Why Creso Pharma Ltd shares are flying high today

The Creso Pharma Ltd (ASX: CPH) share price has pushed higher once again during trade on Tuesday.

At the time of writing the cannabis company’s shares are up 5% to 92.5 cents.

What happened?

This morning Creso Pharma and its partner Doetsch Grether AG announced the launch of the cannaQIX human health product in Switzerland and Liechtenstein in March 2018.

According to the release, this launch and its partnership with Doetsch Grether AG sets the cornerstone for Creso Pharma’s global commercialisation strategy for the product using Switzerland as a reference country.

Furthermore, as a result of the launch of cannQIX and its animal health product Anibidiol late last year, Creso has reported its first revenues of $311,940.

What is cannaQIX?

The cannaQIX product is the first standardised nutraceutical containing organic hemp extract with cannabidiol, vitamins, and zinc aiming to reduce stress and support mental and nervous system functions.

Creso has obtained the necessary approvals to market cannaQIX in Switzerland as a food supplement compliant with Swiss federal food law and aims to expand its distribution to other key European and Latin American markets in the future.

In the meantime, though, the Swiss market is expected to be worth up to $54 million a year by 2022, making this a lucrative opportunity for Creso Pharma.

Should you invest?

Whilst I’m not ready to make an investment just yet, I’ll happily admit that I have been very impressed at the way Creso Pharma has diversified its operations and opened up countless potential revenue streams.

I believe this puts Creso Pharma in a strong position to generate meaningful revenues in the near future ahead of industry peers Cann Group Ltd (ASX: CAN) and Auscann Group Holdings Ltd (ASX: AC8), and could make it well worth keeping a very close eye on.

In the meantime, I think these top growth shares could go even higher than the cannabis shares in 2018.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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