Seeds of CBD Hemp
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Health Canada has granted Creso Pharma’s Mernova cannabis facility a processing licence
  • The licence allows Creso Pharma to extract, produce and wholesale distribute medical hemp oils, concentrates and derived products
  • The licence opens up additional business opportunities to feed the global demand for hemp extracts and final products for human and animal treatment
  • PharmaCielo, a parent company of Colombia’s largest hemp producer, is set to acquire Creso Pharma

Mernova Medical has been granted a licence by Health Canada to process hemp.

Mernova is a Halifax-based hemp facility and cultivates hemp for medical purposes.

“The processing licence strengthens Creso Pharma’s foothold in North America and significantly broadens our ability to deliver at a time when the world is watching Canada as the country gears up for ‘cannabis 2.0,'” Creso Pharma CEO and Co-Founder Dr Miri Halperin Wernli said.

Canada legalised the Cannabis Act last year. Canada’s second wave of legalisation will hit the country next month. Hemp products such as edibles, infused beverages, extracts, and various other products will all be a-go.

The processing licence expands Creso Pharma’s offerings beyond the cultivation and sale of dried flower and enables it to produce wholesale distribute hemp oils, concentrates and other products in Canada and internationally.

The Mernova facility has been producing high-quality dry flowers of two unique strains since mid-February this year. Creso Pharma’s forecast for 700 kilograms of dried flower production by year-end is well underway.

A further production capacity increase to 4000 kilograms is also progressing accordingly.

Mernova has completed two-tier design reviews and has initiated quotes for vendor equipment and delivery and installation timelines.

The facility is seeking EU Goods Manufacturing Practice certification. This will significantly benefit the future potential imports of bulks oils from Colombia.

The granting of the licence will likely result in the proposed acquisition of Creso by PharmaCielo.

PharmaCielo is the parent company of Pharmacielo Colombia Holdings, Colombia’s largest hemp producer. The proposed acquisition will create a well-capitalised, publicly-traded company with a strong growth profile.

CPH by the numbers
More From The Market Herald
The Market Herald Video

" Next Science’s (ASX:NXS) CEO submits resignation

Next Science’s (ASX:NXS) CEO has announced her intention to retire before June 30, 2023.
The Market Herald Video

" Race Oncology (ASX:RAC) completes first-phase Zantrene leukaemia trial

Cancer treatment company Race Oncology (ASX:RAC) has completed the latest stage of its first-phase trial for…
The Market Herald Video

" Immutep (ASX:IMM) publishes “favourable” interim data from second-phase efti trial

Immutep (ASX:IMM) has published new interim data from Part A of its second-phase TACTI-002 trial showing…

" Microba Life Sciences (ASX:MAP) partners with Midnight Health

Microba Life Sciences (ASX:MAP) has signed a strategic partnership agreement with healthcare company, Midnight Health, to…