Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has entered the final stage of development for a new hemp-based lozenge, potentially expanding its international opportunities.
The lozenge, based on cannabidiolic acid (CBD-A), shows strong therapeutic benefits and will be sold in Europe and Latin American markets as a food supplement.
Creso anticipates its lozenge has the potential to push a whole new product range, which can be sold through the already existing operations in Europe and international markets.
Creso already has existing relationships with Europe and Latin America, providing a strong foundation for potential sales growth overseas.
The company plans to leverage its existing products, including cannaQIX (a nutraceutical aiming to reduce stress) as well as its internal expertise and technology to progress its development.
Research into COVID-19
The development of the new lozenge follows a recent study from Oregon State University, which highlighted how hemp compounds demonstrate the ability to prevent the virus that causes COVID-19 from entering human cells.
The study identified how CBD-A possessed the correct molecular make-up to suggest it could stop the COVID spike protein from binding to and infecting a cell.
It is important to note, however, that Creso has not undertaken an independent study on the efficacy of the lozenge in the treatment of COVID-19 and makes no therapeutic claims.
CEO and managing director William Lay says the development of the new lozenge will become the basis for Creso to launch another strong product range.
“As the CBD and hemp sector continues to expand at a rapid pace, Creso Pharma remains well placed to capitalise their portfolio.
“Once the development is completed, we will begin selling the new products through existing operations in Europe and through our recently acquired US business division.”
Written by Duncan Bailey