Creso Pharma, the first pharmaceutical company, accredited for legally bringing medicinal marijuana to Australia, has managed to raise a capital investment of around US$6 million to realize its expansion plans.
The capital for investment was raised by issuing Convertible Securities worth $3.45 million and the issue of company shares at a rate of $0.191each. This led to collection amounting to around $1.58 million.
Chief executive and co-founder of Creso Pharma, Dr. Miri Halperin Wernli said that the company was planning to accelerate their global operations, “Creso Pharma has firm and broad foundations for growth and a highly qualified and experienced team in place to execute our strategy for global expansion. We are encouraged by our recent operational milestones, refined strategy, secure funding, and continued interest in our operations.”
Market for Medical Cannabis
In 2017, Creso Pharma was among the first to bring medicinal cannabis into the medical scenario of Australia. It stands out from other ASX listed medicinal cannabis firms by concentrating on pharmaceutical-grade marijuana products that rake in higher profits.
According to Wernli,
We are pleased to announce the first delivery of cannaQIX®50 in Australia. Burleigh Heads Cannabis and CDA Clinics Australia continue to rapidly expand their patient reach with their extensive distribution network. This close partnership enables us to fulfil our mission of bringing life-improving products to patients in Australia. We’re delighted to announce this progress and look forward to further new product introductions in the near future.
According to a forecast by Barclays European Consumer Staples Report, the global market for cannabis is set to touch the US$272 billion mark by 2028.
Creso is planning to tap into the booming market by aggressively marketing nine pharmaceutical-grade cannabis products, which is part of their present portfolio. The company has already commercialized four high-profit products across the cosmetics, animal health, nutraceuticals, and therapeutics segments. They are also looking at getting key certifications and making strategic partnerships with other firms that are going to facilitate in their plan to enhance their revenue growth. Creso expects that their plans for expansion will be accentuated by funding, more profits, judicious management of cost, and experienced leadership.
Market for Quality Products of Creso Pharma
Creso Pharma makes sure that all its products are manufactured in compliance with Good Manufacturing Practices (GMP) standards; they have standardized formulations through the application of pharmaceutical rigor and have unique delivery technologies. In addition to these, the labels have the universally recognized mark of “Swiss Made,” which is considered to be tantamount with premium-quality products.
Creso Pharma is striving to make strategic collaborations with firms that can help in the marketing of their existing products for humans and animals and also help in introducing new products in the European market. At present, the company is focusing on Spain, Portugal, the Scandinavian countries, Poland, and Israel.