- Creso Pharma (CPH) is expecting Therapeutic Goods Administration’s (TGA) decision in late December that will be a game-changer for cannabidiol products
- TGA is making a decision that could see CBD products sold over the counter at pharmacies without the need of a prescription
- This decision could open a new large market potential for Creso, with the Australian market estimated to be worth around $200 million every year
- On the market this afternoon, Creso is up 6.45 per cent and is trading at 3.3 cents per share
Creso Pharma (CPH) says the Therapeutic Goods Administration (TGA) decision, on a major regulatory change for cannabidiol products, is expected next month.
In September, TGA recommended that CBD products be downscaled from schedule four to schedule three medicines in Australia. This would allow Australian consumers to purchase CBD products over the counter without the need of a prescription.
The potential down scheduling of CBD products in Australia opens the doors for Creso’s CBD and hemp products. Currently, it is estimated the Australian market is worth over $200 million per annum and growing.
Creso’s cannaQIX 50 is sold in Australia as a medicinal cannabis product under the name LozaCan. The company has created a further range of CBD and hemp oil products, which it expects to sell in Australia if the TGA decision is positive.
“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,” Non-Executive Chairman Adam Blumenthal said.
“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,” he added.
On the market this afternoon, Creso is up 6.45 per cent and is trading at 3.3 cents per share at 1:37 pm AEDT.