Australia’s Creso Pharma is expanding its reach into China, announcing the company has established a strategic partnership and commercial distribution agreement with hemp-producer Zhejiang Kingdom Create So., Ltd. Kingdom Creative will import hemp and cannabis-derived animal and human health products and invest in the marketing and distribution of the products.
Dr. Miri Halperin Wernli, Creso Pharma CEO, said the partnership not only gives the company a foothold in China, but opens the door to the Asian market.
“Our collaboration with Kingdom Creative offers a great opportunity to work with a well-established and substantial organization in this market,” she said in a press release. “At the same time, the opening up of four offices in major Chinese cities strongly augments this agreement and gives the partnership additional sales and marketing support and our own local distribution network. We will use this presence to expand into other strategic Asian markets.”
The offices will be opened in Beijing, Shanghai, Shenzhen, and Guangzhou.
According to the release, the Chinese health food market – which includes herbal extracts, traditional Chinese medicines, vitamins, dietary supplements, and minerals – is valued at $30 billion and projected to grow 10 percent annually through 2025. The government is slowly, but progressively, allowing cannabis-based medicine for patients.