Creso Pharma Ltd (ASX:CPH) (FRA:1X8) has secured regulatory approval from the Ministry of Agriculture and Animal Feed in Uruguay (Ministerio de Ganadaria, Agricultura y Pesca) through its commercial partner Adler Laboratories, Uruguay for its anibidiol® line of animal health products.
The company expects first purchase order for anibidiol® 8 to be delivered in the first quarter of 2021, becoming the first approved CBD hemp-based complementary feed for pets in Latin America.
Shares have been as much as 25% higher to A$0.20 intra-day.
Creso Pharma commercial director Jorge Wernli said: “The approval of anibidiol® as the first CBD hemp complementary feed in Uruguay, with a simultaneous purchase order, is a major achievement for Creso Pharma.
“The company’s entry into the Latin American market more broadly represents a major strategic development and significant growth opportunity, with potential access to millions of pets across several Latin American countries.”
“We look forward to working with our established, in-country representatives to target rapid expansion across the region.
“We anticipate a number of follow up purchase orders will materialise in the coming months, as we rapidly scale up in Latin America.”
Unlocks potential access to over 24 million pets
anibidiol® is the first CBD hemp-based complementary feed approved for pets in Latin America, which represents a groundbreaking milestone from a regulatory and business perspective.
The approval represents a key strategic milestone, which broadens the company’s global footprint.
The Latin American market provides a large opportunity for Creso Pharma and unlocks potential access to over 24 million pets across Uruguay, Argentina, Paraguay and Bolivia and further LATAM countries.
Further orders expected in Q1 2021
Creso Pharma expects to deliver the first purchase order for anibidiol® from Laboratorios Adler, Uruguay via its representative Medara in Buenos Aires, Argentina.
The purchase order is for 175,000 anibdiol® 8 sachets in 3,300 boxes and valued at A$89,000 (CHF 60,000).
Further purchase orders for other anibidiol® line products are expected in the first quarter of 2021.
The first purchase order in Uruguay follows other recent purchase orders secured for anibidiol® in the European Union, with this latest order providing further confirmation of the successful take-up of anibidiol® in new and existing markets.
Creso Pharma anticipates additional purchase orders to materialise in the coming months.