The Creso Pharma Ltd (ASX: CPH) share price is on the move today, reversing yesterday's losses. This comes as the cannabis and psychedelics company released a positive update to the ASX on Monday.
During morning trade, Creso shares are swapping hands for 12.5 cents apiece, up 4.17%.
What did Creso announce?
According to its announcement, Creso advised it secured two new purchase orders from Swiss-based health products distributor MHG GmbH (MHG).
The purchase orders consist of Creso's cannaQIX hemp seed oil lozenges and cannaQIX 50mg lozenges. The human health products are designed to support patients suffering from chronic pain as well as other conditions.
The lozenges dissolve rapidly in the mouth and are absorbed directly into patients' bloodstreams. This allows the active ingredients to work faster than traditional capsules or tablets.
The value of the shipment is worth around $337,500 and is expected to be delivered as soon as possible.
Creso noted that the new purchase orders represent an important milestone in strengthening its export business. The products are to be sold through MHG sales channels into countries such as Macedonia, Albania, Serbia, and Croatia.
Both companies are collaborating further, discussing additional purchase orders for Creso's animal health products.
Creso Swiss International Operations CEO Jorge Wernli commented:
We are very pleased to have secured these POs from MHG and it is a clear sign that our export business for human health products is beginning to scale up again. The POs will add to the Company's growing revenue line, as well as allow Creso Pharma to expand into new countries.
This is a key milestone on our journey and commitment to strengthening Creso Pharma's export business and geographic expansion, which we anticipate will unlock value for shareholders.
About the Creso share price
It's been a tough 2021 for Creso shareholders, watching the company's value fall by more than 30%. However, when looking at the course of the last 12 months, its shares are up 257%.
Based on today's price, Creso presides a market capitalisation of roughly $150 million, with approximately 1.2 billion shares outstanding.
