- Cannabis company Creso Pharma (CPH) has clocked roughly $1 million worth of purchase orders scheduled for delivery in the first half of 2021
- Creo received an approximate order of $247,000 from an existing commercial partner for its animal health product anidbidol
- It's health product line also received regulatory clearance in Uruguay, landing it an initial purchase order in the Latin American market
- Creso's Commercial Director Jorge Wernli says the orders highlight significant growth for the company's offerings
- CPH shares are up a solid 9.09 per cent on the market, trading at 24 cents each
Cannabis company Creso Pharma (CPH) has clocked $1 million worth of purchase orders scheduled for delivery in the first half of 2021.
Its most recent order comes from an existing commercial partner Virbac Switzerland for roughly $247,826 of its animal health product, anibidiol. The repeat order is non-cancellable with complete delivery expected in April.
anibidiol is a complementary feed for cats and dogs containing natural hemp oil, which CPH says promotes animal well-being by supporting their immune system and natural response.
It adds to CPH's recent swathe of orders for anibidiol, which total approximately $401,449 from current commercial partners.
CPH is also set to make ground in the Latin American market after receiving regulatory approval for its animal health product line from the Ministry of Agriculture and Animal Feed in Uruguay and securing an initial purchase order of $86,957 through its commercial partner, Adler Laboratories.
The company also pocketed roughly $318,841 for a shipment of its cannaQIX to South African subsidiary of Lupin International (NYSE:LUPIN), Pharma Dynamics.
cannaQIX is Creso Pharma's range of cannabidiol oil-based nutraceuticals which aims to improve stress management and support mental health.
A statement from CPH says it expects to recognise these orders, which total roughly $1,055,272, as revenue for the within the first half of FY21.
Creso Commercial Director Jorge Wernli says the orders highlight significant growth for the company's offerings.
"These new orders also underscore our ability to supply products in spite of very challenging circumstances which have developed as a result of the COVID-19 pandemic in a fast and flexible manner," he stated.
"Our capabilities to generate and deliver ongoing POs, and deliver a record start to FY2021 leaves Creso in a very favourable position," he added.
CPH shares are up a solid 9.09 per cent on the market, trading at 24 cents each at 1:19 pm AEDT.