Creso Pharma Limited and Doetsch Grether AG are launching Creso Pharma’s cannaQIX human health product in Switzerland and Liechtenstein in March 2018.
cannaQIX has contributed to Creso’s first revenues of CHF230,000 (AUS $311,940) along with sales of Creso’s animal health product, anibidiol, following the launch of that product in Switzerland in November 2017.
The launch of cannaQIX is a result of an agreement between Creso Pharma and Doetsch Grether for the Swiss market for 10 years. The deal includes targeting more than 2,000 pharmacies and drug stores in Switzerland and Liechtenstein.
The potential market for complementary therapeutic solutions for stress and anxiety in Switzerland could grow to between CHF 30 to 40 million by 2022 ($40.7AUS to $54.2 AUS million), Creso estimates.
Creso Pharma is currently accessing distribution channels in a number of key countries in Europe, as well as Latin America. Switzerland will be used as an international regulatory, quality and market reference country, the company says.
“We are proud to launch the cannaQIX products with a highly reputable Swiss Pharma company such as Doetsch Grether and this launch paves the way for our global commercialisation efforts for the product,” said Creso Pharma Co-Founder and Chief Executive Officer, Dr. Miri Halperin Wernli.
Thomas Wyss, CEO of Doetsch Grether Ltd said: “We see strong demand in safe and reliable hemp-derived products in the Swiss market. The cooperation with Creso Pharma gives us a great opportunity to bring a unique and attractive hemp-derived nutraceutical to the Swiss pharmacies and drugstores.”