Melodiol Global Health Limited

Melodiol Subsidiary Mernova Medicinal Inc. Scales Up As Q3 Sales Momentum Accelerates

Melodiol Global Health Limited (ASX:ME1, FRA:1X8) (‘Melodiol’ or ‘the Company’) ) is pleased to provide this trading update for its 100% owned Canadian subsidiary, Mernova Medical Inc (‘Mernova’) following a strong start to the September quarter across its key target markets in Canada.


Highlights:

  • Mernova Medicinal Inc. (“Mernova”) has recorded strong sales revenue and confirmed purchase orders (POs) in the September quarter to-date (approximately half a quarter) of $1.3 m1 (CA$1.135m);
  • Mernova on track to again achieve significant quarter on quarter growth, with Q3 revenue to date of $1.3m only half way through the quarter, compared to Q2 full quarter revenue of $1.5m;
  • In addition to its strong focus on sales growth, Mernova continues to advance its compliance pathway for GMP (Good Manufacturing Practice) certification

With increasing traction across multiple Canadian products for its leading range of cannabis products, Mernova remains on track to deliver further growth with monthly sales accelerating further following strong July and August to date figures.

Aggregate sales and confirmed POs across July and August to-date now total $1.3m (CA$1.135m) for approximately half of the quarter, which compares favourably to Q2 full quarter record revenues of $1.5m.

Along with strong sales across its product range in core target markets, the Company recently made its formal market entry to Alberta province after meeting key regulatory compliance standards in the region.

Alberta is the second largest provincial cannabis market nationally in Canada, and maintains strict compliance requirements which gives Mernova a competitive advantage following its successful submission process. Alberta marks the eighth province where Mernova has been approved to sell its leading range of licensed cannabis products, and the Company expects to book first sales in Alberta prior to the end of August for six stock-keeping units (SKUs) that have now been approved for sale.

The group’s sales momentum across major markets in Canada will also be complemented by the launch of new rebranded product logos and packages and a revamped website, which have been approved for production and scheduled for soft launch later this week.

As revenue accelerates, Mernova remains committed to making cannabis products that adhere to the highest Good Manufacturing Practices (GMP) standards. The Company is now in the process of finalising its Vendor Qualification SOP documentation, and addressing final gaps in consultation with regulators in order to complete its Quality Risk Assessment framework.

During the quarter, Mernova has also advanced its Validation Master Plan documentation to formally align its development pathway with designated GMP steps and is working on a Site Master Plan to meet GMP requirements.

Chief Executive Officer Mr William Lay said: “This trading update confirms the strong traction that Mernova has now established throughout the national cannabis market in Canada. We are particularly pleased with the Company’s revenue run-rate in the September quarter to-date, which leaves it on track to underpin further growth for the group. Equally however, it’s pleasing to note the group’s progress with respect to its national distribution network and ongoing compliance initiatives to ensure it can produce cannabis products at scale to the highest standards of quality and compliance. Mernova’s successful entry into Alberta opens up a signficaint new addressable market for the Company, providing further upside at a point where revenue growth in its core target markets is already accelerating. With further operational updates pending in the second half of 2023, in line with the Company’s stated growth strategy, we are excited by the opportunity for Mernova to consodliate its position as a leading cannabis business in the North American market.”

About Melodiol

Melodiol Global Health Limited (ASX:ME1) brings the best of cannabis and other plant-based products to better the lives of people and animals. Melodiol strives for the highest quality in its products. It develops cannabis, hemp-derived and other plant based therapeutic, nutraceutical, and lifestyle products with wide consumer reach.


Click here for the full ASX Release

This article includes content from Melodial Global Health, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

Melodiol Global Health

Melodiol Global Health Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Melodiol Global Health

Melodiol Global Health


Keep reading...Show less

Cronos Group Inc. to Hold Virtual 2024 Annual Meeting of Shareholders

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 Annual Meeting of Shareholders on Thursday, June 20, 2024, at 11:00 a.m. ET.

Cronos will be conducting the meeting in a virtual-only format via live audio webcast. Registered shareholders and duly appointed proxyholders will have an equal opportunity to participate in the 2024 Annual Meeting online regardless of their geographic location, including a chance to ask questions and vote.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cronos Group Inc. to Hold 2024 First Quarter Earnings Conference Call on May 9, 2024

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") will hold its 2024 first quarter earnings conference call on Thursday, May 9, 2024 at 8:30 a.m. ET. Cronos' senior management team will discuss the Company's financial results and will be available for questions from the investment community after prepared remarks.

To attend the conference call or webcast, participants should register online at https://ir.thecronosgroup.com/events-presentations . To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. The webcast of the call will be archived for replay on the Company's website.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cannabis Market Flourishes Amid Global Legalization, Driving Concerns About Road Safety

FinancialBuzz.com News Commentary

Over the past decade, the cannabis market has undergone significant expansion, driven largely by a wave of legalization efforts across the United States and other parts of the world. As state and national governments reassess their legal stance on cannabis, both for medical and recreational use, the industry has seen a surge in legitimacy and economic interest. In the United States, a majority of states have legalized cannabis in some form, reflecting a shift in public opinion and an acknowledgement of the potential medical benefits and revenue generation opportunities. Globally, countries like Canada, Uruguay, and several European nations have moved towards more liberal cannabis policies, further propelling the market's growth. The financial implications of these legalization efforts are substantial and continue to evolve. According to a report by Grand View Research, the global legal cannabis market size was valued at USD 13.2 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Cronos Group Inc. (NASDAQ: CRON), Canopy Growth Corporation (NASDAQ: CGC), Aurora Cannabis Inc. (NASDAQ: ACB), Curaleaf Holdings, Inc. (OTC: CURLF)

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Trulieve to Open Medical Cannabis Dispensary in North Palm Beach, Florida

New location on U.S. Highway 1 will host grand opening celebration Friday

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in North Palm Beach, Florida .

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Charts and pen on desk, Tilray Brands logo.

Cannabis Round-Up: Tilray Reports Quarterly Results, Nebraska Adjusts Proposed CBD Tax Rate

Major cannabis industry player Tilray Brands (TSX:TLRY,NASDAQ:TLRY) disappointed investors with its latest quarterly results this week, falling short of analysts' expectations in the wake of a number of acquisitions.

Meanwhile, Nebraska lawmakers have proposed a lower tax rate for CBD after their initial offer was criticized, and unionized cannabis workers are preparing to strike on 4/20 as they seek improved benefits.

Stay up to date on the latest news, trends and policy developments in the cannabis industry with our round-up below.

Keep reading...Show less

Trulieve Cannabis Corp. to Hold First Quarter 2024 Results Conference Call on May 9, 2024

Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., will hold a conference call on Thursday, May 9, 2024 at 8:30 AM Eastern Time following the release of its first quarter 2024 financial results.

Trulieve logo (PRNewsfoto/Trulieve Cannabis Corp.)

Chairman, Founder, and Chief Executive Officer Kim Rivers and Chief Financial Officer Wes Getman will participate on the call to review Trulieve's financial and operating results.

Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call and ask to join the Trulieve Cannabis Corp. call.

North American toll free: 1-844-824-3830

Passcode:

3368806

International: 1-412-542-4136

Passcode:

3368806

A live audio webcast of the conference call will be available at:
https://app.webinar.net/gl7Pnd4n40e

An archived replay of the webcast will be available at:
https://investors.trulieve.com/events

About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .

Facebook: @Trulieve
Instagram: @Trulieve _
X: @Trulieve

Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com

Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-cannabis-corp-to-hold-first-quarter-2024-results-conference-call-on-may-9-2024-302108647.html

SOURCE Trulieve Cannabis Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2024/05/c4744.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Melodiol Global Health

Melodiol Global Health Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×