- Hemp-product producers Creso Pharma have widened business in New Zealand today after signing stronger distribution deals with Medleaf Therapeutics
- The deal, active until end of December 2022, will see Creso's cannabidiol (CBD) and vitamin-rich throat lozenges be sold alongside a join-ventured general CBD oil product
- Medleaf's management has its sights set on being a hemp-product powerhouse in New Zealand, utilising cultivation from Canadian company PharmaCielo which produces 5.53 million kilograms of hemp a year
- Creso Pharma is able to terminate today's distribution deal with six months notice if it's unsatisfied with minimum orders from Medleaf
Medicinal hemp company Creso Pharma has found a new home of business in New Zealand, after signing a deal with Medleaf Therapeutics.
The distribution deal, that was signed today, builds upon the already-existing partnership between the two companies to further sell two products.
The deal is specifically for New Zealand buyers and practitioners interested in Creso's throat lozenge 'cannaQIX 50', as well as Creso and Medleaf's co-signed '10% CBD Oil'.
"The evolving regulatory situation in New Zealand is providing a solid foundation on which to build this close relationship with MedLeaf," Creso Pharma CEO Dr. Miri Halperin Wernli said.
The signing today is effective until the end of December 2022 and includes minimum purchase targets from Medleaf.
Creso Pharma has the ability to terminate the agreement with six months notice if the company is unsatisfied with sales.
"We’re pleased with our progress to date and encouraged to see a wide range of new opportunities opening up to bring life-improving products to patients in New Zealand," Dr. Miri added.
Medleaf CEO Courtney Leticia says distributing Creso Pharma's high quality products is integral to building a thriving hemp business in New Zealand.
"Our ultimate aim is to develop a world class, New Zealand-based cannabis business with leading research and development, cultivation, extraction and product development capabilities," she says.
"After three years of patient advocacy, Medleaf Therapeutics is proud to leverage this great relationship with Creso Pharma to bring greater choice to New Zealanders."
The cannaQIX 50 CBD throat lozenge is produced to treat chronic pain, with each lozenge containing 50mg of CBD and vitamins B6, B12, C, and Zinc.
CresoPharma management claims these throat lozenges produced in Switzerland are far more effective at administering drugs and vitamins compared to traditional pills and tablets.
"With the environmentally sustainable, outdoor sun-grown crops from PharmaCielo and great product development of Creso Pharma, this partnership will see an opportunity for New Zealanders to gain access to affordable, highest quality, broad spectrum, [good manufacturing practice] products," Courtney added.
PharmaCielo is a Canadian-based hemp cultivator, claimed to be the world's largest licenced hemp producer. Yearly, the company pushes out 5.53 million kilograms of harvested hemp.
The second product in today's deal is a joint-venture from Creso Pharma and Medleaf Therapeutics – a co-owned treatment. The product is used like traditional eye drops and oils.
CBD oil is commonly used for treatment of chronic pain, epilepsy and some cases of cancer.
Despite this morning's positive announcement, Creso Pharma's shares have dipped 3.57 per cent in the ASX.
After opening at 42.5 cents a piece, the company's shares are sitting at 40.5 cents each in a $63.64 million market cap.