Creso Pharma Ltd (ASX:CPH) (OTCMKTS:COPHF) (FRA:1X8) is ready to capitalise on a number of near-term opportunities that will materialise after the United Nations Commission on Narcotic Drugs’ landmark decision to reclassify cannabis as a Schedule 1 substance, which is the least restrictive drug classification.
The company said the decision to withdraw cannabis from the most dangerous and addictive drugs Schedule IV classification of the 1961 Drug Convention Treaty, signalled a significant global trend toward the relaxation of access to cannabis.
This decision, in essence, recognises the potential medical properties of cannabis and paves the way for the relaxing of cannabis classifications in large markets across the world.
Creso Pharma co-founder and director Boaz Wachtel said: “The UN ruling to reclassify cannabis is a landmark decision and paves the way for the relaxing of cannabis drug classifications in large markets across the world.
“The result of this vote follows 60 years of status quo, three years of scientific review by the world’s leading health organisations, two years of diplomatic discussions and considerable lobbying from NGOs.
“I am proud and privileged to have been a part of a small group of dedicated activists that have fought for decades to reschedule cannabis.
I am very confident that this decision will unlock a number of near term opportunities for Creso Pharma, and I look forward to working with the board and management to unlock further value for shareholders.”
Shares have been as much as 32% higher to A$0.083 intra-day.
Commission on Narcotic Drugs
A vote to reschedule cannabis took place on December 2, 2020, and was undertaken by the Vienna-based Commission on Narcotic Drugs (CND) which has 53 member states.
The CND reviewed a series of World Health Organisation (WHO) recommendations on reclassifying cannabis and its derivatives ahead of the vote.
Wachtel was part of the European Coalition for Just and Effective Drug Policies, which was involved in driving the change in the classification of cannabis.
He attended a number of UN Drug Convention meetings in Vienna and assisted in writing and coordinating research papers that were submitted to the CND ahead of the vote.
This participation also saw him liaise with some of the 250 non-government organisations that signed a petition on the reclassification of cannabis.
Well-funded to pursue growth initiatives
The decision is expected to have major impacts on the global cannabis industry.
Creso Pharma anticipates a number of near-term opportunities will materialise as a result of the ruling, including opportunities that the company was unable to previously pursue.
It intends to capitalise on these opportunities immediately.
Creso has an established global footprint and is well-funded to pursue multiple growth initiatives.