- Cronos Australia Group, a subsidiary of Cronos Australia Limited (ASX: CAU), has formed a joint venture with A&S Branding
- The two companies will develop cannabidiol-based skincare and other products
- The 50:50 joint venture specifies a two-year exclusive period for CBD product development, sales and distribution
- Shares in Cronos Australia Limited are in the green today, trading 2.33 per cent higher and selling for 22 cents apiece
Cronos Australia Group, a subsidiary of Cronos Australia Limited (ASX: CAU), has formed a joint venture with A&S Branding.
The two companies will develop products using cannabidiol (CBH) skincare and other products. CBH is a non-intoxicating compound with therapeutics properties found in cannabis plants.
Under the 50:50 joint venture, Cronos Australia and A&S Branding will work together exclusively for a two-year exclusive period.
This will focus on CBH product development, sales and distribution in Australia and New Zealand.
In Australia, the companies plan for the products to become available to patients under the SAS-B Scheme or via prescription by an Authorised Prescriber.
Cronos Australia specialises in THC and CBD cannabis products and is focused on the Asia Pacific region.
On the other hand, A&S Branding specialises in branding, product development and marketing.
“We are excited to be working with the Cronos Australia team to bring CBD products to market. There is significant potential for the inclusion of CBD into a range of products,” said A&S Branding Director Alison Goodger.
A&S Branding was established by Alison Goodger and Simon O’Connor, the co-founders of Sukin Organic Skincare.
Cronos Australia Chief Executive Officer Rodney Cocks welcomed their expertise in the joint venture.
“The collaboration with Alison Goodger and Simon O’Connor of A&S Branding is an exciting milestone for Cronos Australia and will enable us to harness the collective expertise of both parties for the development of branded CBD products,” he said.
Shares in Cronos Australia Limited are in the green today, trading 2.33 per cent higher and selling for 22 cents apiece at 2:58 pm AEDT.