The Creso Pharma Ltd (ASX: CPH) share price is on fire today. Shares are up 8% at the time of writing, having earlier posted intraday gains of more than 10%.
Below we take a look at the latest product announcement from the ASX cannabis share.
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What product announcement did Creso make?
Creso Pharma's share price is surging today after the company reported it has finalised the development of its patented anibidiol-swine product. Comprised of hemp flour and oat bran, the product is intended as a complementary feedstock for pigs.
And as Creso reports, there are a lot of pigs in the world, with some 700 million animals globally and roughly 150 million in Europe alone.
The company said it will initially focus on its established animal health partners in Europe and Latin America. It expects first sales of anibidiol-swine – largely to vets, livestock feed shops and online – to commence during the second half of the 2021 calendar year.
According to the release, the swine feed market is forecast to grow to US$148 billion (AU$$189 billion) by 2027.
Commenting on the new product, Creso Commercial and Development Director, Gian Trepp said:
anibidiol-swine was developed to address the large need expressed by farmers for an effective, natural and plant based complementary feed to support the reduction of stress and swine tail biting.
The development follows considerable work undertaken by the Creso Pharma team and we are very pleased to have this product ready for launch on a global basis. We anticipate that the launch will provide access into another lucrative vertical for the company and contribute to the company's growing revenue streams.
Atop the discomfort, tail biting can also reduce the value of pigs at slaughter.
Creso Pharma share price snapshot
Creso Pharma shareholders have enjoyed a profitable year, with shares up 131% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up 32% over that same time.
Year-to-date the Creso Pharma share price has retraced, currently down 10%.
