Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has delivered strong progress in operations and business development across its various business units, achieving several key milestones to kick-start the year.
In the US, Creso subsidiary Sierra Sage Herbs has secured distribution for its leading range of plant-based products across more than 3,000 stores, including product-ranging agreements with Walgreens and Walmart.
In Canada, the company’s subsidiary ImpACTIVE secured its largest purchase order since its inception with a US$48,270 sale of the Pro Releaf stick roll-on product to the US supermarket chain, Grocery Outlet.
Meanwhile, Mernova Medicinal Inc has expanded into its seventh province in Canada after receiving regulatory approval to operate in Newfoundland, up from representation in four provinces at the beginning of 2022.
Notably, Mernova has also been granted a five-year renewal of its Health Canada licences for cultivation, processing and sale of cannabis products through to 2028
In Switzerland, Creso is expanding its anibidiol® business, with two new orders from international customers in Belgium and South Korea totalling about A$300,000.
Encouragingly, the ‘broad traction’ the company is receiving across multiple verticals is a validation of Creso's global sales and distribution strategy, setting itself up for a strong year of growth in 2023.
To "deliver strong performance"
Creso managing director and CEO William Lay said: “These operational highlights are a testament to Creso Pharma’s strong run of execution in pursuit of its global, multi-channel sales strategy.
“The sales momentum, combined with the group’s expanded distribution footprint, provide the company with a great foundation on which to deliver strong performance in 2023.
“What’s particularly pleasing for the Creso management team is that each of these sales and distribution breakthroughs is a by-product of direct consultation and extensive collaboration with regulators and clients across multiple jurisdictions globally.
“We look forward to adding additional value from these partnerships in the years ahead, as Creso continues to leverage its IP and market-leading product suite to generate a step-change in sales, in line with the broader ongoing growth of the global market for medicinal cannabis and plant-based health solutions.”
About Creso
Creso Pharma is developing cannabis and hemp-derived therapeutic, nutraceutical and lifestyle products with wide patient and consumer reach for human and animal health.
The company uses GMP (Good Manufacturing Practice) compliant development and manufacturing standards for its products as a reference for quality excellence with initial product registrations in Switzerland.
Notably, Creso also has worldwide rights for a number of unique and proprietary innovative delivery technologies which enhance the bioavailability and absorption of cannabinoids.