ASX Cannabis Stocks: Creso pops on 450pc annual revenue increase
Health & Biotech
Health & Biotech
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Creso Pharmaceuticals (ASX:CPH) jumped 9.09% today off the back of a strong quarterly detailing an 18% revenue increase on previous period to $1,633,000 and a whopping 451% increase on the previous year.
The company’s cannabis cultivation and sales division Mernova Medicinal reported a 21% increase in sales revenue on the previous quarter, and the company’s Swiss division Nutraceutical launched three new hemp CBD-based products under the cannaQIX® brand.
And the company listed on the US OTC market to gain exposure to deeper capital and greater levels of liquidity for North American investors.
“This quarter solidified Creso Pharma’s intent to become a world leader in the psychedelic, CBD, and recreational and medicinal cannabis space,” non-executive chairman Adam Blumenthal said.
Plus, post quarter end, the acquisition of Halucenex Life Sciences was completed and Creso is now the first ASX-listed company with a 100% owned psychedelics subsidiary.
Stemcell United (ASX:SCU) -16.67%
Stemcell United was down a massive 16.67% after it released its June quarterly.
The company raised $3.8 million during the period with the funds aimed at the creation of new, and expansion of existing, partnerships in the cannabis and hemp industries – along with the expansion of its vertically integrated marine cultivation business model for its plant-based protein products.
Despite entering into stage 2 of a collaboration with Temasek Polytechnic in May 2021 to develop a marine plant-based food and nutrition laboratory, it seems the plant-based protein has failed to impress investors.
Epsilon Healthcare (ASX:EPN) -6.67%
Epsilon was also down 6.67% after releasing its quarterly – likely due to the tanking of its CBD production agreement with New Zealand’s Medleaf Therapeutics.
The company’s fulfilment for an initial order of 2,250 bottles of full spectrum CBD medicines was delayed after it was unable to secure approvals from the New Zealand government for the supply, as well as associated product stability testing required by the New Zealand government.
The agreement was abandoned with Epsilon citing the ongoing lack of clarity on the New Zealand medicinal cannabis regulatory framework adding further difficulty to the settlement of this arrangement – particularly with the transitional period for New Zealand’s medicinal cannabis scheme (which was expected to have been ending on 1 October 2020) which has been twice extended to 30 September 2021.
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