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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
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