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Creso Pharma Limited (ASX: CPH, FRA: 1X8) has welcomed yesterday's interim decision from the Therapeutic Goods Administration (TGA) regarding the sale of cannabidiol (CBD) over the counter in pharmacies.
As reported yesterday, the TGA's decision recommends that CBD products be down-scheduled from schedule 4 and classified as schedule 3 medicines in Australia.
This would allow Australian consumers to purchase CBD products over the counter through pharmacies without the requirement of a prescription.
The decision follows recommendations from the National Advisory Committee on Medicines Scheduling (ACMS) and Advisory Committee on Chemicals Scheduling (ACCS), with both committees being within Australia's Therapeutic Goods Administration (TGA).
A public notice of final decisions is expected on 25 November, with amendments to be effective as of 1 February.
$200 million market in Australia
This development unlocks a major opportunity for Creso Pharma CBD and hemp products, and management will look to progress a number of opportunities to capitalise on a market which is estimated to be valued at $200 million and set to grow rapidly in the near term.
Creso Pharma's cannaQIX 50 is already being sold in Australia as a medicinal cannabis product under the 'LozaCan' brand via distribution partner Burleighs Heads Cannabis' (BHC).
The company has developed various cannabidiol (CBD) hemp oil-based products in their cannaQIX range using the company's proprietary delivery technology.
The products contain broad spectrum organic hemp oil extracts with CBD and they are pitched at reducing stress and supporting mental and nervous functions.
"The down scheduling of CBD products in Australia is an exciting development and provides Creso Pharma with a number of key near term opportunities," CPH non-executive chairman Adam Blumenthal said.
"We anticipate that the Australian market will play an important role in the company's growth trajectory and will grow significantly as CBD becomes more accepted and entrenched with consumers.
"Creso Pharma has a large GMP product range and we are confident that the company's offering will be well received in Australia.'
"Board and management are currently progressing a number of strategies to grow our market share and we look forward to providing regular updates to shareholders."
Creso Pharma's competitive edge
The cannaQIX range of products has several features that set them aside from other competing products, being sugar-free and containing no tetrahydrocannabinol (THC).
The standardised, user-friendly strength and formulation allows precise dosage control and the lozenges have a more palatable taste compared to oils.
The cannaQIX range has been developed to Good Manufacturing Practice standards and is produced in Switzerland by Creso Pharma's partner, Swiss-based food and pharma development company, Domaco, Dr. med Aufdermaur AG.
The presence of a ''Swiss Made'' label emphasises the premium quality control measures that define Creso Pharma's products.
This article was written in partnership with Creso Pharma. Business News Australia does not give financial advice.
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