Creso Pharma Limited (ASX:CPH) Chief Operating Officer, John Griese discusses highlights from the company's September quarter, including its application to Health Canada to start production from its facilities in Nova Scotia.
Jessica Amir: Thanks for tuning into the Finance News Network, I’m Jessica Amir. With us today from medicinal cannabis provider, Creso Pharma Limited (ASX:CPH) in Southern California is its Chief Operating Officer, John Griese. Hi John and welcome back, thanks for joining us from Southern California.
John Griese: Thank you, it’s good to be back.
Jessica Amir: First up, just tell us about the progress that you’ve made since we last spoke in September?
John Griese: Lot of excitement at Creso Pharma (ASX:CPH) in the last couple of months. I think the biggest thing for us is that we’re seeing revenues continue to climb. Our partners are re-upping their orders, demand is increasing and we’ve expanded distribution across Europe. We’re really focused on innovation; our new product pipeline is taking a lot of energy and is developing really well. So a lot of focus on new products and innovation.
Jessica Amir: Can you tell us about Health Canada’s approval of your facility in Nova Scotia?
John Griese: The facility that we’ve built in Nova Scotia is state of the art, ground up build, it’s in a greenfield space in Windsor, Nova Scotia and we’ve invested a tonne of money in this facility. It’s a wholly owned operation and it’s virtually complete right now. We’ve submitted our application to Health Canada, which is a big step in the process, complete with video footage of the facility. Which is the method by which they approve licensees, and we’re expecting to see the approval any day now. I don’t know whether you’re aware, but there’s a huge shortage of cannabis, across Canada broadly. And so we’re expecting to be expedited in the licensing process.
Jessica Amir: What can you tell us about the Global Centre for Edible Cannabis Research?
John Griese: We’re really excited about this Centre of Edible Cannabis Research and Development for Creso Pharma (ASX:CPH). We’ll be built out in our Mernova facility in Nova Scotia and we believe, that it really emphasises our focus on edible cannabis, going forward. I mean if you think about it, our core products are really edible products. Creso Pharma (ASX:CPH) brings a pharmaceutical rigour to the nutraceutical and food supplement, edible cannabis category. And we think that that’s where we’re going to establish our niche, in the cannabis space. Yeah we’ll have cultivation in Colombia and Israel and Canada.
Jessica Amir: Now can you tell us about the extension to your agreement with Virbac?
John Griese: We already have an agreement with Virbac today and they distribute cannabidiol throughout a few countries in Europe well that agreement has just extended and expanded to include 15 more countries,14 in Europe, and in the Mid East, as well as in Colombia. So that will be kicking in shortly.
Jessica Amir: You mentioned Colombia. But now just tell us about your growth in both Colombia and Brazil.
John Griese: Brazil was an expansion of our distribution with a partner located in Brazil, for our cannaQIX product. So we expect that cannaQIX will gain a foothold in Brazil and start meeting medical cannabis needs there, with that CBD product. And then as far as the Colombian acquisition goes, we’ve just closed out that acquisition recently. The Colombian operation has five unique licences. We’re in the process of registering our genetics and applying for a quota, and expect to be in full swing midway through next year.
Jessica Amir: Now to your products and development pipeline. Just tell us about your latest product additions and the market’s response?
John Griese: As I mentioned, we believe that Creso Pharma (ASX:CPH) is going to differentiate itself, based on its unique and innovative product. And we have a number of products that are hitting the market, over the course of the next couple of months. We have actually four. The unregulated markets a hemp oil product called, cannaPEAL that does not contain CBD. But actually is a great introduction to the cannaQIX brand, in some of these unregulated cannabis markets. As well as cannaDOL, which is a topical ointment that contains CBD and can help with athletic pain and stiffness.
So those are two items that we’re really excited by. We have a number of other items that I can’t share right now, that I think are going to be very innovative and exciting for the marketplace, and will hit the ground early in the New Year.
Jessica Amir: Lastly John. Is there anything else that you would like to add?
John Griese: Only that we’re really excited right now and there’s a lot of things going on in Creso Pharma, very positive things. We’re seeing revenues grow; our current partners are re-upping and expanding their distributions. So we’re really excited by that, and we haven’t even scratched the surface on dried flowers yet. As I mentioned, our Nova Scotia facility will be operational early in the New Year and we’re already closing in on commitments, for supply out of that facility. So we’ll be generating revenue early in the New Year from Nova Scotia and shortly behind that, Colombia will follow.
Jessica Amir: John Griese, thanks very much for your time and congratulations on all your progress.
John Griese: Thank you very much, appreciate your time.