Earlier today, ASX Listed cannabis company, Creso Pharma announced that they have signed an LOI with Swiss medicinal cannabis producer, Cannapharm AG to distribute Cannapharm products in the Asia Pacific and LATAM regions. The agreement initially covers seven countries; Australia, New Zealand, China, Brazil, Chile, Columbia and Mexico but can be expanded to include other countries and/or regions.
Co-Founder and Group CEO of Creso Pharma Ltd., Dr. Miri Halperin Wernli had this to say about the agreement...
"This partnership with Cannapharm significantly builds on our position within the Australian market as a leading medicinal cannabis company that intends to supply the Australian market with high quality medicinal cannabis products. Cannapharm is the perfect partner and strategic fit for Creso given their expertise in the cultivation, manufacture and distribution of cannabis derived therapeutic products."
Remember, because the first cultivation license in Australia was just granted earlier this week to Cann Group Ltd. (ASX:CAN), at the moment all legal medical cannabis products are produced elsewhere and imported to Australia.
Cannapharm is a Swiss-based producer of medical marijuana, that is authorized by the Swiss Federal Office of Public Health and the Swiss Agency for Therapeutic Products to cultivate, breed, manufacture and distribute wholesale cannabis and cannabis products.
The company produces product in accordance with the requirements of Good Agricultural Practice (GAP) and does not use chemical crop protection products.
On this news, shares of CPH surged 3.80% closing Thursday's trading on the ASX at $0.41 AUD. Year to date, shares of Creso Pharma are up nearly 75%.
View the original ASX Announcement here.
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