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One of the leading listed Australian cannabis companies Creso Pharma will expand into Sri Lanka with its therapeutic products.
The company has signed a letter of intent with Ceyoka Health, one of Sri Lanka's leading pharmaceutical distribution companies, to geographically expand the distribution of its products.
The partnership will initially focus on gaining the necessary regulatory acceptance for Creso's flagship medicinal cannabis product cannAFFORD 50.
cannAFFORD 50 is designed to support the management of chronic pain.
The two companies will then look to exploring a wider range of other joint initiatives in the cannabis and hemp worlds.
Dr Miri Halperin Wernli Creso Pharma CEO and co-founder says the company is excited to tap into Ceyoka's network of over 1,800 pharmacies.
"We are really excited to partner with Ceyoka Health on the expansion of our business into Sri Lanka," says Wernli.
"In addition to their broad distribution network which accesses over 1,800 pharmacies, this is a company which is heavily focused on innovation. With Ceyoka, we found an ideal fit with Creso's own philosophy and we anticipate a very long and successful collaboration."
Creso's jump into the Sri Lankan market follows significant international expansion for the Australian company.
Previously, Creso expanded its animal-health range in Europe, and has also recently dual listed on the Canadian stock exchange.
Last year, Business News Australia named Creso as the number 8 cannabis company in Australia.
Shares in Creso Pharma are up 5.61 per cent to $0.56 per share at 10.46am AEDT.
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