The Creso Pharma Ltd (ASX: CPH) share price has once again been a huge mover on Monday.
At one stage the diversified cannabis company's shares were up as much as 24% higher at an all-time high of $1.02.
They have since given back some of these gains but still sit 18% higher at 97 cents in afternoon trade.
Why have its shares taken off today?
This morning Creso announced its entry into the lucrative China market through a strategic partnership and commercial distribution agreement with Zhejiang Kingdom Creative.
Zhejiang Kingdom Creative, a subsidiary of Hong Kong-listed company Kingdom Group, is a leading hemp producer and will work with Creso to expand its product offering into the Chinese healthcare sector.
These products may include hemp and cannabis-based nutraceutical and medical cannabis therapeutics and products.
Furthermore, Kingdom Creative will import Creso's innovative human and animal health hemp and cannabis-derived products and invest in the marketing and distribution of these products in the local China market.
As a result of this agreement, Creso has now opened up four offices in China in order give it a sales and marketing presence and local distribution network for its products.
What now?
This is just one of a number of positive developments that Creso has announced in recent weeks. Because of this, I can't say I'm surprised to see its shares almost double in value in just the last three months.
I've been very impressed with the company's progress this year and believe it has positioned itself perfectly to generate meaningful revenues in the near future. I'll certainly be watching on closely in 2018 as things develop.
