Creso Pharma Acquires Australian Psychedelic Medicine Company

May 9, 2023 · Ganjapreneur

Creso Pharma has signed a deal to acquire 100% of Australia-based Health House International (HHI), which is focused on international distribution of medical cannabis products and possesses a number of licenses to store, distribute, import, and export controlled substances, including psilocybin and MDMA.  

In a statement, Creso CEO Willam Lay said HHI “has an enviable set of licenses” that Creso can use to its “immediate benefit, and adds another growing revenue channel to the group.” 

Combining Creso Pharma’s revenue and HHI cash receipts as a proxy for revenue, the unaudited pro forma revenue for the combined group is $8.26 million or over $33 million on a last quarter annualised basis, the company said in a press release

HHI trades on the ASX under the HHI symbol. 

Creso said it will also continue to examine the potential to import the finished product from its wholly owned psychedelics subsidiary Halucenex, which is currently conducting ongoing phase II clinical trial testing synthetic psilocybin on symptoms associated with post-traumatic stress disorder. 

In February, Australia’s Therapeutic Goods Administration announced that medicines containing psilocybin and MDMA for prescription by specifically authorized psychiatrists for the treatment of certain medical conditions would be permissible in Australia beginning July 1. (Full Story)

Next Post

Legalizing Shrooms - Which States are Moving Fast to Approve Psilocybin Laws?

Following voters' narrow approval of a measure on the 2022 November ballot, Colorado became the second state in the U.S. to legalize the use of psychedelic drugs. This decision indicates the increasing acceptance and use of psychedelic substances nationwide. So far,…
Read
Previous Post

Federal Judge Allows Lawsuit About Religious Use of Hallucinogenic Tea to Move Forward

Parties exchanged legal barbs over religious freedom and the Controlled Substances Act. A U.S. federal judge ruled that a lawsuit by an Arizona religious group seeking legal approval to use a hallucinogenic tea in its rituals can proceed. The Arizona…
Read
Random Post

Wholesale Flower Tops $2K per Pound in 3 States

The average price for a pound of cannabis flower fell 8.1 percent nationally in 2023 to around $995, but cultivators in Alaska, Ohio, and Missouri still enjoy the hefty wholesale prices from a largely bygone era. According to a new…
Read
Random Post

Unpaid cannabis regulatory fees continue to climb in Canada

Unpaid regulatory fees owed by cannabis companies to Canada’s federal government jumped more than 200% from a year earlier, to almost 4 million Canadian dollars ($3.1 million) as of the end of March, MJBizDaily has learned. The overdue fees have grown every…
Read
Random Post

Cannabis Dispensary Licenses in New York Will Double

ALBANY, N.Y. (WENY) - New York State will be doubling the amount of available conditional adult-use retail cannabis dispensaries. The state said they originally planned to issue 150 licenses, but will now increase that figure to 300. The program's expansion will…
Read
Random Post

420 Comes Early: Cannabis Brands Roll Out First Paid Ads on Twitter

A few weeks ago, Elon Musk posted a three-character message that contained only the numbers 420, with no explanation. Many people interpreted it as yet another sign of Musk’s loud-and-proud canna-fandom. But weed industry executives saw it as a harbinger of a…
Read