Creso Pharma, publicly traded on the Australian Securities Exchange, has received registration from the European Union – the first – to sell CBD products for pets, according to an Australian Associated Press report. The company is now seeking a global import and export license as it’s planning to market two products by April.
The products are designed to help treat chronic pain, arthritis, diabetes, and behavioral disorders, including anxiety and noise phobias.
Creso CEO and Co-Founder Miri Halperin Wernli said that many products currently available in the cannabis-for-pets market are “human-based medicines that have been poorly adapted for animals.”
“Our unique CBD-based nutraceutical products are developed specifically for companion animals and are an alternative therapeutic option to a number of common medical conditions among pets that often remain poorly treated,” she said in the report.
Stephane Ready, Creso Pharma Australia pharmaceutical consultant, said the EU registration helps guarantee the purity profile, quality and accuracy of the company’s pet products.
“The industry is changing fast, regulations are changing fast it is very important that the high standards are applied,” he said. “The seal of approval is much more comforting and pleasing than a product sold over the internet.”
Following the announcement, Creso shares gained 11.9 percent, or 2.5 cents, raising its share price to 23.5 cents.