Creso Pharma Limited’s (ASX:CPH) wholly-owned subsidiary Mernova Medicinal Inc. has received a US$625,690 purchase order for its premium, cured and hand-trimmed dried medicinal cannabis flower from Univo Pharmaceuticals Ltd.
Creso Pharma’s CEO and Co-Founder, Dr Miri Halperin Wernli, said this second wholesale purchase order from Univo provides Creso with the opportunity to leverage Univo’s extensive distribution networks into the rapidly growing Israeli market.
Univo is a medicinal cannabis company which has licenses for the entire supply chain including cultivation, production, R&D and distribution.
Under the Purchase Order, Mernova will ship four of its premium strains of cured, hand-trimmed, dried medicinal cannabis flower to Univo in Israel.
Following our initial entry into the Israeli market in April this year, we are delighted to have received another significant purchase order from Univo which further strengthens our penetration into this growing market,” Dr Wernli said.
“Univo has an impressive distribution network, including significant connections to pharmacies and patients in Israel, so this truly is a tremendous growth opportunity for Creso.
“Israel is widely recognised as one of the more progressive and active cannabis markets globally and Univo’s acceptance and continued demand for our cannabis is a major testament to the quality of our product and the expertise of the Mernova team.
“As wholesale demand for our products continues to solidify, we are also preparing for Mernova’s launch into the Canadian retail market which is another exciting near-term opportunity.
“With several value catalysts on the horizon I look forward to providing further updates from across the business in the near-term.”