Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has delivered more good news from its wholly-owned Canadian subsidiary Mernova Medicinal Inc., which has received approval from Health Canada for an amended licence permitting the sale of cannabis extracts, electric vaporisers, edibles and topical products.
The licence amendment builds on Mernova’s original sales licence and provides the Canadian cannabis company with the opportunity to directly sell its expanded portfolio of craft cannabis 2.0 products through all approved provincial partners and medicinal avenues.
Mernova will leverage its cannabis 2.0 licence to enter into new provincial markets, which it was previously unable to access due to contract manufacturing relationships.
The amended licence could soon open up at least two new provinces for Mernova’s Ritual Gold range with additional provinces to become available in the medium to short term.
Mernova will focus on increasing product uptake and sales of its Ritual Gold range of handheld cannabis vaporisers, which utilise cannabis inventory and production by-products not optimal for pre-processed form for retail channels.
The Ritual Gold range is currently sold throughout Ontario, New Brunswick and Saskatchewan.
Creso Pharma will also progress ongoing product development opportunities to fully capitalise on its cannabis 2.0 licence.
Calibre of Canadian operations
“Being granted another licence amendment from Health Canada highlights the calibre of our Canadian operations and the significant opportunity the Company has to continue growing in the premium, craft cannabis space,” Creso Pharma CEO and managing director William Lay said.
“While we have been witnessing sales of our Ritual Gold products through select provinces, this was limited due to contract manufacturing relationships. The amended licence should allow us to enter at least two new territories with the Ritual Gold range imminently.
“We plan to immediately leverage the cannabis 2.0 licence and have already entered into discussions with key province partners.”