Creso Pharma Limited (ASX:CPH, FRA: 1X8) has secured regulatory approval from the Ministry of Agriculture and Animal Feed in Uruguay (Ministerio de Ganadaria, Agricultura y Pesca) through its commercial partner Adler Laboratories, Uruguay for its line of animal health products, anibidiol®.
The approval effectively means CPH’s anibidiol® becomes the first approved CBD hemp-based complementary feed for pets in Latin America, where the company is looking to significantly increase its footprint.
Creso Pharma has also received its first purchase order for anibidiol®, from Laboratorios Adler, Uruguay via its representative Medara in Buenos Aires, Argentina. The purchase order is for 175’000 anibdiol® 8 sachets in 3,300 boxes and valued at A$89,000 (CHF 60,000).
The Latin American market provides a large opportunity for Creso Pharma and unlocks potential access to over 24 million pets across Uruguay, Argentina, Paraguay and Bolivia.
This purchase order follows other recent POs secured for anibidiol® in the EU and provides further confirmation of the successful take-up of anibidiol® in new and existing markets.
CPH’s wholly-owned Canadian subsidiary, Mernova Medicinal Inc. recently received three purchase orders with a combined value of C$275,023 (A$288,159).
Further to this was the receipt of a Notice to Purchase from the Province of Ontario, marking the company’s entry into Canada’s largest recreational cannabis market.
CPH expects to announce additional purchase orders in the coming months.
Jorge Wernli, Creso Commercial Director said: “The approval of anibidiol® as the first CBD hemp complementary feed in Uruguay, with a simultaneous purchase order is a major achievement for Creso Pharma.
“The Company’s entry into the Latin American market more broadly represents a major strategic development and significant growth opportunity, with potential access to millions of pets across several Latin American countries.
“We look forward to working with our established, in country representatives to target rapid expansion across the region. We anticipate a number of follow up purchase orders will materialise in the coming months, as we aggressively scale up in Latin America.”