Creso expands into Sri Lanka

07/01/2019 - 15:17

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Medicinal cannabis company Creso Pharma has announced it will expand into Sri Lanka, after it signed a binding letter of intent with Ceyoka Health, one of Sri Lanka’s largest pharmaceutical distribution companies.

Creso's flagship product is a cannabinol lozenge.

Medicinal cannabis company Creso Pharma has announced it will expand into Sri Lanka, after it signed a binding letter of intent with Ceyoka Health, one of Sri Lanka’s largest pharmaceutical distribution companies.

In a statement to the ASX, the West Perth-based company said the partnership with Ceyoka would initially focus on receiving the regulatory approval for cannAFFORD 50, Creso's flagship medicinal cannabis product.

The product is a cannabinol lozenge designed to manage chronic pain quicker than traditional cannabis-based tablets or capsules.

By being dissolved orally, the lozenge can enter the bloodstream directly instead of needing to be broken down in the intestine and then absorbed through the liver.

Creso Pharma chief executive Miri Halperin Wernli said utilising Ceyoka’s network of more than 1,800 pharmacies would allow the company to successfully move into Sri Lanka.

“In addition to their broad distribution network which accesses over 1,800 pharmacies, Ceyoka is a company that is heavily focused on investing in innovation,” Dr Wernli said.

“With Ceyoka, we found an ideal fit with Creso’s own philosophy and we anticipate a very long and successful collaboration.”

Since its listing on the stock exchange at 84 cents per share in January 2018, Creso’s shares have fallen 32 per cent.

Shares in Creso were up 6.5 per cent to trade at 57 cents at the close of trade.

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