Creso Pharma (ASX:CPH) and Doetsch Grether AG are have announced Creso's cannaQIX human health product will be launched in Switzerland and Liechtenstein in March.
cannaQIX is a nutraceutical containing organic hemp extract that aims to reduce stress and support mental and nervous functions.
In a statement, Creso said the launch and commercial partnership with Doetsch Grether AG sets the cornerstone for its global commercialisation strategy for the product, using Switzerland as a reference country.
cannaQIX has contributed to Creso’s first revenues of CHF230,000 (~A$311,940), along with sales of its animal health product, anibidiol, following the launch of that product in Switzerland in November 2017.
The cannaQIX launch follows the commercial agreement between Creso and Doetsch Grether for the exclusive marketing and distribution of the product in Switzerland for ten years targeting more than 2,000 pharmacies and drug stores.
Doetsch Grether is one of the top 15 pharmaceutical and consumer care companies in Switzerland. It is a medium-sized, family-owned company focused on the marketing and distribution of products in the Swiss pharmaceutical, OTC and consumer care market. It has been operating since 1899.
Creso said it is currently in the process of finalising access and distribution agreements, in a number of other key countries in Europe, as well as Latin America.
“We are proud to launch the cannaQIX products with a highly reputable Swiss Pharma company such as Doetsch Grether and this launch paves the way for our global commercialisation efforts for the product,” said Creso co-founder and CEO, Dr Miri Halperin Wernli.
Thomas Wyss, CEO of Doetsch Grether, added: “We see strong demand in safe and reliable hemp-derived products in the Swiss market. The cooperation with Creso Pharma gives us a great opportunity to bring a unique and attractive hemp-derived nutraceutical to the Swiss pharmacies and drugstores.”