Creso Pharma wins second Israeli order for its medicinal cannabis
Health & Biotech
Health & Biotech
Link copied to
Creso Pharma (ASX:CPH) has picked up another customer order for its premium medicinal cannabis product, this time from Israel, after striking deals for Pakistan and South Africa. The Pakistan partnership is in the registration phase.
Israeli company Univo Pharmaceuticals has placed a $US625,000 ($894,653) order with Creso’s 100 per cent-owned subsidiary Mernova Medicinal for its premium, cured and hand-trimmed dried medicinal cannabis flower.
“Israel is widely recognised as one of the more progressive and active cannabis markets globally, and Univo’s acceptance and continued demand for our cannabis is a major testament to the quality of our product and the expertise of the Mernova team,” Creso chief executive and co-founder Dr Miri Halperin Wernli said.
Univo is a market leader in Israel’s growing medicinal cannabis market, and Creso said the order supports its entry into this market.
“Univo has an impressive distribution network, including significant connections to pharmacies and patients in Israel, so this truly is a tremendous growth opportunity for Creso,” Wernli said.
Univo has licenses for the entire medicinal cannabis supply chain in Israel, including, cultivation, production, research and development and distribution.
One-quarter of the $US625,000 order is to be paid in cash to Mernova on receipt of an export licence from Health Canada, another 25 per cent payment is due when the goods arrive at Ben Gurion airport, with the remaining 50 per cent to be paid on delivery to Univo’s factory.
Delivery is expected to be completed within one month, subject to the grant of the export licence by Health Canada.
Mernova is scaling up production at its Nova Scotia factory in preparation for a near-term launch into the high-demand Canadian retail cannabis market.
Creso estimates the value of the global medicinal cannabis market to reach $US62.7b by 2024.