CBD has been trending over the past few years, especially after the U.S. federal government legalized hemp, a Cannabis Sativa plant used to derive CBD oil. The drug has shown remarkable progress in patients suffering from normal stress to life-threatening diseases such as Parkinson’s disease or epilepsy.
The market is filled with CBD based products ranging from CBD oil, topical, cream, ointment, isolate, vape pens, gummies, to dietary supplements. Companies have even rolled out CBD products for pets to help treat their anxiety and other health issues like arthritis.
Recently, it was estimated that about 100,000 dogs have benefited from CBD products sold by Creso Pharma’s (ASX: CPH) anibidiol®, as the brand celebrates its global sales growth of 700% a year. This is equivalent to sales of nearly 3 million sachet doses of anibidiol® granules since they launched in 2017.
Dr. Miri Halperin, CEO, and Co-founder of Creso said that hitting a milestone of treating 100,000 dogs has paved way for their product launch in new countries across the world such as North and Latin America.
Dr. Halperin said that they have observed a growing need for natural complementary feed such as hemp oil for pets to mitigate stress and improve their overall wellbeing. She added that Creso Pharma will continue to support the rising global trend of the “humanization” of pets where people treat their pets as family members or best friends.
She said the organization is proud to have benefitted pet owners and their pets from their products. Creso developed anibidiol® plus and anibidiol® regular for large, medium-sized and small pets to support the reduction of anxiety, stress and boost the functioning of the nervous system of animals. Pet owners have also reported that anibidiol® has helped their pets manage pain better, and improve their vitality within a week of use.
The company has commercialized the patented granulated delivery system in collaboration with Virbac S.A. a global animal health company, and it is being launched in 10 countries in Europe.
Reveling in the success of their product, the brand has also announced the launch of a new product- anibidiol® Oil 500. The product is being launched as a result of the strong demand from pet owners and vets. Creso is partnering with Virbac Switzerland to roll out anibidiol® oil 500, one of its life cycle management products for pets.
The product will be first marketed in Switzerland and then extended to other countries throughout the year. In addition to this, Creso also plans to launch two newly created hemp-derived pet products in 2020.
High Revenue In Q4 2019
Creso flourished with a strong December quarter in 2019 when the company’s unaudited consolidated group revenue reached $1.986 million. The total revenue for 2019 hit a solid $3.7 million. This propelled the company’s swift movement into 2020 with a bag full of newly developed products to offer their customers.
The significant growth in their revenues was largely attributed to animal health product sales and nutraceutical sales during the quarter, worth $1.6 million. Both these divisions brought in a total of $2.8 million for the year, a tremendous hike of nearly 500% on the $556,000 made in 2018.
The December quarter i.e. Q4 revenue shows strong growth in market acceptance for the company’s products and successful entry into new markets, said Halperin Wernli. She further added that Creso Pharma has an expanding portfolio of innovative products with a leadership team that has vast experience in the industry. Creso’s products are being sold across Oceania and Europe and they will soon be available in South Africa.
The company has achieved many operational milestones in the Q4 as well, starting sales in Australia of cannaQIX®50, its flagship medicinal cannabis product, delivering its first orders in New Zealand of medicinal 10% CBD oil, and getting closer to securing the EU GMP certification for its grand 24,000sqft Mernova production facility located in Canada to allow exports to Europe.
The company is all set to launch its cannaQIX® range in South Africa in April. Creso’s next big step is to push the commercialization of its products into African countries like Lesotho, Angola, Botswana, Swaziland, Mozambique, Zimbabwe, and Uganda. To achieve this, they have partnered with Pharma Dynamics, a leading pharmaceutical company in South Africa.
While the brand has launched its four products, it has nine more that are ready to launch!