Creso Pharma shares have soared by 50 per cent after the pot stock's subsidiary, Hemp Industries, received approval in the Czech Republic to sell a new range of hemp extract-based therapies.
Creso says the diCBDium product line, which does not contain any of the plant's psychoactive THC (tetrahydrocannabinol), is used for regulating physiological functions in the nervous system and peripheral organs.
Now that it has approval from the Czech Ministry of Agriculture, Hemp Industries can sell the diCBDium to 396 pharmacies in the Czech Republic.
Hemp Industries intends to expand distribution of the new products into Slovakia, Austria and central Europe.
"We anticipate strong demand for the new range in our existing markets, and we also hope to build additional demand through distribution relationships in new markets across central Europe," Creso chairman and co-founder Boaz Wachtel said on Thursday.
Creso shares gained 25 cents, or 50 per cent, to 75 cents, adding $10.5 million to its market value.
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