{"id":5731,"date":"2024-02-12T22:21:22","date_gmt":"2024-02-12T22:21:22","guid":{"rendered":"https:\/\/economicherald.net\/?p=5731"},"modified":"2024-02-12T22:21:22","modified_gmt":"2024-02-12T22:21:22","slug":"melodiol-subsidiary-mernova-expands-products-in-six-lucrative-canadian-provinces","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5731","title":{"rendered":"Melodiol subsidiary Mernova expands products in six lucrative Canadian provinces"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><strong>Melodiol subsidiary Mernova Medicinal continues to grow as a dominant player in lucrative Canadian cannabis market<\/strong><br \/>\n<strong>Product range expands into six Canadian provinces<\/strong><br \/>\n<strong>Further cost optimisation initiatives to remove $400k from Mernova annual operating expenses<\/strong><\/p>\n<p><strong><em>\u00a0<\/em><\/strong><\/p>\n<p><strong><em>Special Report: Cannabis play Melodiol Global Health\u2019s wholly-owned Canadian subsidiary, Mernova Medicinal, has inked deals with six different provincial markets to stock new products from its established Ritual brand. <\/em><\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/melodiol-global-health-me1\/\" target=\"_blank\" rel=\"noopener\"><strong>Melodiol Global Health Limited (ASX:ME1)<\/strong><\/a> subsidiary Mernova Medicinal continues to achieve further operational milestones during Q1 FY24 after reaching agreements for new stock keeping units (SKUs) in six different provincial markets for Ritual.<\/p>\n<p>The new SKUs are in addition to existing ones in the various Canadian markets and include:<\/p>\n<p>Nova Scotia Liquor Commission has accepted Halifax Sage 3\u00d70.5g pre-rolled joints and SugarBomb punch 1g vaporizers with an early April launch;<br \/>\nNewfoundland Labrador Liquor Commission will launch Halifax Sage 3\u00d70.5g pre-rolled joints, Black Mamba 1g vaporisers and Black Mamba 10\u00d70.5g pre-rolled joints on February 14;<br \/>\nAlberta Gaming and Liquor Commission will launch Sugar Bomb Punch 1g vaporisers by the end of February;<br \/>\nOntario Cannabis Store has an early April launch date for Sacred Sage 3.5g dried flower, Sacred Sage 3x 0.5g pre-rolled joints, and Sugar Bomb Punch 1g vaporisers;<br \/>\nNew Brunswick has accepted 3\u00d70.5g Halifax Sage pre-rolled joints; and<br \/>\nManitoba Liquor Commission will order Sugar Bomb Punch 1g vaporisers and Black Mamba Bubble Hash Infused Blunt at the end of February.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Dominant player in lucrative Canadian market<\/strong><\/h2>\n<p>Mernova has become a major player in the lucrative Canadian cannabis sector, with its products legalised for both medicinal and recreational use.<\/p>\n<p>Medicinal cannabis was first legalised in Canada in 2001.<\/p>\n<p>Seventeen years later, in 2018, it became only the second country after Uruguay to legalise cannabis for recreation.<\/p>\n<p>The Canadian cannabis market is projected to reach US$2.9bn in 2023, and with an expected annual growth rate of 15.4%, its market volume will likely hit $US7.98bn by 2028.<\/p>\n<p>The company\u2019s products are currently available in all major Canadian provinces including Ontario, Saskatchewan, Nova Scotia, New Brunswick, Yukon, Manitoba, Newfoundland and\u00a0Alberta.<\/p>\n<p>Mernova produces the Ritual brand of cannabis products from its 24,000 square feet (2,230m2) Nova Scotia facility that is scalable to 200,000 square feet (18,581m2).<\/p>\n<p>To get a foothold of market share, Mernova\u2019s products typically contain &gt;25% THC content, making them some of the highest THC products available on the Canadian market.<\/p>\n<p>ME1 says the additional ranges demonstrate Mernova management\u2019s ability to further penetrate existing markets and conduct new product development for growth.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Focus on cash management<\/strong><\/h2>\n<p>Additionally, ME1 management says Mernova has been focused on reducing operating costs in multiple areas, including:<\/p>\n<p>Optimising shipping costs;<br \/>\nReducing labour associated with using labelling equipment automation;<br \/>\nRemoving underutilised office leases; and<br \/>\nUsing third-party warehousing to store and ship products, and other ongoing streamlining processes.<\/p>\n<p>ME1 says the costs-savings initiatives are forecast to remove ~$400k in annual operating expenses from the business and will be fully implemented by the end of Q2 FY2024.<\/p>\n<p>Meanwhile, Mernova has <a href=\"https:\/\/stockhead.com.au\/health\/melodiol-subsidiaries-deliver-2-million-revenue-to-group-in-strong-start-to-year\/\" target=\"_blank\" rel=\"noopener\">delivered more than $1 million in revenue<\/a> to date during Q1 FY24 through ongoing sales of the company\u2019s dried cannabis flower, pre-roll joints and electronic vaporiser products.<\/p>\n<p>The strong start to Q1 FY24 follows record unaudited revenue in Q4 FY23 of A$2.13m.<\/p>\n<p>The Canadian subsidiary\u2019s performance also assisted ME1 achieve record unaudited group revenue of A$21,577,431 during FY23, a 141% rise on PCP.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>\u2018Impressive growth trajectory\u2019<\/strong><\/h2>\n<p>ME1 managing director and CEO William Lay is \u201cvery excited\u201d by the range of new products across various provincial markets in Canada.<\/p>\n<p>Lay also says he\u2019s confident the additional range will assist Mernova in continuing strong growth that has been demonstrated over the last several quarters.<\/p>\n<p>\u201cThis achievement is a testament to the strong reputation Mernova has for quality in the market, and management\u2019s ability to develop new products,\u201d he says.<\/p>\n<p>\u201cWith further penetration into existing markets, Mernova has an opportunity to continue its impressive growth trajectory.\u201d<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Melodiol Global Health, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/health\/melodiol-subsidiary-mernova-expands-products-in-six-lucrative-canadian-provinces\/\">Melodiol subsidiary Mernova expands products in six lucrative Canadian provinces<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0 Melodiol subsidiary Mernova Medicinal continues to grow as a dominant player in lucrative Canadian cannabis market Product range expands into six Canadian provinces Further <a href=\"https:\/\/economicherald.net\/?p=5731\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5732,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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