It’s been a tough year for shareholders of this cannabis product developer but there’s good news today.
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The Creso Pharma Ltd (ASX: CPH) share price edged higher during morning trade after the company announced the launch of new e-commerce channels and its first purchase order from Poland.
The Creso share price rose by more than 8% above yesterday’s close to 13 cents, before settling back to 12 cents in mid-afternoon trade.
Creso expands market presence
According to the release, Creso advised it has increased its European market presence with the launch of an e-commerce channel and marketing campaign. The online platform will sell a range of new human health products designed for sport, health and wellness.
This marks the first time Creso has utilised an e-commerce platform to unlock a new potential revenue stream.
The platform underwent a special development process with input from potential customers, suppliers and consumers. It will initially target Swiss customers and then expand throughout Europe.
Switzerland represents a large addressable market of CHF 21 billion (A$31 billion) for sports-related activities.
Creso will undertake an active marketing campaign using direct mailouts and social media targeting consumers.
The company also announced that it has received its first purchase order from Poland. The company that placed the order is the Polish medical and pharmaceutical company, Polvet.
The order consists of Creso hemp flour-based, anibidiol granule product for pets, large companion animals and livestock. Valued at roughly $80,000, the products will be used in Polvet’s animal clinics and distributed through established channels.
Creso head of international operations Jorge Wernli commented:
Creso Pharma’s European operations continue to grow … This represents a key strategic milestone in broadening our global footprint, as well as our presence in sports and recreational markets.
We will continue to pursue growth opportunities across Europe and can now focus on both business to business and direct to consumer paths. The Company will continue to update shareholders on progress in the coming months.
About the Creso share price
This year has been challenging for Creso shareholders. The Creso share price has fallen 33% year to date and 7.7% over the past month.
Creso has a market capitalisation of approximately $144.2 million with 1.2 billion shares on issue.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.