Australia-based medical cannabis company Cronos Australia (ASX: CAU) has launched a range of CBD-containing warming and cooling gels in Asia.
The new FCTR range (pronounced “Factor”) will soon be available to athletes in Hong Kong and Japan. The products are formulated with a mixture of natural ingredients like curcumin and arnica, and CBD (cannabidiol). The range currently includes two products, but more are expected to follow.
The range will be sold through Hong Kong’s Sure Step retail stores and online through getfctr.com. According to Sure Step Founder and Managing Director Kirtsy Hulme, the products meet the needs of an increasingly large group of athletes interested in the benefits of CBD.
Elite and recreational athletes are increasingly aware of the high potential of CBD as part of their training and recovery programs. We are confident that FCTR’s first two products are well-positioned.
Cronos is manufacturing their new CBD-gel range in Japan, where they must adhere to strict CBD manufacturing regulations. As part of these regulations, CBD topical products must absorb quickly without leaving surface residue.
Globally, there are other regulations the company must follow. This includes the World Anti-Doping Agency Guidelines, which strictly prohibit all non-CBD cannabinoids – both natural and synthetic.
Due to Australia’s own regulatory restrictions, the gels will not be available to Australian athletes for some time.
These new products are an extension of Cronos’ existing collection of medical cannabis products aimed at the wellness market in the Asia Pacific region. According to the company’s half-year results, their existing CBD range brought in $376,000 in revenue between July and December 2020.
Cronos’s new CBD gels will retail for HKD190 and JPY2,273 (roughly $AU30).
After announcing the launch of the new CBD-gel range in Asia, shares in Cronos rose to $0.135 before market close on Thursday, April 1. Cronos is also considered a top cannabis stock for 2021. The range may be available in Australia one day, though regulation changes to CBD will be needed first.