Creso Pharma (ASX: CPH) this morning welcomed the advent of changing Australian laws as they pertain to CBD. As of today, over the counter sales of the compound have been permitted in the country, with pharmacists able to sell low-dose cannabinoid products to customers now without a prescription.
The Therapeutic Goods Administration (TGA) within Australia has down-grade the compound from a Schedule 4 drug to that of Schedule 3, referred to as “Pharmacist Only Medicine.” The change now enables pharmacists to provide to customers products containing up to a maximum of 150 mg/day of CBD.
Creso Pharma is reportedly well positioned to capitalize on the changing legal landscape, given its existing portfolio of CBD products that are currently being sold in several countries globally. Furthermore, the firms CannaQIX 50 product is already available in the country via prescription.
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A Heads of Agreement has also been signed with that of Martin & Pleasance, an arrangement which would provide the company with access to over 4,000 pharmacies across Australia. Given the changing landscape, the arrangement would enable pathways to further grow Creso’s Australian footprint.
“The TGA’s decision to allow the sale of low–dose CBD products to consumers without a prescription provides Creso Pharma with another exciting opportunity to grow in Australia and another potential revenue stream for the Company.”
Adam Blumenthal, Chairman of Creso Pharma
Creso Pharma last traded at A$0.22 on the ASX.
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