- Medicinal cannabis company Creso Pharma (CPH) is set to benefit from a new development in the Australian cannabidiol (CBD) industry
- From February 1 2021, customers may buy low-dose CBD products from over-the-counter in pharmacies without needing a prescription
- This development follows the Therapeutic Goods Administration’s final decision to down-schedule low-dose CBD from Schedule 4 to Schedule 3
- Significantly, this unlocks a market that is estimated to exceed $200 million per annum
- Non-Executive Chairman Adam Blumenthal says the decision provides the company with another exciting growth opportunity and potential revenue stream
- Company shares have gained 10.3 per cent on the back of this news to trade at 21.5 cents
Creso Pharma (CPH) is set to benefit from over-the-counter sales of low-dose cannabidiol (CBD) products in Australian pharmacies from February 1 2021.
Effective immediately, CBD products that contain no more than 150 milligrams per day, can be sold by a pharmacist to adults without needing a prescription.
This development in the Australian medicinal CBD industry follows the Therapeutic Goods Administration’s (TGA) final decision to down-schedule low dose CBD from Schedule 4 to Schedule 3.
Schedule 4 meant patients could be given low-dose CBD through a prescription only. However, Schedule 3 allows people to purchase these products over the counter.
Significantly, the decision unlocks a market that is estimated to exceed $200 million per annum.
“The TGA’s decision to allow the sale of low–dose CBD products to consumers without a prescription provides Creso Pharma with another exciting opportunity to grow in Australia and another potential revenue stream for the company,” Non-Executive Chairman Adam Blumenthal said.
Creso Pharma has a portfolio of CBD products that are actively sold in several countries around the world. Its flagship CannaQIX 50 product is already available in Australia through prescription, under the LozaCan brand.
The CannaQIX range of CBD oil products is aimed improving stress management and supporting mental health and nervous functions.
Another advantage CPH has under its belt is the heads of agreement signed in December with sustainable health and lifestyle brand supplier Martin & Pleasance.
Martin & Pleasance has an in-house regulatory team as well as an extensive workforce that services over 4000 pharmacies in Australia and New Zealand, as well as online channels, grocery and practitioner suppliers.
The companies are now collaborating on ways to progress regulatory pathways for low-dose CBD products and define business cases. This will allow Creso to grow its footprint with Australian pharmacies.
“We will continue to work with Martin & Pleasance to define the specific regulatory pathway for our product in the Australian market and look forward to proving its superiority through the ARTG registration process,” Adam concluded.
Company shares have gained 10.3 per cent on the back of this news to trade at 21.5 cents at midday trade.