The $9.9 million capped Australian-listed Creso Pharma Limited (ASX:CPH) is set to release CBD hemp teas in Q3 2020.
Creso is looking to expand its footprint in the health and wellness cannabis sector, with the market on track to grow to US23.7 Billion by 2023, according to the Brightfield Group.
Creso already has a range of human and animal products in the wellness sector, so the release of its hemp tea will expand its available product line.
This range of CBD hemp teas is described as supporting immunity levels and will be distributed globally through different commercial partners.
The release of this product, also gives Creso access to the broader tea market, which was valued at $52.1 billion in 2018 and is estimated to reach $81.6 billion by 2026, registering a CAGR of 5.8% from 2019 to 2026.
In 2018, the Asia-Pacific region accounted for more than half of the share in the global tea market and is expected to grow at a CAGR of 6.5% throughout the forecast period, so Creso could be well placed as an Australian-listed company to tap into this demand.
Successful testing leads to release
Creso has successfully developed and tested its first cannaQIX® CBD hemp instant tea to be available on the international markets in Q3.
This follows the breakthrough development its first water-soluble microgranulated hemp plant granules product to expand the cannaQIX® human health product line earlier in the year.
As with the water-soluble microgranulated hemp plant granules product, this new product was developed together with Switzerland’s Domaco Pharma based on the anibidiol® granules technology and will be used to extend Creso’s successful cannaQIX® product line.
cannaQIX® CBD instant hemp tea is offered in two product versions:
cannaQIX® CBD instant hemp tea formulated with CBD hemp, zinc, selene, elderberry, and vitamins to support the immune system and manage stress;cannaQIX® NITE CBD instant hemp tea formulated with CBD hemp, zinc, selene, elderberry, lemon balm and vitamins to strengthen the immune system and support better sleep.
This new products use natural hemp plant and provide an “entourage effect” in which various compounds work together to particularly strengthen the immune system.
“With the achievement of this innovation we address customers’ needs for a natural easy to use product to support the immune system,” Dr. Gian Trepp, R&D/Commercial Director of Creso Pharma said.
The entourage effect has received considerable attention in the cannabis industry. It is also a critical factor in the food and beverage industry where multiple different molecules co-create a person’s perception of taste, smell, mouthfeel, and other sensations.
Creso Pharma plans to distribute the new products globally with different commercial partners in several countries and expects that the products will be ready for launch in Q3 2020.
Dr. Miri Halperin Wernli, Co-Founder and CEO of Creso Pharma commented on this new development, “We are looking forward to enter the markets with our new cannaQIX® CBD intstant hemp teas, as there is an increasing demand for easy to use natural products to help strengthen the immune system, particularly given the challenging healthcare times we are facing.”