CANNABIS therapeutics company Creso Pharma (ASX: CPH) has signed a distribution deal with Doetsch Grether to market its hemp-based cannaQIX®10 product throughout Switzerland and Lichtenstein.
Under the terms of the 10-year deal, Doetsch Grether will market and distribute the cannaQIX®10 nutraceutical food supplement to drug store chains in accordance with Swiss federal food laws.
As Doetsch Grether is a leader in the European pharmaceuticals market, the agreement means Creso Pharma's product will have access to more than 2,300 outlets across the two countries.
Dr Miri Halperin Wernli, CEO and co-founder of Creso Pharma, says the company is looking forward to breaking into the Swiss market with its flagship product that is designed to provide stress and anxiety relief to consumers.
"We are proud for having achieved a further milestone obtaining the marketing approval for cannaQIX®10 in Switzerland," she says.
"We are delighted to enter Creso's home market, Switzerland, with Doetsch Grether allowing us to launch and market cannaQIX®10 throughout pharmacy and drug store chains in Switzerland and Lichtenstein."
Doetsch Grether CEO Thomas Wyss says his company has identified the need for cannabis-based pharmaceuticals in Switzerland, and cannaQIX®10 will help meet the demand.
"We see strong demand in safe and reliable hemp-derived products in the Swiss market," says Wyss.
"The cooperation with Creso Pharma gives us the great opportunity to bring a unique and attractive hemp-derived nutraceutical first to the Swiss pharmacies and drugstores."
In addition to the landmark deal, Creso Pharma also announced the appointment of Chris Grundy as its new head of finance based in Sydney.
Grundy has more than 25 years' experience in finance and has previously worked in pharmaceuticals, hospitals and medical advice companies both in Australia and overseas.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support