- Creso Pharma has changed its name to Melodiol Global Health (ASX:MEI)
- The cannabis-focused healthcare stock has seen a Canadian subsidiary post a 104 per cent increase in revenue vs Q3 CY22
- The company reports it’s establishing a dominant market position in Canada
- Shares last traded at 0.7 cents
Melodiol Global Health (ASX:ME1) – the company formerly known as Creso Pharma – has posted a 104 per cent rise in revenue year on year (YoY) to $1.55 million for its subsidiary, Mernova Medical.
What’s more, October 2023 will see $0.89 million enter the company coffers in what is the highest recorded sales order for the company to date.
The prior record month was in February of last year at $0.80 million.
Cannabis in Canada
More purchase orders are in line to hit the accounts in the coming months, Melodiol is ultimately a cannabis-focused healthcare company. It also wants to sell “plant-based products.”
Its subsidiary Mernova operates in Canada.
The company today announced that its market position in Canada is high-impact.
Revenue growth strategy
“Revenue growth during H2 FY23 underpinned by ongoing traction with provincial partners, which has led to Mernova commanding a dominant market position across Canada,” Melodiol wrote.
Management pointed towards an internal campaign to grow sales volumes.
“The results follow extensive amounts of work undertaken by the Company to drive sales growth, which includes increased engagement with provincial partners and new branding to harness more customers,” Melodiol CEO William Lay said.
“Mernova is set to deliver its strongest monthly sales since inception, which is a major achievement for the division. Strong unaudited sales and purchase orders for delivery in October highlight the group’s dominant footprint that continues to build across Canada.”
ME1 shares last traded at 0.7 cents.