Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has secured two new purchase orders (POs) with a combined value of CHF230,000 (~A$337,577) in a move that will broaden its European market presence.
The purchase orders have come from Swiss-based health products distributor MHG GmbH for CPH’s cannaQIX® hemp seed oil lozenges and cannaQIX® 50 lozenges.
Established in 2016, MHG is focused on the import and export of health and wellbeing products.
MHG has extensive expertise in pharmaceutical product distribution and an established market presence with more than 3,500 international points of sale.
European presence to expand
The latest PO will see Creso’s products sold throughout Europe.
MHG’s sales channels are as far-reaching as Macedonia, Albania, Serbia and Croatia amongst others.
Creso Pharma will deliver the products as soon as possible from its available stock.
While CPH has signed several purchase orders over the last 12 months, this PO represents an important milestone for the company, as it underpins the company’s geographic expansion regarding its human health business.
Additional purchase orders are also being discussed between Creso regarding the latter’s animal health products.
As with its human health products, this would further increase Creso’s global footprint and add to its growing revenue profile.
“We are very pleased to have secured these POs from MHG and it is a clear sign that our export business for human health products is beginning to scale up again,” CEO of CPH’s Swiss International Operations, Jorge Wernli, said.
“The POs will add to the company’s growing revenue line, as well as allow Creso Pharma to expand into new countries.
“This is a key milestone on our journey and commitment to strengthening Creso Pharma’s export business and geographic expansion, which we anticipate will unlock value for shareholders.”