Creso Pharma gets cannabis award in Ontario, increases brand awareness in Canada
Health & Biotech
Health & Biotech
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The Craft Designation award received by subsidiary Mernova in Ontario gives Creso Pharma product visibility throughout Canada.
Global medicinal cannabis company, Creso Pharma (ASX:CPH), has announced that it was awarded a Craft Designation for its Ritual Green cannabis products, potentially giving the company more visibility and product differentiation in a competitive market.
The Craft Designation was received by its wholly-owned Canadian subsidiary, Mernova, from the Ontario Cannabis Store (OCS).
The award is only for select few craft cannabis products that meet certain qualification criteria, and which are available for customers in Ontario.
The OCS is a crown agency wholly owned by the Province of Ontario and is the Province’s only licensed retailer and wholesaler of legal recreational cannabis.
To qualify for the designation, the dried-flower and pre-roll products must be hand-trimmed, hang-dried, and hand-packaged.
“Our focus has always been on quality over all else and being awarded OCS Craft Designation is a direct result of this strategy,” says Mernova’s managing director, Jack Yu.
The designation is an important and critical achievement for Mernova, as it gives not only visibility in a highly competitive market, but also highlights the superior quality of its products.
The company’s Ritual Green product range has been undergoing a strong sales growth in Ontario, where it received repeat orders from OCS this year.
It also secured a maiden purchase order from Yukon Liquor last month for its pre-roll joint Ritual Stick range.
In addition, the HPG13, Lemon Haze, and Clementine Punch strains are also selling well across multiple dispensaries within the province.
Ontario is indeed a large market for Mernova, and in all, the Ritual Green products are sold to over 600 stores across the province, and directly through the OCS online sales platform.
The province remains one of the largest recreational cannabis markets in Canada but is just one amongst many provinces across the country where Mernova expects ongoing growth.
“We are continuing to witness strong sales growth across all provinces, which is a testament to the quality of our products. We will continue to work with dispensaries and distributors on a province-by-province basis, in a push to maximise sales,” Yu said.
Yu said the designation received today will provide Mernova with product differentiation and increase its brand awareness.
“We do things the right way, combining science and artisanal methods to produce some of the finest cannabis available. We don’t compromise on quality, and we’re becoming recognised within the industry because of it,” he said.
Outside of Canada, Creso Pharma is making good progress to launch psychedelic mushrooms in the US, with the recently proposed acquisition of Halucenex.
The US is undergoing major reforms in cannabis legislation, with 36 US states now having already legalised marijuana.
Creso is looking to benefit from the reform, with plans to dual list on the US OTCQB exchange already in the works.
The company has also recently gained a footprint in Africa, signing an agreement with South African-based Cannabis Queen, to distribute its cannabidiol tea products in the continent.
Back in Australia, its market is about to increase after a ruling by the TGA which allowed over-the-counter sales of low-dose CBD products in pharmacies without a prescription.
In the last quarter, Creso’s revenue increased by 237 per cent to $1.385 million.
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.