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CRESO Pharma Limited (ASX: CPH) will launch its original hemp-based animal feed products in Switzerland.
The Australian based Creso has signed an exclusive commercialisation agreement with Virbac Switzerland to distribute its hemp-based complementary feed products for pets in Switzerland and Liechtenstein.
Virbac, the seventh largest pharmaceutical veterinary company worldwide, will launch, market, and promote Creso's product to veterinarians and pet owners from 1 September, 2017.
The hemp-based pet food is designed for dogs and cats, and helps with stress and behavioural problems, chronic pain, and age-related ailments in old animals.
Creso hopes a successful launch in Switzerland will allow the group to continue expansion overseas in 2018 to tap into the huge global pet food market.
"We are delighted to partner with the innovative global leading pharmaceutical animal health company Virbac to start the commercialisation of Creso's animal health products," says Creso Pharma CEO and co-founder Dr Miri Halperin Wernli.
"We believe that this partnership will lead to substantial synergies and we are looking very much forward to benefit from Virbac's worldwide presence and science-based experience in marketing such products."
Worldwide, the animal health market is estimated to be worth nearly $40 billion, and over half of the global population has a companion animal of some kind.
The products contain full plant hemp extract, and adhere to Swiss feed regulations.
Following this morning's announcement, shares in Creso Pharma have risen by over six per cent to $0.51.
Business News Australia
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