Creso Pharma’s Canadian cannabis subsidiary picking up speed with more purchase orders
Health & Biotech
Health & Biotech
Link copied to
Special Report: Creso Pharma (ASX:CPH)’s Canadian subsidiary has moved into yet another market – and unveiled another product in its hang-dried line of artisanal recreational cannabis.
Creso Pharma’s Canadian subsidiary Mernova Medicinal continues to make headway across a number of different markets.
The company announced today that it has secured four new purchase orders to the value of $C242,842 ($284,682) for its high-quality dried flower marijuana, sold under the Ritual Green brand.
The purchase orders include Mernova’s first order from Cannabis NB, which holds a retail monopoly over selling pot in the Canadian province of New Brunswick.
Creso is expecting to book ongoing purchase orders from Cannabis NB – a key player with 20 brick and mortar stores and an online sales platform. The company sold $C20.1 million worth of cannabis in the September quarter, a 23 per cent quarter-on-quarter increase.
Mernova has also received two more purchase orders from the Nova Scotia Liquor Corporation, totalling $C104,200 ($105,923), including Mernova’s first-ever order for Black Mamba, its latest premium cannabis offering.
The Indica-dominant hybrid boasts 21 to 26 per cent THC and is said to make users relaxed, happy, euphoric and uplifted.
“Like its namesake, it is potent and should be handled with care,” reads Ritual Green’s website.
Creso says it expects the introduction of Black Mamba to further bolster the size and volume of pending orders across all provinces.
A second purchase order has also been received from the Yukon, for $C43,842 ($44,903), from two dispensaries: Triple J’s Canna Space and the Herbary. Both stores are located in Whitehorse, the only city in the province, with a population of around 25,000.
Mernova managing director Jack Yu says the orders are a great start for the company, “and shows that 2021 should be promising for us.”
There’s been “great interest” in the Black Mamba strain, said Yu, who expects it to be as well received as the rest of the Ritual Green family of products.
“We are developing a reputation for quality,” he said.
Mernova is also looking forward to the imminent launch of its Ritual Sticks pre-rolled joints and its Ritual Black line of hashish.
With new sales across multiple customer channels, Mernova is “just getting started” as it scales up and builds market share, Yu said.
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.