The deal with Polvet today takes Creso’s global footprint into Eastern Europe for the first time, and into the lucrative animal health market.
Global medicinal cannabis company, Creso Pharma (ASX:CPH), is about to expand its animal health business into Eastern Europe, signing a letter of intent with Polish company, Polvet Healthcare Teodorowski Spółka Jawna.
The deal will see Polvet market and distribute Creso’s Anibidiol product lines for the pets and livestock market in Poland.
This deal came just days after Creso announced that it has finalised the development of its new hemp flour-based Anibidiol swine product.
The Anibidiol range is used to manage the stress and improve the well-being of both companion animals and livestock.
Eastern Europe expansion
The agreement today expands Creso’s footprint in Europe and represents its first entry into the Eastern European market.
In the agreement, Polvet will distribute a range of Creso’s animal products in Poland which includes the Anibidiol hemp flour-based granules, oils for pets, and the Anibidiol hemp flour-based for large companion animals and livestock.
Creso believes that Poland has the potential to become a major opportunity for the company, given its 38-million strong consumer market, along with one of the largest pet markets in the Central-Eastern European region.
Latest data shows that the Polish animal health market includes 7.7 million dogs, 6.6 million cats, and 11 million pigs.
The data also shows that the swine feed market is projected to grow to US$148 billion by 2027, based on a population of over 150 million pigs in Europe and 67 million pigs in Latin America.
But to execute in the market, it needs to have the right partner and Creso believes it has found one in Polvet.
The Polvet group is a market veteran and has been in operation since 2008, establishing a strong network across Poland.
The company distributes animal health products via various channels including its own ecommerce online shop, (https://teomed.pl/), and directly to hospitals, clinics and veterinarians.
Describing the deal as a milestone, Creso CEO of Swiss International Operations, Jorge Wernli, is optimistic about the Polish market.
“We are very proud to announce this new commercial relationship with Polvet Poland, which has been operating in animal and human health for over a decade, representing a perfect fit for both companies to expand operations into the Polish market.”
The agreement is for a one-year initial term, followed by a standard automatic renewal unless either party decides to terminate.
Apart from the animal health market, Creso is also developing products in other segments including medicinal cannabis therapeutics, nutraceuticals, and cosmetics for consumers.
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.