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Creso Pharma Limited (ASX: CPH, FRA: 1X8) achieved record sales growth with its Swiss operations and wholly Canadian subsidiary Mernova Medicinal Inc. in the June quarter.
This has contributed to the company’s growing sales profile , which has benefited from multiple orders from different provinces, underscoring the increased demand for Mernova’s products in Canada.
To date, Creso Pharma has total sales of $ 1,715,933 in the June quarter, an increase of $ 24 % compared to the previous quarter (Q1 of the year 2021: 1,385,000 AUD) and an increase of 451% compared to the corresponding previous quarter (Q2: 311,353 AUD).
The constant growth from quarter to quarter is due to the strong demand for the Craft cannabis products from Mernova and the CBD products for animal and human health from Creso Pharma underpinned.
This creates trust in the scalable, recurring order The company’s rate model that provides the broader group with increasing visibility and revenue predictability.
Mernova has total revenues of A $ 1,040,454 from purchases in various provinces including Nova Scotia Liquor Corporation (NSLC), New Brunswicks sole legal cannabis retailer, and Yukon Liquor Corporation for their pre-roll range of Ritual Green and Ritual Sticks.
The strong sales performance was driven by increasing demand for CBD animal and human health products from Creso Pharma Supported.
Creso Pharma’s Swiss operations have contributed around 469 083 CHF (675 479 AUD) to total quarterly sales growth to date through the sale of the company’s high-quality CBD products for animals and humans.
The most recent sales growth is in line with the company’s strategy of increasing sales in existing key markets, the international expansion n to continue and introduce new products.
Creso Pharma has a positive outlook for sales growth and believes that the merger of Red Light Holland (RLH) could potentially offer several new short term entries and expansion opportunities
There were also positive news from the regulatory front as Connecticut became the nineteenth state in the US to allow recreational cannabis use.
The state passed a law on Tuesday, June 22, 2021, allowing people 21 and older to possess and use marijuana starting July 1, 2021.
The law change is expected to lay the groundwork for a new cannabis industry in the state.
Government officials believe that retail sales of recreational Cannabis in the state will begin in 2022.
There has been movement in California and Senate Bill 519 (SB519) is now through the Committee on Public Si Safety has been passed by the California State Assembly, which is another crucial step in the process of getting the legislation passed.
SB519 suggests that a wide range of psychedelic substances, including psilocybin, be legal for adults over the age of 21 to use and become as well as eradicating previous use and possession crimes.
The bill was introduced to advance a more health-centric approach to the use of psychedelic compounds and to address the current mental health crisis in the United States. It also marks the ongoing push towards acceptance of psychedelic compounds as an alternative route of treatment.
This offers Creso Pharma and Red Light Holland another great market opportunity ahead of the possible merger to form The HighBrid Lab.
Both parties are currently considering go- to-market strategies and ways to expand Mernova’s offerings to advance entry into US markets.
The US is expected to become the world’s largest cannabis market, valued at $ 41 billion by 2025 .
With its business operations and upcoming corporate developments, Creso Pharma is very well positioned to benefit from this emerging market and unlock considerable value for shareholders.
On the excellent sales growth and the factors that are particularly important in the The non-executive chairman said that the planned merger is expected to provide sustained momentum e Adam Blumenthal: « The recent sales growth across the group is very encouraging and provides a very strong foundation for the rest of 2021 and beyond.
» We look forward to further updates on sales growth through new product launches and ongoing international expansion efforts our existing activities. «
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