Drug firm Lupin on Monday said its South African arm Pharma Dynamics has signed a commercial agreement with Creso Pharma for hemp oil-based cannaQIX products.
As per the agreement, Creso has given Pharma Dynamics sole distribution rights of its products across South Africa, Namibia, Botswana, Zimbabwe, Swaziland, Lesotho, Angola, Mozambique and Uganda, Lupin said in a statement.
Pharma Dynamics CEO Erik Roos said, “We hope that this agreement will form the foundation of a longstanding relationship as we grow our footprint from nutraceuticals into the scheduled market as well.”
Creso Pharma is globally recognised as a leader in the production of cannabis products with distribution agreements already in place in various countries in Europe and Asia-Pacific, he added.
“We are encouraged to see a wide range of opportunities opening up to bring premium hemp oil nutraceutical products to customers in South Africa,” Creso Pharma CEO and co-founder Miri Halperin Wernli said.
The cannaQIX range of products are cannabidiol hemp oil-based nutraceuticals that are used for reducing stress and to support mental and nervous functions.
Shares of Lupin Ltd closed at ₹747.30 per scrip on the BSE, up 1.21 per cent from its previous close.