The company signed a binding letter of intent (LOI) with Pakistani pharmaceutical firm Highnoon Laboratories and its nutraceutical arm – Route 2 Health – on April 14.
Creso Pharma will be selling its hemp derived therapeutic products in Pakistan via the partnership.
The company currently has eight cannabis and hemp-derived products which span across the therapeutic, nutraceuticals, animal health, and cosmetics sector available in the consumers market. Another five are pending commercialisation.
Its nutraceutical portfolio consists of its flagship standardised formula containing organic hemp oil, vitamins, and zinc. The patented formula is known as cannaQIX.
Both companies have also agreed to tap on their international reach to explore product distribution in other markets.
The potential markets range from Middle East’s Afghanistan, to Balkan states Azerbaijan, Tajikistan, Turkmenistan, Uzbekistan.
They will consider Asian markets, such as with Bangladesh, Cambodia, Maldives, Myanmar, Philippines, and Vietnam.
The entry into the above markets will be subjected to regulatory approvals.
According to the LOI, both have agreed to formalise the terms of their collaboration in the next three months.
“Through this partnership, we hope to provide the opportunity for millions of people to have access to our innovative products,” said Creso Pharma’s CEO and co-founder Dr Miri Halperin Wernli.
Pakistan and cannabis
Highnoon Laboratories, on the other hand, said it hoped to increase patients’ and consumers’ access to hemp-derived products in Pakistan.
According to the firm’s chairman Tausif Khan, there has been a lack of education about the use of such products in the country.
“There exists a vast amount of real-world and strong clinical evidence which supports the safety and efficacy of hemp-based therapeutic products.
“However, due to the current regulations and lack of education about cannabis in Pakistan, there remains considerable obstacles to patient access,” Khan said, adding that the firm was working with the country’s authorities to improve product access.
At present, the cultivation of industrial hemp and cannabis is banned in Pakistan.
Special approval is needed from the authorities to grow the plant for research or medicinal purposes.
New product launch
Besides entering new markets, Creso Pharma has also recently developed its first set of CBD hemp teas, known as cannaQIX CBD and cannaQIX NITE CBD.
They are also said to strengthen the immune system as they contain CBD hemp, zinc, elderberry, and vitamins.
The company expects to launch the products in Q3 of this year.