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Special Report: Creso Pharma’s (ASX:CPH)’s commercial partner has received its first Latin American purchase order for its hemp oil product for cats and dogs.
Creso Pharma expects to deliver the $89,000 purchase order of 175,000 sachets of anibidiol 8 to Laboratorios Adler, Uruguay, in the first quarter of next year.
The purchase order comes following Adler receiving regulatory approval from Uruguay’s Ministry of Agriculture and Animal Feed for its anibidiol line of pet health products.
Anibidiol 8 is designed to support the immune system and natural response of cats and dogs. It contains a mix of hemp oil, vitamins and Omega fatty acids.
Creso says it expects to receive more purchase orders to materialise in the coming months.
“The approval of anibidiol as the first CBD hemp complementary feed in Uruguay, with a simultaneous purchase order is a major achievement for Creso Pharma,” says Jorge Wernli, Creso’s commercial director.
“The company’s entry into the Latin American more broadly represents a major strategic development and significant growth opportunity, with potential access to millions of pets across several Latin American countries.
“We look forward to working with our established, in-country representatives to target rapid expansion across the region.
“We anticipate a number of follow-up purchase orders will materialise in the coming months, as we rapidly scale up in Latin America.”
Creso also this month received three new purchase orders totalling $414,000 for its anibidiol products in Europe, demonstrating the strong demand for the company’s animal health products.
Mernova making moves
Meanwhile, Creso’s wholly-owned Canadian subsidiary, Mernova Medicinal, has received more purchase orders for strains of its high-quality artisanal cannabis and expects to be selling into Canada’s biggest recreational market shortly.
Mernova earlier this month received three purchase orders for a total value of $C275,023 ($288,159), as well as a Notice to Purchase order from the Province of Ontario, regarded as Canada’s biggest recreational market with a quarter of the country’s market share.
The company is also exploring opportunities in the United States after the US House of Representatives passed the MORE Act, which if approved in the Senate would decriminalise marijuana at the federal level. The Mernova facility is just 350km from the US border.
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.