Repeat business for Creso Pharma with further $930k cannabis order

Medicinal cannabis company Creso Pharma (ASX: CPH) is continuing to see strong international interest in their premium cannabis flowers with an order worth $930k placed from repeat Israeli client Univo Pharmaceuticals Ltd (TLV: UNVO). 

The larger order for premium, cured and hand-trimmed dried medicinal cannabis flower follows on from an order for $820k of the same flowers placed by Univo in April 2020 through Creso’s wholly-owned Canada-based subsidiary Mernova Medicinal. 

“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,” said Creso Pharma’s CEO and Co-Founder, Dr Miri Halperin Wernli. 

 “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.”

Beyond their Israeli sales pipeline, Creso is preparing for the launch of retail sales in Canada having in May been granted a sales license from Health Canada. This will allow Mirnova to sell fresh and dried cannabis products to authorised retailers and to holders of medicinal purpose sales licences. 

As two of the most liberal nations in terms of cannabis legislation, Canada and Israel form a major part of the global medicinal cannabis market which is forecast to be valued around US$62.7bn by 2024.