Creso Pharma has entered into a Heads of Agreement with natural medicine company Martin & Pleasance to manufacture a range of CBD products in Switzerland, which would be then sold under new and existing Martin & Pleasance brands in Australia and New Zealand.
Creso Pharma has earmarked four products from the company’s proprietary nutraceutical range in lozenge and tea form, which are all manufactured in a GMP-certified, compliant facility.
The agreement follows the TGA’s interim decision on down-scheduling CBD and sets a framework for Creso Pharma to respond quickly to a favourable final decision, expected later this month.
The two companies aim to enter into a formal binding and exclusive collaborative agreement on or before April 30 2021, subject to that decision.
Martin & Pleasance provides natural remedies and medicines to consumers and focuses on pioneering new and emerging products. It has an extensive field force servicing more than 4,000 pharmacies across Australia and New Zealand as well as online channels, grocery and practitioner suppliers.
Creso Pharma non-executive chairman, Adam Blumenthal said: “The planned down scheduling of CBD products in Australia paves the way for Creso to introduce its unique and sophisticated range of GMP products and capitalise on what is expected to be a large market opportunity.”
“Martin & Pleasance has a leading reputation in Australia, as well as established sales channels which would directly benefit Creso Pharma. We are excited to jointly develop this opportunity with them and expect our products to be very well received by consumers.”
Martin & Pleasance CEO Richard Holyman added: “We are very excited to work closely with Creso Pharma, and benefit from their very specific expertise in the hemp/CBD product areas and manufacturing of innovative delivery models.”