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Creso Pharma (ASX:CPH) could receive up to $17.4 million in extra funding
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  • Medical cannabis company Creso Pharma (CPH) is one of the top gainers on the ASX today with shares up 27.7 per cent
  • It comes as the company's Canadian subsidiary Mernova secured three significant bulk purchase orders
  • It also received a notice to purchase from the Province of Ontario which is the country's largest recreational marijuana market
  • Ongoing developments and speculation surrounding marijuana decriminalisation also seem to be driving the spike
  • Further advances include a vote from the U.S House of Representatives to remove cannabis as an illegal substance from the U.S .Controlled Substances Act
  • Creso shares are up 27.7 per cent trading at 30 cents each.

Medical cannabis company Creso Pharma (CPH) is one of the top gainers on the ASX today with shares up 27.7 per cent.

The company's Canadian subsidiary Mernova secured three significant bulk purchase orders.

Among the orders is a maiden purchase order from the Yukon Liquor Corporation, making the company one of the few licenced providers for the area.

Mernova's other two orders are from both licensed producer of medical and recreational cannabis the Truro Cannabis Company and Nova Scotia Liquor Corporation.

The three purchase orders totalled C$275,023 (roughly A$288,159).

In addition to this, Mernova also received a note to purchase from the Province of Ontario, one of the country's largest recreational marijuana markets.

It's expecting the receipt of an initial purchase order in the near term.

Continued developments and speculation surrounding marijuana decriminalisation may also be behind the spike.

Recent developments include a vote from the U.S House of Representatives to remove cannabis as an illegal substance from the US Controlled Substances Act.

The development is significant symbolically, but does not guarantee the bill will pass in the Senate and become national law.

The Court of Justice of the European Union (CJEU) also ruled that CBD is not a narcotic and can therefore be sold freely in the European Union.

The UN also recently declassified cannabis from the most dangerous drug category to the lowest.

For CPH the news has translated to momentum, with the company trading steadily around the three cent mark throughout October and November, before beginning its rally at the beginning of December.

Creso is one of the top gainers on the ASX today, shares are up 27.7 per cent trading at 30 cents each at the close of market.

CPH by the numbers
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