The new orders from the Creso subsidiary Mernova underscore the recent advances it has made in the Canadian cannabis market.

Global medical cannabis company, Creso Pharma (ASX: CPH), continues to advance in Canada following new orders secured by its wholly-owned subsidiary Mernova.

The orders were for a combination of Mernova’s high quality indoor grow, hand trim, hang dry, cured, artisanal and artisanal cannabis products.

Total value is $ 742,572 (or approximately $ 808,000) and includes a bulk order for Lemon Haze and Mimosa strains valued at $ 185,742 (approximately $ 202,000).

The company continues to see strong interest in its Ritual Sticks dried flower and pre-roll joint range.

The orders received were generated by Mernova’s provincial partners in New Brunswick, Nova Scotia, Yukon and Ontario.

Mernova confirmed that it will continue to work with these partners to explore the potential to expand the product range.

Among the new products she wants to focus on are the recently launched 14 new varieties from the established Ritual Greens brand.

Mernova expects sales of the Ritual Greens brand to increase in the coming months, with other pipelines in the works to support further sales growth as well.

“The latest orders from both provincial partners and major suppliers underscore the attraction we are generating on the Canadian market,” commented Mernova’s Managing Director Jack Yu.

“We continue to receive very good customer feedback on our range of dried flowers and pre-roll joint products, which has led to strong consumer acceptance.”

Tractions elsewhere

In addition, Creso Pharma is expanding its presence in Europe through its Swiss-based distributor for health products MHG.

In September, orders worth USD 337,000 were placed for Creso’s cannaQIX hemp seed oil and cannaQIX 50 lozenges, both of which are sold through MHG’s extensive sales channels, which include countries such as Macedonia, Albania, Serbia and Croatia.

Creso and MHG are also currently discussing possible acquisitions for the company’s animal health products.

In addition, Creso has just launched a new e-commerce channel and marketing campaign targeting its cannaDOL range.

The cannaDOL range is currently being marketed under the new “Born to move” sub-brand.

The e-commerce platform is initially aimed at Swiss consumers, as the country represents a large addressable market.

Meanwhile, Creso’s psychedelics subsidiary Halucenex recently received a monumental license from Health Canada.

The Canadian Regulatory Authority’s Controlled Drugs and Substances License will enable Halucenex to continue its planned Phase II clinical trial to test the efficacy of psilocybin in treatment-resistant post-traumatic stress disorder.

By securing the license, Halucenex is also one of only a few companies in the world with the dealer license that allows them to work with psilocybin and other psychedelics in accordance with Health Canada guidelines.

Importantly, the license will accelerate the company’s Phase II clinical trial, which could open a number of future revenue opportunities, as the global psychedelic drugs market is expected to grow by $ 6.8 billion through 2027.

This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publication.

This article does not constitute financial product advice. Before making any financial decisions, you should consider independent advice.

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