- Creso Pharma's (CPH) subsidiary, Mernova Medicinal, has received a follow-up order, valued at over A$900,000, from Univo Pharmaceuticals
- The Israel-based medicinal cannabis company has ordered Mernova's premium, cured and hand-trimmed dried medicinal cannabis flower
- The shipment delivery is expected to be completed once an export permit has been granted by Health Canada
- Israel is considered to be a rapidly-growing medicinal cannabis market that is set to be worth roughly A$90.3 billion by 2024
- Company shares are up 8.33 per cent on the back of this morning's news and are trading for 3.3 cents each
Creso Pharma's (CPH) subsidiary, Mernova Medicinal, has received a US$625,690 (roughly A$901,830) purchase order from Univo Pharmaceuticals.
Univo is an Israel-based medicinal cannabis company which holds a licence for the entire supply chain, including cultivation, production, research and development, and distribution.
The Israeli company has ordered Mernova's premium, cured and hand-trimmed dried medicinal cannabis flower.
This marks Mernova's second purchase order from Univo, with the first announced on April 1 this year.
"Following our initial entry into the Israeli market in April this year, we are delighted to have received another significant purchase order from Univo which further strengthens our penetration into this growing market," CEO and Co-Founder Dr Miri Halperin Wernli said.
Mernova will ship four of its premium strains of cured, hand-trimmed, dried medicinal cannabis flower to Univo in Israel.
An additional 25 per cent of the order value will be paid in cash once the shipment has been delivered at the TLV Ben Gurion Airport. The remaining 50 per cent of the order value will be paid within 30 business days of the shipment's delivery.
Delivery is expected to be completed within two weeks of an export permit being granted by Health Canada.
While Univo has the right to reject the product and receive a partial refund if there are any defects within 21 business days, it doesn't hold the right to terminate the purchase order.
"Univo has an impressive distribution network, including significant connections to pharmacies and patients in Israel, so this truly is a tremendous growth opportunity for Creso," Miri added.
Israel is considered to be a rapidly-growing medicinal cannabis market that is set to be worth approximately US$62.7 billion (roughly A$90.3 billion) by 2024.
Company shares are up 8.33 per cent on the back of this morning's news and are trading for 3.3 cents each at 12:41 pm AEST.