Creso Pharma has struck a distribution deal with MEDI-IN s.r.o. for its hemp extract-based food supplement CBDium to be sold in more than 300 retail outlets in the Czech Republic, the company announced in a press release. The product is the first Creso-developed creation to be released to market.
Boaz Wachtel, Creso co-founder and CEO, said the deal was only possible through the company’s acquisition of Slovakia-based Hemp-Industries and he anticipates it will lead to “rapid growth” for the firm in the European market.
“This relationship brings both immediate revenue and cash flow to our newly listed company, as well as first exposure in an EU market for our products,” he said in the release.
MEDI-IN supplies medical equipment and natural medications to hospitals and pharmacies, and also distributes consumer products to sports and food stores in Slovakia and the Czech Republic. As part of the agreement, MEDI-IN will perform “extensive marketing activities” including direct retail marketing and e-commerce.
The agreement comes on the heels of Creso’s successful listing on the Australian Stock Exchange on Oct. 20, which subsequently saw the company’s shares spike more than 70 percent in its first week of trading. Last Friday, the stock closed at 29 cents, down from its 36 cent high on Oct. 24.
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