Creso Pharma, a developer of medicinal cannabis therapies for both humans and animals, has enjoyed a strong debut on the share market.
A company developing cannabis-based treatments for people and pets has joined the growing number of medicinal cannabis companies listed on the Australian share market.
Creso Pharma is developing products and delivery technologies focusing on the food supplement market, or nutraceuticals, for both humans and animals.
"While the medicinal cannabis industry is booming, there is a notable unmet need in the market for pharmaceutical-grade cannabis/hemp-based nutraceutical products," Creso chairman and co-founder Boaz Wachtel said.
Chief executive Miri Halperin Wernli said there is a need for cannabis-based therapies for both human and animals.
"Just as medical cannabis can be used to treat a range of ailments in humans, a growing body of empirical evidence from animal studies as well as extensive in vitro research actually indicates that various animals could also benefit from therapies derived from the cannabis and hemp plants," she said.
Many chronic conditions in pets, such as behavioural disorders, pain, seizures, and inflammation were poorly treated by current therapies, Dr Halperin Wernli said.
Shares in Creso Pharma had gained four cents to 24 cents by 1320 AEDT, after listing at 1130 AEDT.
Other medicinal cannabis companies listed on the ASX include MMJ Phytotech, Medlab Clinical, MGC Pharmaceuticals. Former wine investmentsTW Holdings will also become a medicinal cannabis company when it hosts the backdoor listing of AusCann.