Listed cannabis company Creso Pharma is set to launch its chronic pain product into the New Zealand market after signing an agreement with a key distributor.
Creso will introduce its cannaQIX 50 product in New Zealand, a cannabidiol lozenge designed to support the management of chronic pain.
Dr Miri Halperin Wernli, Creso CEO and co-founder, says the company is excited to launch the product into the world-class health system in New Zealand market.
"We are really excited to introduce cannaQIX 50 to New Zealand with CB Distributors," says Wernli.
"For Creso, New Zealand is an important market as it forms part of its overall APAC strategy, a region where projections suggest 23 per cent of the worldwide spend on CBD products will take place by 2022."
"[CB Distributors] is a young and highly motivated company with a genuine passion for the benefits cannabis can deliver to patients. This is a perfect fit with Creso's own philosophy and we anticipate a very successful collaboration."
The launch in the New Zealand market marks the first launch of Creso's CBD product in the APAC region, a market which is projected to be worth over US$700 million in sales by 2022.
According to the UN, 13.4 per cent of adults in New Zealand use black-market cannabis for medical or recreational purposes. The NZ Ministry of Health has suggested up to 235,000 people use cannabis for medical purposes.
The NZ government changed regulations in 2017 to allow for prescription of CBD products by all medical practitioners, but cannabis is still a controlled drug in the country.
This latest announcement follows a successful launch of cannabQIX 10 in Switzerland and Lichtenstein, with further launches pending in the UK and the Netherlands.
Shares in Creso Pharma are up 4 per cent to $0.65 per share.