Creso to dual list on Canadian exchange
Written on the 3 December 2018 by Business News Australia
One of Australia's leading medicinal cannabis producers Creso Pharma (ASX: CPH) is set to list on the Toronto Venture Exchange (TSX-V).
This move to dual list in Canada was described as a natural move for the company by Creso CEO Dr Miri Halperin Wernli considering the country recently legalised recreational cannabis.
"This is an important milestone for Creso," says Wernli.
"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."
"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."
In February 2018, Creso finalised the acquisition of Canadian based medicinal cannabis producer Mernova Medical.
The completion of construction of Mernova's 20,000 sq ft manufacturing facility is imminent according to Creso.
The Mernova facility is designed to produce three to four tonnes of its "Ritual Green" brand of dry cannabis annually.
The Australian parent Creso says investors in Canada and North America have become particularly interested in Creso as a result of the construction of the new Mernova facility, inspiring the company to list on the TSX-V.
The demand for investment opportunities in the cannabis sector by Canadian investors is constantly rising; in Q1 2018 alone over US$1.35 billion was raised across 96 Canadian cannabis companies.
One of Canada's largest banks, CIBC, estimates that cannabis will be a $8.7 billion industry by 2020 in Canada.
The process of listing Creso on the TSX-V is expected to take 60 to 90 days.
Business News Australia
Author: Business News Australia