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A partnership with one of the world's leading veterinary pharmaceutical companies is reaping rewards for Australian-Swiss cannabis outfit Creso Pharma (ASX: CPH), with the first major commercialisation of its animal health range now underway.
Creso's hemp oil-based anibidiol feed for pets had a slow entry to the European market this year through a tie-up with Virbac to sell the product in Switzerland and Leichtenstein.
The French partner has sent a strong signal to Creso with a purchase order for $350,000 for its animal health products to be launched, promoted and distributed in several European countries starting in the second quarter of 2019.
After the initial success in Switzerland and its tiny neighbour, an exclusive agreement was signed with Virbac last month for 15 countries in Europe and Latin America.
"We have had a promising start with our animal health products in Switzerland and Liechtenstein with very encouraging feedback from veterinarians, clinics and pet owners and we are now entering the expansion phase into many countries in Europe and Latin America," says Creso Pharma co-founder and chief executive officer Dr Miri Halperin Wernli.
The company claims its global reach with Virbac puts both groups in a "unique position" to capture market share across the $69 billion annual pet industry.
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