Connect with us

Hi, what are you looking for?

Investing

Mernova’s Strong Progress Continues

Melodiol Global Health Limited (ASX:ME1) (‘Melodiol’ or ‘the Company’) is pleased to advise that its wholly owned Canadian subsidiary, Mernova, continues to make strong operational progress.

Highlights:

Additional product launches across various provinces in addition to those previously announcedAgreement with Best Kind Edibles signed for manufacturing of cannabis edibles as an extension to existing product suiteQ2 confirmed purchase orders of $1.3m to date, highlighting ongoing strength of Ritual brand at the midpoint of the quarterPurchase orders follow unaudited Q1 revenues of $1.75m and FY23 full year revenues of $6.9m

In recent weeks, Mernova has achieved further new product launches, in addition to those announced on 2 April 2024. These include:

ManitobaTwo new products listed, Sacred Sage 3.5g and Sacred Sage 3×0.5gNova Scotia Liquor CommissionFrench Cookies 12×0.5g pre rolls one time offer approvedOntario Cannabis StoreBlack Mamba 12×0.5g pre-rolls now approvedNew BrunswickBlack Mamba / French Cookies / Halifax Sage combo pack approvedNewfoundland9 SKUs pending for June launchPrince Edward Island, Limited Edition Program for the following productsFrench cookies 3.5gHalifax Sage 3.5gBlack Mamba 3.5gBlack Mamba / French Cookies / Halifax Sage combo packBlack Mamba / Sugar Bumb Punch pre rolls combo paclkYukon Liquor Commission approved 6 new SKUs for launch in May 2024Grape Cream Cake pre rolls 3×0.5g, 7×0.5g, 10×0.5g and 12×0.5g formatsSugar Bomb Punch Vape 1.0gBlack Mamba Bubble Has Infused Blunt 1×1.0g

These results indicate the demand for the Ritual brand’s growing suite of products and strains. As an update to the 2 April 2024 announcement, Mernova has now signed a supply agreement with Best Kind Edibles for manufacturing of cannabis edibles (2x5mg) which will launch in the fall of 2024. During Q2 to date, Mernova has received purchase orders for $1.3m (C$1.2m at current C$ to A$ of 1.11) of product. This strong start to the quarter follows unaudited Q1 revenues of $1.75m, and FY23 revenues of $6.9m.

Management commentary:

CEO and Managing Director, Mr William Lay said: “Mernova continues to deliver strong revenue figures and we are very proud of the team for their ongoing commitment to high quality cannabis. We look forward to generating further purchase orders as new products and formats become available.”


Click here for the full ASX Release

This post appeared first on investingnews.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Stock

    Leading chip designer Advanced Micro Devices, Inc. (AMD) is at a critical juncture, one which could go either way depending on the dynamics of...

    Editor's Pick

    There is no trial in recent history, or possibly all of American history, that can rival the one underway in Lower Manhattan. For the...

    Investing

    Output from the top uranium-producing countries rose steadily for a decade, peaking at 63,207 metric tons (MT) in 2016. However, global uranium production has...

    Stock

    Meta Platforms Inc. (META), the social media giant formerly known as Facebook, has been in tight consolidation at the top of its range for...

    Disclaimer: Dealwithbiz.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Dealwithbiz.com