Burleigh Heads Cannabis’ (BHC).

It has also developed a wide range of CBD and hemp-oil products under the cannaQIX® brand, using its proprietary and innovative delivery technology, which it expects to sell in Australia following any favourable decision.

The cannaQIX® range is manufactured under Good Manufacturing Practice standards and provides consumers with a standardised formulation and precise dosage measurement.

Quick facts: Creso Pharma Ltd

Price: 0.235 AUD

ASX:CPH
Market: ASX
Market Cap: $214.39 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Creso Pharma Ltd named herein, including the promotion by the Company of Creso Pharma Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Archer Materials secures first patent for its quantum computing chip

Archer Materials Ltd's (ASX:AXE) CEO Dr Mohammad Choucair talks Proactive's Andrew Scott through the significance of being granted a Japanese patent for their quantum computing chip technology. It's the first granted patent protecting the chip and represents a significant commercial milestone in...

3 hours, 45 minutes ago

2 min read