The new orders take the total purchase orders generated through Creso Pharma’s animal health segment to around A$975,000 (CHF634,000) for 2020, outlining the strong demand for its industry-leading products.
Revenues in the first half of 2020 were CHF354,404 (A$529,687).
Additional purchase orders expected
Creso Pharma commercial director Jorge Wernli said: “These purchase orders are a major achievement for the company during this challenging regulatory situation and COVID-19 time.
“They further highlight the demand we are witnessing for our innovative products across Europe and vindicates the company’s strategy of investing in its animal health business.
“We expect the animal health segment to continue to grow, with additional purchase orders expected in the coming months.
“Management is also exploring a number of ways to further unlock the market, and we believe we are well-placed to progress a number of initiatives to grow our footprint in this space.”
Growing European animal health market
The new orders are a significant achievement for Creso Pharma and highlight its ability to navigate stringent regulatory requirements for marketing hemp products across Europe, as well as management’s ability to progress growth initiatives in difficult market conditions.
Demand for the products remains high and these additional purchase orders serve as further confirmation of the success of the anibidiol® product line in the rapidly growing European animal health market.
The product uptake since 2017 continues totalling four million anibidiol® doses in purchase orders.
Additional innovative products
Creso is continuing to explore plans to expand its animal health portfolio with additional innovative products such as various hemp-flour and hemp seed oil products.
With growing demand for its existing products, the company is also progressing strategies to increase its footprint in the sector.
In light of the recent regulatory changes, Creso Pharma sees the EU and global markets expanding rapidly and the company is extremely well-positioned to benefit from this.
Story by ProactiveInvestors
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