- TGA’s final decision regarding a significant regulatory change for CBD products distribution in Australia is anticipated in December 2020.
- Down-scheduling CBD products could lead to substantial market opportunities for Creso Pharma.
- The Company is positioned well to capitalise in the market once TGA’s final decision is out.
Creso Pharma Limited (ASX:CPH) disclosed that the TGA’s final decision regarding a significant regulatory change for distribution of cannabidiol (CBD) products in Australia is anticipated in late December 2020. The regulatory amendment is related to down scheduling CBD products to schedule 3 medicine.
Creso Pharma said that there are several opportunities and potential new sales channels on the way for the Company. This news has buoyed the stock of Creso Pharma, helping the shares gain 9.375% to reach at A$0.035 on 27 November 2020 (at AEDT 3:26 PM). The Company’s market capitalisation stood at A$22.02 million.
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About Creso Pharma Limited
ASX-cannabis player Creso Pharma Limited brings the best of cannabis to better the lives of people as well as animals. With its pharmaceutical expertise and methodological rigour, the Company engaged in the development of cannabis and hemp-derived products.
Image Source: © Kalkine Group 2020
Huge market opportunity on the cards of Creso Pharma
On 26 November 2020, Creso Pharma updated that the TGA’s decision concerning amendments for down scheduling cannabidiol products to schedule 3 medicine anticipated in December 2020.
The interim decision was made on 9 September 2020, and the final ruling will follow this. The interim decision recommended that in Australia, CBD products to be down scheduled from schedule 4 to schedule 3 medicines.
This down scheduling would allow Australians to purchase CBD products over-the-counter (OTC) at pharmacies without any prescription.
The CBD products down scheduling in the country creates a substantial market opportunity for Creso’s CBD and hemp products.
Notably, Creso Pharma remains well-funded for capitalising in the Australian market after the final decision by the TGA.
Creso Pharma’s cannaQIX® 50
Currently, Creso Pharma sells its cannaQIX® 50 in Australia as a medicinal cannabis product under the ‘LozaCan’ brand through its distribution partner BHC (Burleigh Heads Cannabis).
Moreover, the Company has developed a comprehensive range of CBD and hemp-oil products under the cannaQIX® brand, which it anticipates selling across Australia after any favourable decision.
The cannaQIX® product range is manufactured under GMP standards and offers consumers with a standardised formulation as well as precise measurement of dosage.
Non-Executive Chairman of Creso Pharma Adam Blumenthal commented-