Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has entered a non-binding, non-exclusive heads of agreement with Gotro Global Pte Ltd to introduce subsidiary Sierra Sage Herbs LLC’s pet care products to the Singapore market.
Gotro has developed its brand based on providing high-quality pet products and brands for discerning pet owners in Singapore and functions as a sister company to leading online pet store Happy Town Pets, which prioritises premium healthy, eco-friendly pet treats and products.
Under the agreement, Gotro will market select products of the Sierra Sage Herbs LLC range, including Animal First Aid, Animal Pain Relief, Animal Castile Wash and Bugs Be Gone.
The two parties intend to implement a formal collaborative agreement on or before the end of August unless the head of agreement is extended by mutual agreement between the companies.
Collaboration based on eco-friendly quality
“This collaboration has grown from a strong alignment on the view that consumers want high-quality, healthy, eco-friendly pet care products,” Creso Pharma managing director and CEO William Lay said.
“We’re delighted to have the opportunity to work with Gotro Global and we’re looking forward to building a great business together in Singapore.”
The pet care industry is a growing market, especially in Singapore, which generated A$150 million (US$102 million) in revenue during 2018 and was forecast to maintain a compounding annual growth rate (CAGR) of 4.3% through 2021.
“At Gotro, we pride ourselves on being a trustworthy liaison between manufacturers who care about producing great products and retailers who care about their customers,” Gotro Global managing director and co-founder Gordon Nugent said.
“The Green Goo pet care range fits perfectly into our portfolio and we know they’ll be a great hit with pet lovers.
“We’re delighted to work with the Creso-SSH team on bringing these great products to Singapore.”
Creso Pharma and its subsidiary Sierra Sage Herbs LLC intend to continue project development work in parallel with product introductions targeted for the third quarter of this year.
