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Creso Pharma makes strategic changes to pursue near-term growth and commercialisation

Along with board changes, the CEO will transition to a technology, innovation and distribution role to drive near-term commercialisation opportunities in Europe and Canada.

Creso Pharma Ltd - Creso Pharma makes strategic board and management changes to pursue commercialisation opportunities
These strategic changes will take effect on August 15, 2020

Creso Pharma Ltd (ASX:CPH) (OTCMKTS:COPHF) has made several strategic board and management changes aimed at strengthening its position in pursuit of several important near-term growth initiatives and commercialisation efforts.

Creso co-founder and chief executive officer Dr Miri Halperin Wernli will transition to the role of technology, innovation and distribution head and continue to serve on the company’s board of directors.

This transitioning will allow Dr Halperin Wernli to focus on new technologies for the hemp and cannabis products globally as well as furthering the commercialisation and distribution efforts of the Mernova medical cannabis products.

"Important commercialisation phase"

Given Dr Halperin Wernli’s considerable experience and strong track record of delivering key milestones, the company believes the move will allow her to aggressively pursue several near-term initiatives in Europe and Canada.

Creso non-executive chairman Adam Blumenthal said: “Firstly, I would like to take this opportunity to thank and congratulate Miri on her dedication and numerous achievements during her time as CEO.

“Miri has been instrumental in the development and international expansion of Creso Pharma’s human and animal health business, and we look forward to her continued input and leadership as the various divisions enter an important commercialisation phase.”

Swiss International Operations

The company has also made key internal appointments within its Swiss International Operations division, with Jorge Wernli and Dr Gian Trepp appointed to executive management positions.

Both Wernli and Dr Trepp are highly experienced in the pharmaceutical and hemp/cannabis sector and will report directly to the board of directors.

"Strategic reshuffle"

Additional board changes include Boaz Watchel moving from the role of executive chairman to non-executive director and Dr James Ellingford will move from a non-executive director to the role of executive director.

Blumenthal will also move from a non-executive director to assume the position of non-executive chairman,

He said: “The company has completed a strategic board reshuffle which we are confident will strengthen our ability to expedite near-term growth.

“I can also advise that we are in discussions with several highly experienced executives in the cannabis sector and we are confident that any potential appointment would greatly benefit the company moving forward and we hope to provide an update on these initiatives shortly.”

Revenue growth for Mernova

The company’s wholly-owned Canadian subsidiary, Mernova Medical Inc, is poised to continue this strong growth trajectory over the coming months, driven by a building sales pipeline and growing market demand for its premium product.

This follows the recent transition of Jack Yu to the role of managing director on March 11, 2020.

Since his appointment, Yu has overseen significant growth within this division, highlighted by securing new commercial relations in Canada and internationally (for example Israel) towards around A$2 million in new revenue in 2020.

Quick facts: Creso Pharma Ltd

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Market: ASX
Market Cap: $178.74 m

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