Money Control Place
  • Politics
  • Business
  • Stocks
  • Investing
  • Politics
  • Business
  • Stocks
  • Investing

Money Control Place

Investing

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

by September 1, 2023
September 1, 2023
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 post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
Alpha Lithium
next post
Economics of the Copper Scrap Market (Updated 2023)

Related Posts

Are Gold Royalty and Streaming Stocks a Good...

March 1, 2024

WESTERN COPPER AND GOLD ANNOUNCES RIO TINTO EXERCISE...

March 26, 2024

BPH Energy Ltd Raises $1 Million to Accelerate...

May 13, 2024

ARway.ai Selected to Participate at Apple Vision Pro...

September 13, 2023

VRIC 2025: Experts Tout Hard Assets, Energy as...

January 23, 2025

Tech 5: CoreWeave IPO Falls Short, OpenAI Close...

March 30, 2025

Replacement Entitlement Offer Prospectus

May 24, 2024

Nuvau Minerals Inc. Changes Financial Year-End

March 1, 2025

Copper Prices Hit 22 Month High Amid Mounting...

April 12, 2024

What are Intrusion-related Gold Systems? (Updated 2023)

September 28, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Larry Williams on the Fed, Interest Rates & Markets! What’s Next?

    • Analyzing SIL, USO, and NVDA: Could These Bullish Patterns Trigger?

    • Nuclear Power Trio: OKLO, SMR, and CCJ in Focus

    • Trump’s Nuclear Revival Plan Boosts Uranium Prices, Sends US Miners Soaring

    • Group Eleven Announces Appointment of Jasmine Lau as Chief Financial Officer

    • Charbone Hydrogene annonce les resultats financiers T1 2025

    Categories

    • Business (1,221)
    • Investing (2,498)
    • Politics (3,699)
    • Stocks (1,611)
    • Uncategorized (20)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: MoneyControlPlace.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 © 2025 moneycontrolplace.com | All Rights Reserved