- Shares in Creso Pharma (CPH) have fallen today, despite the company announcing an expansion into the African market
- The company will be bringing its 'CannaQIX' hemp-based product to nine countries in the continent
- This expansion is the product of a joint venture with Pharma Dynamics — which has already seen A$300,000 paid to Creso Pharma
- CannaQIX is designed to soothe anxiety and stress with commonly used attributes of cannabidiol products
- Shares in Creso Pharma have fallen 7.14 per cent today, trading for 13 cents each
Shares in hemp-pharmaceutical company Creso Pharma (CPH) dipped into the red today — despite entering a new market.
CPH shares opened at 14.5 cents each, but have since dipped 7.14 per cent from investors dropping their options. This happened on Monday, regardless of the company posting news of entering the African market.
Through a joint venture with Pharma Dynamics, CPH announced it will be setting foot in South Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique, and Uganda.
The joint-ventured partners will be dealing CPH's hemp-loaded lozenge: CannaQIX. The product is designed to fight anxiety and stress with the soothing effects cannabidiol products are commonly used for.
"We are delighted to offer to the customer a top quality product with a top quality partner at an affordable price," Creso Pharma Chief Executive and Co-Founder Dr Miri Halperin Wernli said.
According to today's release, first production orders for the release are already in motion and consumers in the African market can expect to buy CannaQIX as soon as early 2020.
"We are very excited to work together with our preferred partner Pharma Dynamics for the launch of the cannaQIX product range into the first key countries in Africa," Dr Miri added.
Pharma Dynamics has already spent A$300,000 as part of the deal, to bring CannaQIX to African pharmacies.
"In line with our ethos of increasing access to affordable, quality medication, we have identified Creso Pharma as our partner of choice," Pharma Dynamics Chief Executive Erik Roos said.
"Creso Pharma is globally recognised as a leader in the production of cannabis products with distribution agreements already in place in various countries in Europe and Asia Pacific."
Shares in Creso Pharma continue to trade at its devalued 13 cents each — at around 1:00 pm AEDT.