Creso Pharma Limited( ASX:CPH) has launched a proprietary range of CBD-based teas products in Switzerland with other European markets, including Germany, earmarked for near term expansion.
Three new products have been launched under the cannaQIX brand and include cannaQIX tea, cannaQIX NITE tea and cannaQIX Immunity tea.
Commercial & Development Director, Dr Gian Trepp, said the three new teas have been developed based on a new 2nd generation innovative technology that optimises the CBD content in compliance with regulations and allows for a better taste.
Dr Trepp said the development of the new tea products is a ground breaking technological achievement for Creso Pharma and provides the company with a significant competitive advantage. The company will now progress the use of the new technology in the manufacturing of its cannaQIX lozenge flagship products.
Having completed the necessary legal and regulatory due diligence, the new tea products can now be legally marketed and sold throughout Switzerland, leveraging Creso’s established distribution network comprised of over 2,100 point of sales across in Switzerland where Creso’s cannaQIX products are already being sold. These include pharmacies, pharmacy networks, drugstores, health nutrition shops and large retail groups including leading department store chain Manor. Creso also supplies all major wholesalers in the country including Galexis, Amedis and Voigt.
Dr Trepp said this provides the company with an established footprint, significantly de-risking the launch of each new product it brings to market.
The company will also look to launch its new hemp tea products in Germany, following a recent decision by the German Federal Court of Justice to annul previous charges against hemp tea sellers which had temporarily delayed the scheduled Q3 2020 roll out of the company’s hemp tea products.
Dr Trepp said the favourable decision has removed ambiguity over the guidelines concerning the sale of food products based on hemp flowers and leaves in Germany, with Creso now being in a position to actively market and sell its hemp tea products in that jurisdiction without any further regulatory approvals or hurdles to overcome.
Upon successful roll out of its new products in Switzerland and Germany, Creso will explore the opportunity to expand the distribution of its hemp tea products into other European companies, and, in line with its standard practices, will undertake the necessary due diligence to confirm the legality of the sale of its products in each new jurisdiction as required.
We are proud to have completed the finalisation of this ground breaking technology for our new CBD tea products, which opens a number of new and globally applicable opportunities for Creso Pharma,” Dr Trepp said.
“The new products and formulation provide a very tasty CBD tea that will become a key component in the future production of the cannaQIX lozenges. We look forward to providing further updates on future product additions and our European expansion initiatives.”