Bruce Linton, one of the founders of Canadian-based canopy growth who helped take it to an AUD $20 billion cannabis company, is joining ASX-listed Creso Pharma.
Coming on as a Strategic Adviser, Linton was one of Canopy Growth’s founders and former CEOs, after leaving the company in 2019. Having extensive experience throughout the cannabis sector across multiple international companies, Linton is positioned to be a valuable asset in helping Creso Pharma achieve their short and long term goals.
Despite running into a few setbacks over the past year, Creso in now effectively debt free after a receiving $8.9 million in a recent capital raise. And with repeat purchase orders now totalling $2 million YTD, selling through countries such as Canada via Mernova Medicinal Inc. and South Africa via Pharma Dynamics, Creso is strengthening its position to become one of Australia’s leading ASX-listed cannabis companies.
Bringing on Linton as a Strategic Adviser will further benefit Creso thanks to his experience with large financial institutions, such as the World Bank, and his deep understanding of the international cannabis landscape. Both invaluable during a time of rapid growth.
Miri Halperin Wernli, a Director at Creso, agreed with the sentiment:
Bruce brings a wealth of invaluable knowledge and a deep network of cannabis industry contacts to Creso Pharma and we anticipate that his appointment will greatly assist us in achieving our near-term operational milestones and longer-term goals.
Linton will further benefit Creso as they continue to target more countries around the world, including African-based regions such as Namibia, Botswana, Lesotho, Angola, Mozambique and Uganda. The African expansion comes with a good outlook for the company as South African Pharma Dynamics has already ordered more than AUD $630,000 worth of products, across repeat orders, from Creso since September.
Adam Blumenthal, a Non-Executive Chairman of Creso, was pleased with the new partnership:
Securing this latest purchase order with Pharma Dynamics is a significant development and highlights the multiple opportunities we are witnessing in the region. Creso Pharma is beginning to see a trend in repeat orders from its clients globally which reinforces Creso’s high quality products.
Back in Nova Scotia, Canada, where Creso owns 100% of Mernova, they’ve received around $442,000 worth of orders to distribute their recreational cannabis products.
Mernova is well managed by Jack Yu, a former Canopy Growth Executive and Production Manager. With more than 25 years of cannabis-growing experience under his belt, and a wealth of industry knowledge after nine years of consulting for licensed medicinal cannabis growers in Canada, Yu will be essential in helping Mernova secure a European Union GMP certification. This will allow Mernova to export medicinal cannabis products to Europe.
If it continues its current path, Creso is poised to see fantastic growth in the near future. And with the TGA possibly down scheduling low-dosed CBD products in Australia to Schedule 3 in 2021, meaning cannabis-based medicines could available in the pharmacy without a doctor’s prescription, Australian revenue growth could explode next year.
Repeat international orders, expansion plans into more countries, strong management – made even stronger with newly appointed Bruce Linton as Strategic Advisor – this may be the turning point Creso shareholders have been waiting for.
On top of that, with our friends across the ditch voting on legalising recreational cannabis this Saturday (October 17th), we may be even closer to legalising recreational cannabis right here in Australia, sooner than you think. And if that happens, it’s all systems go for the companies ready to supply the newly legal market.
Linton has been issued 30,000,000 options by Creso, with an exercise price of $0.039 expiring in 5 years, to help incentivise the newly-appointed Strategic Adviser.