Australian cannabis producer Creso Pharma has expanded into the Sri Lankan market by signing a binding letter of intent with distributor Ceyoka Health.
The first step will be obtaining the necessary regulatory approval for its flagship product, cannAFFORD 50, to be sold as a therapeutic medicine. Then it will work on rolling out hemp-based products across the country via the network of pharmacies that Ceyoka Health serves.
Sri Lanka has a population of 22 million and a GDP of $87 billion, so it represents a potentially lucrative market for global marijuana firms. Cannabis plays an important role in the culture of the island, where it is used to treat a range of conditions and to heighten sexual energy.
There are an estimated 600,000 cannabis users in the country and medicinal…