logo-loader

Creso Pharma seeks to benefit from Israeli plan to reform cannabis legislation

Published: 22:21 10 Jun 2020 EDT

Creso Pharma Ltd - Creso Pharma aims to benefit from Israeli Government cannabis legislation reform
This would open the door to sell Creso Pharma's diverse line of CBD products to human and animal sectors in Israel

Creso Pharma Ltd (ASX:CPH) (OTCMKTS:COPHF) is aiming to benefit from Israeli Government plans to advance legislation to legalise and further decriminalise cannabis use.

The reform includes the legalisation of CBD and its related products, which would open the door for Creso Pharma to sell its diverse line of CBD products to the human and animal sectors in Israel.

A joint statement issued by government parties Likud and Kahol Lavan on June 9 detailed steps towards easing cannabis restrictions on recreational and medical use through “a responsible model that will suit the State of Israel and the Israeli population”.

“Exciting step forward”

Creso Pharma chairman and co-founder Boaz Wachtel said: “This is an exciting step forward for Israel and although we are potentially still a few months from having new laws passed, this latest development signals that the foundations are now in place for legislative reform.

“In line with our global expansion strategy, Creso Pharma has worked hard to establish robust distribution channels within the lucrative 9 million strong Israeli market as evidenced by our recent wholesale partnership with market leader Univo.

“This latest move by the government to adopt a more progressive approach towards cannabis legislation and the opening of the CBD consumer market only adds further momentum to this strategy and we look forward to pursuing additional growth opportunities in due course.”

Israeli cannabis market a focal point

Further expansion into the Israeli cannabis market remains a key focal point and growth driver for Creso Pharma.

The company signalled its entry into the market earlier this year with wholly-owned subsidiary Mernova Medicinal Inc receiving a C$775,000 purchase order from one of Israel’s leading medicinal cannabis company’s Univo Pharmaceuticals Ltd.

Novo Resources sees substantial upside potential at Nunyerry

Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) co-chair and acting CEO Mike Spreadborough joins Jonathan Jackson in the Proactive studio to discuss promising gold outcomes from recent reanalysis of drill intercepts in a 2023 program at Nunyerry North in Western Australia. Using advanced...

11 hours, 41 minutes ago