Creso Pharma (ASX:CPH) has received an order for cannabis lozenges from Pharma Dynamics South Africa (Image: Getty).
Health & Biotech
Special Report: Another order for cannabis lozenges shows the potential of the South African market for Creso Pharma.
Creso Pharma (ASX:CPH) has received a CHF194,300 ($A295,000) purchase order from Pharma Dynamics South Africa, its second purchase order from the group.
The order is for Creso Pharma’s cannaQIX lozenges, which are being sold under the “Cannamics” brand in the country.
“Securing this latest purchase order with Pharma Dynamics is a significant development and highlights the multiple opportunities we are witnessing in the region,” Creso non-executive chairman Adam Blumenthal said.
“Creso is beginning to see a trend in repeat orders from its clients globally which reinforces Creso’s high quality product.”
Pharma Dynamics chief executive Erik Roos says the successful launch of Cannamics in South Africa in the second quarter has laid the foundation for the expansion into the other African countries that it serves.
“So far, customers report an excellent experience with Cannamics in terms of enhancing daily quality of life,” Roos said.
Creso is also building momentum on the other side of the globe, with its wholly owned subsidiary, Mernova Medicinal Inc., last week receiving its second order for recreational cannabis from the Nova Scotia Liquor Corporation (NSLC).
The $C138,960 ($146,800) order is for two of Mernova’s premium dry flower strains, HPG13 and Lemon Haze, sold under the Ritual Green brand.
The recreational cannabis will be sold in Nova Scotia Liquor Corporation stores and its e-commerce platform.
Initial products have been well received, and Creso expects to receive additional orders in coming weeks for existing and new strains.
Mernova managing director Jack Yu says the order “reinforces the significant demand that we are witnessing for our retail product offerings, and further highlights Creso Pharma and Mernova’s potential as a supplier to a rapidly growing recreational market”.
Creso has also picked up orders for its premium medicinal cannabis products in Israel, Pakistan and South Africa.
Notably, Mernova has received two orders from Israel-based Univo Pharmaceuticals for $US625,000 ($894,000) and $C775,000 ($821,000).
Israel in particular is recognised as one of the more active cannabis markets, so Creso says that Univo is ordering from them is a testament to the quality of its product.
Creso also sees “major opportunity” in Australia after an interim decision last month to loosen regulations around low-dose CBD oil, making it available at pharmacies rather than via a doctor’s prescription.
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.
Health & Biotech
Health & Biotech
Health & Biotech
Get the latest Stockhead news delivered free to your inbox.
