Creso Pharma's subsidiary Mernova Medicinal has received another set of purchase orders for its products across Canada, totalling over half a million dollars.
Creso Pharma Limited (ASX:CPH) has today announced that its wholly-owned Canadian subsidiary Mernova Medicinal Inc. has secured four purchase orders for its leading Ritual Green product range, with a total value of AUD $502,1991.
Mernova has received two separate purchase orders from the Ontario Cannabis Store, valued at $AUD 231,911 and AUD $116,815, for a total value of A$348,726.
Additionally, Mernova secured a repeat purchase order from Cannabis NB, New Brunswick's only legal cannabis retailer, worth AUD $83,402. The purchase order was for a variety of Mernova's Ritual Green cannabis strains to be distributed across Cannabis NB's 20 retail outlets across the province, as well as an online sales platform.
Finally, Mernova secured an AUD $70,352 order from the Nova Scotia Liquor Corporation for its Lemon Haze strain to be delivered by the end of the month. This is the ninth purchase order for Mernova's products in Nova Scotia.
Collectively, the orders total A$502,199
The Ontario Cannabis Store is solely owned by the Province of Ontario and is Ontario's only retailer and wholesaler of legal recreational cannabis. The group provides legal cannabis to a large customer base through Health Canada-approved suppliers.
Ontario is currently Canada's largest recreational cannabis market and represents a major opportunity for Creso Pharma.
According to Creso's Press Release, the company "expects to deliver the first purchase order in the coming weeks, with the second PO to be completed shortly thereafter. Creso anticipates ongoing orders from the OCS over the coming months, and expects them to increase in size and volume as Ritual Green's market share continues to grow across Ontario."
Moreover, the company anticipates that it will see increased purchase orders for its newly-launched Black Mamba strain. Black Mamba is an Indica dominant strain, testing at over 20%+ THC content. Black Mamba is a hybrid strain comrpised of Grand Daddy Purple and Black Domina.
We are very pleased with the strong demand that we are witnessing for our Ritual Green Brand across Canada and the opportunities that are beginning to materialise.Mernova Managing Director, Jack Yu
"Importantly, these purchase orders mark the Company's entry into Ontario, which is Canada's largest recreational cannabis market," said Jack Yu.
"We anticipate that purchase orders will continue to grow in frequency, size and volume, especially with the launch of our latest premium, artisanal, craft strain, Black Mamba."
"To support the launch and increase brand awareness, Mernova has initiated a number of branding and sales campaigns, including on social media, in coordination with high profile Canadian influencers."
"We will utilise these marketing tools to promote the launch of other products in the pipeline, including our pre-roll joint range, which will significantly increase the number of options available in our product
line, and grow our customer base and market share. Mernova has a number of growth initiatives planned in the coming months, and we look forward to providing regular updates to shareholders," concluded Yu.
To learn more about Creso Pharma, visit the company here.
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