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Creso Pharma (ASX: CPH) Mernova receives initial order for new strains amid major company updates – The Market Herald

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  • Subsidiary Creso Pharma (CPH) Mernova Medicinal provides additional purchase order from Saskatchewan
  • The order is valued at 13,680 Canadian dollars (15,283 Australian dollars) and is the first order for new varieties of Mac 1 and grape cream from the Canadian province
  • Creso has also significantly increased cannabis yields at its 24,000-square-foot cultivation plant, which he said will reduce costs and increase inventories.
  • Finally, Creso took third place at the Cannabis NB Cup, giving additional recognition to Ritual Green’s leading products
  • Shares of Creso Pharma ended the day at 6.25 percent down 4.5 cents

A subsidiary of Creso Pharma (CPH), wholly owned by Mernova Medicinal, has received an additional purchase order from Saskatchewan.

Saskatchewan is one of the newest provincial markets of the subsidiary, where there have been orders for strains, Mac 1 and grape cream cake in dried flower format.

The first cost of ordering new strains is approximately CZK 13,680 (A $ 15,264) of the total recent order of C $ 68,000 in Saskatchewan.

Creso Pharma believes that the regular introduction of new strains is an important part of its strategy to expand its presence in existing and new markets. The company is currently negotiating with existing provincial partners on further supplies of new strains.

In addition, Creso Pharma has also significantly increased cannabis yields at its modern 24,000-square-foot cultivation plant in Nova Scotia, Canada.

Creso recently completed the harvest of its Lemon Haze strain, which is sold under the Ritual Green brand.

The latest cultivation follows the modernization of the company’s growing rooms and yielded 47.5 kilograms, an increase of 84 percent over an average of 25.8 kg over the previous 24 harvests.

CEO and managing director William Lay said the increase is a testament to the company’s recent investment in upgrading its cultivation facilities, which has led to lower prices per gram of benefits with the potential to lead to higher sales margins.

“Increasing the supply of the strain is important for our growth, as we seek to further penetrate existing markets and enter new markets,” he said.

Finally, Creso took the top three in the Cannabis NB Cup, which he said provides additional recognition for Ritual Green’s leading products.

“The award received reinforces the emphasis we place on product quality as a key attribute of our products,” Mr. Leigh said.

Mernova presented its Black Mamba strain in the Indica category, which finished third.

Shares of Creso Pharma ended the day at 6.25 percent down 4.5 cents.

https://themarketherald.com.au/creso-pharmas-asxcph-mernova-gets-initial-order-for-new-strains-amid-major-company-updates-2022-06-14/

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