Total
0
Shares
Creso Pharma (ASX:CPH) could receive up to $17.4 million in extra funding
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Creso Pharma (CPH) ends the June quarter with $1.63 million worth of generated revenue, an 18 per cent increase on its March figures
  • The company says its Canadian cannabis business bought in $966,459 worth of revenue, while its Swiss nutraceutical business notched up $607,344
  • CPH ended June cashflow negative and with $13.56 million in the bank, topping up that balance over July to end the month with $16 million
  • It also signed an agreement with Red Light Holland to merge, listed on the US OTCQB market and acquired psychedelic's business Halucenex Life Sciences
  • Creso shares are trading up 9.09 per cent at 12 cents per share

Creso Pharma (CPH) has ended the June quarter with $1.63 million worth of generated revenue, an 18 per cent increase on its March figures.

The cannabis and psychedelics company's latest quarterly report shows Mernova Medicinal, CPH's Canadian business, bought in $966,459 worth of revenue.

Creso's Swiss nutraceutical business also notched up $607,344 in revenue during the period, helping CPH beat its 2020 June quarter revenue total by 451 per cent.

CPH ended June cashflow negative with a balance of $6.93 million and a total of $13.56 million worth of cash in the bank.

The company has since topped up that balance over July via the exercise of options, helping Creso end the month with around $16 million in the bank.

Activities wise, June was a busy quarter for Creso Pharma, which announced it had signed an agreement to merge with Red Light Holland.

Under the proposed merger, CPH and psychedelics company Red Light Holland would combine to create a new business named The HighBrid Lab.

Additionally, CPH completed its US OTCQB listing during the period, giving it access to more North American investors.

Since the end of June, Creso has also finished its acquisition of Canadian psychedelics company Halucenex Life Sciences.

CPH Non-Executive Chairman Adam Blumenthal said the newly acquired business was focussed on testing psilocybin — the active ingredient in magic mushrooms — on those with PTSD.

"This quarter solidified Creso Pharma’s intent to become a world leader in the psychedelic, CBD, and recreational and medicinal cannabis space," Mr Blumenthal said.

"The successful acquisition of Halucenex is a major milestone for the Company, as it looks to commercialise new psychedelic-assisted psychotherapy treatments in the future."

Creso Pharma shares were trading up 9.09 per cent at 12 cents each at 12:02 pm AEST.

CPH by the numbers
More From The Market Herald
ImpediMed (ASX:IPD) - MD and CEO, Richard Carreon - The Market Herald

" ImpediMed (ASX:IPD) initiates SOZO heart failure program

ImpediMed (IPD) has initiated its SOZO heart failure program at Advocate Health Care’s Heart Institute in Chicago.    
Invex Therapeutics (ASX:IXC) - Chairman, Jason Loveridge - The Market Herald

" Invex Therapeutics (ASX:IXC) pens agreement for commercialisation of Presedin

Invex Therapeutics (IXC) has signed an agreement for the commercialisation of its treatment for neurological conditions caused by intracranial pressure.
LBT Innovations (ASX:LBT) - CEO and MD, Brent Barnes - The Market Herald

" LBT Innovations (ASX:LBT) subsidiary appoints US distributor

LBT Innovations (LBT) 50 per cent owned joint venture company, Clever Culture System (CCS), has appointed Thermo Fisher Scientific as its US distributor.
Paradigm Biopharmaceuticals (ASX:PAR) - Chief Medical Officer and Executive Director, Dr Donna Skerrett - The Market Herald

" Paradigm Biopharma (ASX:PAR) receives FDA feedback for knee osteoarthritis drug

Paradigm Biopharmaceuticals (PAR) has received feedback from US Food and Drug Administration (FDA) for its knee osteoarthritis drug.