Australian medicinal cannabis company Creso Pharma has teamed up with Chinese hemp producer Zhejiang Kingdom Creativ in a commercial agreement that will see the two build a health food, nutraceuticals, body care and cosmetic company within China, according to a report by Finance Nine.
The development of the cosmetics company, which will selling hemp and cannabis-based products across the country. will run alongside Cresa Pharma’s expansion into the Chinese market, with Kingdom Creative set to import Cresa Pharma cannabis-based products into the local market.
News of the development has sent Creso Pharma’s shares soaring, with shares at a record high up 19.5 per cent to 98 cents as of Monday.
Having opened four offices within China, the company is hoping to expand its marketing within the country, while also opening centres to aid local distribution.
The move to develop within China is said to have opened up further opportunities within Asian, with the company said to be in talks with other cosmetic groups to offer its products in other regions in Asia.
Speaking in a statement, Cresa Pharma said, “It will also enable Creso to rapidly expand into other Asian markets.”