Special Report: Melodiol Global’s subsidiary Mernova continues to gain traction in Canada as the company launches new cannabis products across various markets.
Melodiol Global Health Limited (ASX:ME1)’s wholly-owned Canadian subsidiary, Mernova, has continued its gain traction on the back of strong demand for its growing suite of products and strains.
Mernova has successfully received approvals to launch a variety of new SKUs and strains across several provincial markets in Canada.
Following these approvals, Mernova has listed new SKUs in recent weeks, which include:
Nova Scotia Liquor Commission:
Halifax Sage 1g dried flower, launching April 2024
5g pre-rolls, launching April 2024
Ritual Dooble Dooble Indica MixerPack(two Black Mamba pre-roll and twoSugar Bomb Punch pre-rolls), launching July 2024
Ritual Dooble Dooble Sativa MixerPack (two French Cookies pre-rolls and two Halifax Sage pre-rolls), launching July 2024
Ontario Cannabis Store:
Currently in round two submission approval for the following new SKUs (both launching summer 2024)
Sugar Bomb Punch 3.5g dried flower
Black Mamba 12×0.5g pre-rolls
Prince Edward Island, with imminent purchase orders:
5g pre-rolls for Halifax Sage, French Cookies and Black Mamba o 1g vapes for both Black Mamba and Sugar Bomb Punch
1g Black Mamba Bubble Hash Infused Blunt
5g French Cookies Bubble Hash Infused pre rolls
Yukon Liquor Commission, launching April 2024:
Sacred sage 3.5g and 7.0g dried flower
Sacred Sage 3×0.5g pre rolls
Mernova’s strong position in Canada
Cannabis is legalised in Canada for both medicinal and recreational use, and Mernova has a presence in around 60% of Canada’s provinces, with additional market entries pending.
Mernova continues to witness strong demand across the Canadian recreational cannabis marketplace.
In the first two months of FY24, Melodiol Global generated unaudited group revenue of $3.1 million, with Mernova a strong contributor.
That progress has continued. During Q1 2024, Mernova generated unaudited revenues of $1.75m, up 13% on the pcp.
Mernova has also generated purchase orders for delivery in Q2 2024 of $373,000, indicating a strong start to the quarter.
ME1’s CEO and Managing Director, William Lay says he continues to be highly impressed with the performance of Mernova.
“A step change in the size of quarterly revenues occurred during FY23 and demand continues to be strong.”
Looking ahead
Mernova is highly focused on analysing market trends in each of its existing markets and tailoring new products to capture demand.
As part of this initiative, Mernova plans to launch its first edible product, and will provide further updates on this in due course.
Mernova is also developing two new strains for markets later in the year; Month Blanc and Dark Star. It’s also working on developing new flavoured vaporisers with a scheduled launch of Q3 2024.
The company has signed an agreement with Optimus Cannabis Inc., a local Nova Scotia based pharmacy, to further increase sales.
Currently, Optimus is ordering a variety of dried flower and pre-roll products, and Mernova expects further orders from Optimus imminently including vaporiser products.
“In order to continue its momentum, Mernova’s management has continued to innovate new products and strains and pursue their listing in a variety of markets.
“We look forward to providing further updates on Mernova in due course,” said Lay.
This article was developed in collaboration with Melodiol Global Health, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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