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Highlights From Creso Pharma's Third Quarter Update

July 24, 2017


Earlier today, Creso Pharma Ltd. (ASX:CPH) (OTC:CRCPF) released the company's third quarter update. Unlike U.S. and Canadian companies, Australian public companies are generally not required to file complete quarterly financial statements, however they do release a quarterly update and that sometimes comes with a statement of cash flows. Without further ado, here's some highlights from Creso Pharma's third quarter update. 


Operational Developments


  • In May, Creso Pharma signed a strategic agreement with LeafCann, where LeafCann will supply Creso Pharma with GMP-compliant cannabis and/or hemp derived materials to be used in the development of Creso's pharmaceutical grade cannabis-based therapeutics for human and animal health.

  • Creso Pharma (through their Australian partner, Health House International) became the first company to successfully import medicinal cannabis products into Australia. The import consisted of a range of three cannabis oils supplied by Canadian licensed producer, CanniMed (TSX:CMED). Health House is currently distributing the oils through authorized pharmacies across Australia. 

  • Creso Pharma also signed an LOI with Swiss-based cannabis cultivator, Cannapharm AG. The agreement will grant Creso Pharma the exclusive rights to import, store, market, distribute and sell Cannapharms' medicinal cannabis products in Asia-Pacific, Central and Latin America. 

  • Going forward, the company is expecting to generate its first revenues with the launch of its hemp-based feed for companion and zoo animals by the end of the year. The company is also expecting to generate revenue from its CannaPharm medicinal cannabis products by the end of 2017. 


Financial Developments


  • During the quarter, the company's Share Purchase Plan for eligible investors closed heavily oversubscribed with the company receiving applications representing approximately $4.1 million AUD, easily surpassing the $1 million AUD maximum. This means that more people wanted to invest in shares of Creso through this program than the amount of shares that were made available. This is a sign that should the company need or want to raise equity capital in the near future, that they will likely be able to do so.

  • As of June 30th, 2017, the company's cash balance was $9.23 million AUD (~$7.31 million USD). 

  • In the third quarter, the company spent $1.725 million AUD in operating activities, including $0.47 million on research and development. 

  • In the next quarter, Creso estimates the company's total cash outflows to be $1.199 million AUD.


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Now Read: Creso Pharma's June Investor Presentation and Product Update



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