Creso Pharma’s (ASX: CPH) Canadian subsidiary Mernova has collared further purchase orders that include its Ritual Sticks pre-rolled joints and new one-ounce bag offering, which are both part of the wider Ritual Green cannabis product range.
Mernova has secured an extra C$145,192 (A$150,770) in orders, which include a maiden sale of Mernova’s new one-ounce bags.
Ontario Cannabis Store (OCS) has lodged its second ever purchase order with Mernova, with this latest one worth C$102,084 and is for the Ritual Green range.
The other purchase was Mernova’s third from Yukon Liquor Corporation and was worth C$43,108 and included Ritual Sticks and the new one-ounce bags.
This order also marks the first time Mernova’s Mimosa and HPG13 cannabis strains have been sold in pre-rolled joint form.
Ritual Sticks are made from Mernova’s “top-quality indoor grown, hand trimmed, hang dried, cured, artisanal, craft cannabis” that is sold under the Ritual Green segment.
Mernova managing director Jack Yu said the latest purchases were a “major achievement” for the company.
“Particularly the repeat order from OCS is very pleasing and our second order for Ritual Sticks in another province highlights the significant potential the product has among consumers,” he said.
“The pre-roll market segment is booming and offers Mernova a huge opportunity that we plan to capitalise on to the fullest.”
Mr Yu added he was confident Mernova would leverage its growing reputation to establish itself as producers of some of the country’s best pre-rolled joints.
One ounce bag launch
In addition to expanding its cannabis offering with Ritual Sticks last month, Mr Yu said the company’s one-ounce bag product will allow people to purchase its favourite Mernova cannabis strains at “competitive prices”.
He said the company offers a “volume discount” in the one-ounce bag range.
“The larger ounce offering will also allow the company to streamline its inventory practices, ensuring we retain the highest standard and quality of cannabis in our range of high-quality offerings.”
On track towards stable revenue
Mr Yu also noted that Minerva is on track towards stable and recurring revenue with time between purchases reducing.
It is expected the time between purchase orders will continue to decrease and Mr Yu added that the company remains “very optimistic” about its growth over the coming months.