Creso’s Canadian Subsidiary Sees $494,000 In Additional Orders
Creso Pharma (ASX: CPH) this morning announced that its Canadian subsidiary, Mernova Medicinal, has obtained an additional four purchase orders. The orders come from three separate provincial board, and have an aggregate value of $494,131.
The first two purchase orders come the Ontario Cannabis Store, or OCS, marking the first such orders from the largest province within Canada. In total, the PO’s for the province amount to $343,331, representing a strong initial step into the largest cannabis market within the country. Delivery of product is to begin in the coming weeks, with Ritual Green branded products to be sold through the retailer.
Also secured was an additional purchase order from Cannabis NB, amounting to $81,800 for further Ritual Green products. This marks the second order received from the government entity, following the first received earlier this month for $94,800.
The final order comes from that of the Nova Scotia Liquor Corporation, the ninth such order received from the provincial board. Valued at $69,000, the order is for the firms Lemon Haze strain, which is to be delivered by the end of the month.
“We anticipate that purchase orders will continue to grow in frequency, size and volume, especially with the launch of our latest premium, artisanal, craft strain, Black Mamba. To support the launch and increase brand awareness, Mernova has initiated a number of branding and sales campaigns, including on social media, in coordination with high profile Canadian influencers.”
Jack Yu, Managing Director of Mernova
A number of growth initiatives are reportedly pending for the subsidiary as well, including the firms entry into the hash market as well as the launch of Mernova’s pre-roll joint range. The company is reportedly also working towards a number of licensing arrangements.
Creso Pharma last traded at $0.23 on the ASX.
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