With Low-Dose CBD Products Now Eligible to Be Sold By Australian Pharmacies Over-the-Counter Without a Prescription, Creso Pharma is Well-Positioned to Capitalize on This Major New Market Opportunity Estimated to Be Worth Over $200 Million Per Year
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) announced on Monday the company welcomes the commencement of over-the-counter (OTC) sales of low-dose cannabidiol (CBD) products in Australian pharmacies, which officially began on February 1, 2021.
Thanks to a decision by the Therapeutic Goods Administration (TGA) to down-schedule low dose CBD products from the prescription-only Schedule 4 to Schedule 3, low dose CBD can now be sold OTC by a Pharmacist.
According to the TGA’s decision, consumers can now purchase low-dose CBD products with a maximum strength of 150 mg per day from a pharmacist without a prescription. Products eligible to be sold OTC must receive TGA approval and be listed on the Australian Register of Therapeutic Goods (ARTG).
This new development is a major win for the Australian medicinal cannabis industry with Creso Pharma well-positioned to capitalize on the market opportunity estimated to be worth more than $200 million per year.
The company’s CBD portfolio, including its flagship product CannaQIX® 50 is currently being sold in multiple counties around the world and is already available in Australia with a prescription, under the LozaCan brand.
“Today is a major milestone for the Australian medicinal cannabis industry, which we anticipate will grow rapidly over the coming months. 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,” commented Adam Blumenthal, Non-executive Chairman of Creso Pharma.
Creso Pharma also announced that it has entered into a ‘Heads of Agreement’ with Martin & Pleasance, a leading natural, sustainable health and lifestyle brand supplier. The strategic agreement, as originally mentioned on December 11, 2020, will help Creso bring its suite of cannabis products to the Australian market.
For over 150 years Martin & Pleasance has provided an extensive range of natural remedies and medicines based on a commitment to integrity, quality and innovation. Currently, the regulatory team and extensive workforce of Martin & Pleasance are directly servicing over 4,000 pharmacies in Australia and New Zealand, as well as online channels, grocery and practitioner suppliers.
Creso reports that collaboration efforts with Martin & Pleasance are currently progressing very well. The company elaborated further stating that both companies are sharing information to progress potential regulatory pathways for low-dose CBD products, which will ultimately allow Creso Pharma to grow its Australian pharmacy footprint substantially.
“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. Creso continues to progress a number of growth initiatives in Australia and internationally and looks forward to updating shareholders as developments materialize,” added Adam Blumenthal.
- Low-dose CBD products can now be sold over-the-counter in Australian pharmacies as of February 1, 2021.
- The news follows the TGA’s decision to down schedule low-dose CBD products from Schedule 4 (prescription only) to Schedule 3 (pharmacist only).
- Thanks to regulation changes, a new market has been unlocked and it’s estimated to be worth over $200 million per year.
- Creso Pharma is well-positioned to capitalize on the new market opportunity via its agreement with Martin & Pleasance, which provides the company with access to over 4,000 pharmacies across Australia.
- Creso’s collaboration with Martin & Pleasance is progressing well, with both parties working to define regulatory pathways and business cases to grow the company’s Australian footprint.
- Creso anticipated this legislation and regulatory approval and is in a strong position to capture the Australian Market.
- The TGA regulatory approval demonstrates a growing global trend towards relaxation of legislation, making Creso products much more easily accessible to patients.
- Creso is also pre-empting further relaxations of cannabis regulations in other jurisdictions globally, including the United States market, and is advancing discussions with potential distribution and channel partners to position itself as a first-mover in the U.S. and other markets at the appropriate time.
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