Creso Pharma’s subsidiary Mernova Medicinal Inc has been approved for an eighth Canadian province in Alberta by the Alberta Gaming, Liquor and Cannabis Commission (AGLC).  

During 2022, Alberta had a total of 755 cannabis retailers which generated C$73.8m in monthly sales.

It’s another potentially lucrative sales channel and means Mernova’s products are now available in a massive 8 out of 10 provinces in the country.

The onboarding process with the AGLC is currently underway and Mernova is liaising with various category managers to commence the product listing process.

Gaining traction in the Canadian market

Following record revenue growth in Q1 FY2023 of 46% over the last quarter to A$1,547,252 and the group’s maiden cash flow positive result, Mernova also secured a total of A$553,957 in new purchase orders (PO) during the month of April.

The new POs are from a range of provinces, including recently entered market Newfoundland and include the company’s dried flower, pre-roll joint and electronic vaporiser products.

Creso Pharma (ASX:CPH) is confident that following the strong start to Q2 FY2023 and recent expansion into Alberta, Mernova will continue to achieve sales growth.

“Mernova continues to make very pleasing progress across Canada and the approval to enter Alberta highlights the ongoing product demand the Company is witnessing from provincial partners,” CEO and MD William Lay said.

“The group will shortly be active in eight of Canada’s ten provinces and we look forward to continuing to build strong brand awareness with key retailers and consumers to drive sales.

“We are confident that further sales will materialise during the quarter, which will lay a strong foundation for Group revenue growth.”

This article was developed in collaboration with Creso Pharma Limited, 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.

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