. .
According to Creso Pharma (CPH), a decision by the Therapeutic Goods Administration (TGA) on a major change in regulations for cannabidiol products is expected next month.
In September, TGA recommended downgrading CBD products from schedule four to three medicines in Australia. This would allow Australian consumers to buy CBD products over the counter without a prescription.
The potential down-planning of CBD products in Australia opens the doors to Creso’s CBD and hemp products. Currently, the Australian market is estimated to be worth over $ 200 million a year and growing.
Cresos cannaQIX 50 is sold in Australia as a medicinal cannabis product under the name LozaCan. The company has developed another line of CBD and hemp oil products that it is expected to sell in Australia if the TGA decision is positive.
« The potential down scheduling of CBD is an important development for the broader marketplace and offers Creso Pharma a number of opportunities and potential new distribution channels, » said Adam Blumenthal, non-executive chairman.
« Australia has always been seen as an important market in our growth strategy. Prior to the TGA’s final decision, the board and management reviewed initiatives that would allow us to gain a large share of the market in Australia and unlock value for our shareholders, « he added.
Creso is in the market this afternoon. 45 percent and acts at 3. 3 cents per share at 1:37 p.m. AEDT.
Creso Pharma, ASX: CPH, Cannabidiol, Pharmaceutical Industry, ASX, Management of Therapeutics, Medical Cannabis, Industrial Hemp
World News – CA – Creso Pharma (ASX: CPH) expects TGAs Cannabidiol- Decision next month – The Market Herald
Related title :
– Creso Pharma (ASX: CPH) expects TGA&’s cannabidiol decision next month
– Down- Planning CBD would open a great opportunity for Creso Pharma
– Changes in OTC cannabis sales just around the corner Corner
– Weed Week: All eyes shifted back to TGA after key decision to December
Ref: https://themarketherald.com.au
