A subsidiary of Hong Kong-listed group, Kingdom Group, the company specialises in hemp and flax-based linen production and is now turning its attention to promoting health care, cosmetics, nutraceuticals and body care items.
This new collaboration with the HK $623.38 mn (€67.2 mn) capped company provides Creso with the opportunity to access and gain a foothold in the Chinese health, personal care and cosmetics sectors.
The duo has struck up a mutually-beneficial agreement as this partnership will also enable Kingdom to move beyond the textiles industry into developing hemp-based nutraceuticals, cosmetics and beauty products throughout China.
Since building this alliance, Creso has opened four offices in Beijing, Shanghai, Shenzhen and Guangzhou. This strategic approach across China aims to build a visible sales and marketing presence, along with strong distribution networks.
“This is a very exciting partnership for Creso as it gives us a strategic foothold in China and Asia. Our collaboration with Kingdom offers a great opportunity to work with a well-established and substantial organisation in this market,” enthused Dr. Miri Halperin Wernli, CEO and Co-Founder, Creso Pharma.
Creso and Kingdom will proceed with a definitive agreement within three months of execution. This will enable the two companies to outline the specifics of the collaboration and commercial terms, including expansion into additional territories.
“The opening up of four offices in major Chinese cities strongly augments this agreement (with Kingdom) and gives the partnership additional sales and marketing support and our own local distribution network. We will use this presence to expand into other strategic Asian markets,” Halperin Wernli added.
“We look forward to collaborating with Creso to develop and commercialise medical grade cannabis and cannabis and hemp-based therapeutic products in China,” announced Ren Weiming, CEO, Kingdom Creative.
Moving beyond the Chinese market, Creso is also in advanced discussions with other Asian pharmaceutical and cosmetic groups to bring its products and intellectual property to Asia.
The organisation hopes to achieve this in a “fast, effective and efficient manner to be able to reach a massive population of consumers and patients”, Creso outlined in a recent press release.