Creso Pharma has signed a deal with two European companies as part of a strategy to target the pet medical marijuana industry, the company announced in a press release. The agreement will see the Australian Stock Exchange-listed company work with A&H, a Dutch veterinary product manufacturer, and Grieving Holdings Netherland, a wholesaler, to develop products for pet owners and veterinarians.
Dr. Miri Halperin Wernli, Creso CEO and co-founder, said that many medical conditions, such as behavioral-based disorders, pain, arthritis, inflammation, metabolic conditions and allergies, afflicting pets are “poorly treated by current therapies.”
“With many people now choosing botanically derived hemp products over synthetic supplements for human ailments, it makes sense that we are developing these treatments for our pets as well,” she said in the release. “Just like in people, they can greatly improve the pet’s quality of life and reduce a lot of the symptoms.”
According to an August report from Mordor Intelligence, the veterinary healthcare market is expected to be worth $39.7 billion by 2021.
Creso’s products aim to supplement deficient and unbalanced endocannabinoids with the natural phyto-cannabinoids to help an animal’s body restore synergy and homeostasis with its endocannabinoid system, the release says.
The deal comes three weeks after the company’s debut on the ASX, and one week after the company signed its first commercial distribution deal in the Czech Republic with MEDI-IN.