Creso Pharma first cannabis company to list in Aus and Canada
One of Australia’s leading medicinal cannabis producers Creso Pharma will be the first ASX-listed cannabis company with a dual listing in Canada. The company will list on the Toronto Venture Exchange (TSX-V), the premier exchange for listed cannabis companies worldwide, giving exposure to a wider pool of investors.
Health Canada accepted Creso’s application to become a Licensed Producer for its 20,000 sq ft Mernova cultivation facility in Nova Scotia, following its acquisition in February this year. Construction of Mernova’s 20,000 sq ft indoor facility is imminent and licensing is due to be granted within the coming months.
The purpose-built facility is designed to produce three to four tonnes of its “Ritual Green” brand of dry cannabis annually.
Creso CEO, Dr Miri Halperin Wernli called it an important milestone for the company.
“With our intention to add value for our shareholders, this is an important milestone for Creso. We are pleased to offer Canadian and North American investors the opportunity to invest in a globally recognised cannabis company with a unique approach and high-quality, pharma-grade, innovative products,” Wernli said.
“The Canadian market was always an ambition and given our operations in Canada, Colombia, Europe and Australia it not only makes sense but it is timely we begin this process to meet investor demand. The recent landmark legislation for full, adult-use legalisation further demonstrates Canada’s world-leading position in the cannabis industry and we look forward to reaping the benefits of this growing market.”
Earlier this year Canada became the first of the G20 countries to fully legalized cannabis for recreational consumption and open sale and distribution to domestic and international markets.
Cannabis will be a US $6.5 billion (AUD $8.7 billion) industry by 2020 in Canada, according to research by one of Canada’s biggest banks, CIBC.