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Melodiol Global Health


The global regulatory climate around cannabis use is evolving and has resulted in a huge investment opportunity for investors seeking to capitalize on this emerging market. A significant player in the global cannabis market, Melodiol Global Health’s (ASX:ME1, FRA:1X8) value proposition is founded on its strategic operations in both Canada and Australia.

In recent years, countries like Canada and Australia have established new regulations to legalize cannabis use, either for recreational or medical purposes – or both. Other countries and regions are not far behind in their cannabis regulation journey.

Melodiol oversees multiple global business units that provide everything from recreational and medical cannabis to hemp-based, athletic, beauty and personal care products. Through subsidiary Halucenex Life Sciences, the company has also dipped its toes into the medical psychedelics market.

Melodiol’s two most significant subsidiaries, by far, are Mernova and Health House International. The former is a licensed Canadian producer of small-batch, high-quality craft cannabis with incredibly strong revenue growth. The former is a leading distributor of medical cannabis in Australia with additional non-cannabis operations in the United Kingdom.

The company aims to increase shareholder value and spur further growth in its subsidiaries through optimisation which will ultimately result in improved operating and financial performance. Group revenues for the first half of 2023 totalled AU$6.99 million, representing a 62-percent increase from the same period in 2022 at AU$4.32 million.

Accounting for the recent acquisition of Health House International, unaudited pro forma revenue increased to AU$8.26 million or AU$33 million on an annualised basis — a 280-percent increase from the company’s 2022 revenue. Unaudited net sales for the combined Melodiol group in Q2 2023 totaled $4.74 million, a 105-percent gain on the previous quarter and a 202-percent increase on the previous corresponding period. The company has also demonstrated a strong growth trajectory into Q3 2023.

Company Highlights

A significant player in the global cannabis market, Melodiol Global Health is well-positioned to capitalise on a global trend toward recreational and medical cannabis legalization. Melodiol has built a diverse portfolio of plant-based brands situated in multiple high-growth market segments and geographies: Mernova, a licensed producer of craft cannabis products in Canada sold under the Ritual brand banner. Health House International is a leading Australian distributor of medicinal cannabis. Sierra Sage Herbs is an American developer of plant-based first aid, beauty and personal care brands Green Goo, Southern Butter and Good Goo. Creso ImpACTIVE, which produces high quality hemp-derived CBD products for athletes. Halucenex, a clinical-stage psychedelics research and development operation.Creso Pharma Switzerland, which carries out CBD-related research, development and commercialization initiatives. Melodiol has displayed incredibly strong financial performance throughout 2023, with significant revenue growth and notable improvements in core business unit EBITDA margins. The company intends to continue on its current path of generating value for shareholders through strong operational and financial performance.

Key Business Units


Mernova product suite

Based in Canada, Mernova is a 100-percent-owned subsidiary of Melodiol. As a fully licensed cannabis producer, Mernova produces high-quality craft cannabis intended primarily for recreational use. Its products are among the most concentrated in the Canadian market, with THC content typically 25 percent or higher.

Mernova’s cannabis products are currently available in Saskatchewan, Ontario, Nova Scotia, New Brunswick, Manitoba, Yukon and Newfoundland. Mernova is notable as the first of Melodiol’s divisions to generate positive cash flow from operations, achieving significant revenue growth in the first half of 2023. The company currently aims to bring its Mernova products to other markets within Canada and has recently launched a medicinal cannabis division.


Purpose-built Facility: Mernova’s 24,000-square-foot production facility fully adheres to Health Canada’s GPP standards and is scalable up to 200,000 square feet. Branded Cannabis: Mernova markets its products under the Ritual brand, comprising three distinct segments: Ritual Green: Dried flower productsRitual Sticks: Pre-rolled jointsRitual Gold: Handheld vaporizers Revenue Growth: Mernova’s total unaudited Q2 FY2023 sales totalled AU$1.22 million. This follows the company’s reported revenue increase of 46 percent from Q4 2022 to Q1 2023, hitting a record high of AU$1.55 million. This growth has had a significant positive impact on Melodiol’s overall profits for the year.

Health House International

A leading distributor of medical cannabis products to the Australian market, Health House International also operates a division in the United Kingdom which distributes medicines and medicinal supplies. The business unit is primed to capitalise on any changes which might occur in the European regulatory climate. Melodiol acquired Health House International in the first quarter of 2023, resulting in a material increase in group revenues.

The company and its operating subsidiaries have delivered strong revenue and positive EBITDA margins throughout the first half of 2023. This trend is expected to continue for the remainder of the year.


Recently Acquired: Melodiol’s acquisition of Health House International closed in May 2023, cementing the company’s leadership in the Australian cannabis market. Strong Growth Potential: The company generated AU$5.95 million in cash receipts in Q1 2023, a 10-percent increase on last quarter and a 36-percent increase over the previous corresponding period.

ImpACTIVE Limited

ImpACTIVE is a hemp-based athletics brand that provides CBD products to help athletes improve and redefine their recovery routines. In September 2023, the company secured a landmark sponsorship deal with Texas Christian University’s highly reputed NCAA Division 1 sports program. The school’s large athletics department boasts more than 200,000 social media followers alongside a large and loyal domestic fanbase.

Other ImpACTIVE brand ambassadors include Kevin Tansey, Mark Fraser, Matthew Barnaby, Nathaniel Behar, Colten Saucerman, Kelly Whaley, Will Wilcox and Troy Van Biezen.

Sierra Sage Herbs

Sierra Sage Herbs’ primary offering is Green Goo, a branded line of plant-based first aid, beauty and personal care products. The company also maintains two other wholly owned brands, Southern Butter and Good Goo. In addition to a significant direct-to-consumer sales channel, Sierra Sage’s distribution network includes key retail outlets across the United States, including Walmart, Walgreens, Target, Albertson and Whole Foods.

Halucenex Life Sciences

A clinical-stage psychedelic drug development company, Halucenex maintains a 6,000-square-foot Canadian medical facility with six treatment rooms and a secure laboratory dedicated to clinical research and psychedelics-assisted psychotherapy. The company has a Health Canada Controlled Drug and Substance Dealer’s License for the possession, production, assembly, sale, provisioning, sending, transportation and delivery of multiple compounds including ketamine, psilocin, psilocybin and salvia divinorum.

Its phase 2 clinical trial test on the efficacy of psilocybin in the treatment of post-traumatic stress disorder (PTSD) has delivered promising results thus far, with the first 10 percent of trial patients experiencing total remission from both depression and PTSD symptoms after their first macro-dose.

Creso Pharma Switzerland

Creso Pharma Switzerland is a hemp-based food, feed supplements and topical products brand based in Europe. Backed by an experienced international team from the pharmaceutical industry, it serves the European Union, Switzerland, Eastern Europe, Latin America and Asia Pacific regions. The company’s products are all Swiss-made, produced in GMP-certified facilities, as required, and made from EU-certified, GAP-compliant plants.

Management Team 

William Lay — CFO and Managing Director

William Lay is a former investment banker who was involved in more than $5 billion worth of merger and acquisition deals in his role as an associate director at Canadian licenced producer Canopy Growth.

Boaz Wachtel — Chairman of the Board

A leading medical cannabis expert, Boaz Wachtel is co-founder and former MD of Phytotech Medical, Australia’s first publicly-traded medicinal cannabis company.

Bruce Linton — Non-executive Director

Bruce Linton is the co-founder and former chairman of Canopy Growth, a world leader in cannabis and psychedelics.

Micheline MacKay — Executive Director

Micheline MacKay serves as managing director at Mernova, one of Melodiol’s key business units. She has 22 years of experience in regulatory environments.

Ben Quirin — Non-executive Director

Based in Australia, Ben Quirin has over 20 years of experience in the global telecommunications, technology and pharmaceutical sectors. Prior to his role at Melodiol, Quirin served as regional managing director (APAC) for Canopy Growth.

Jodi Scott — Executive Director

Jodi Scott is co-founder and CEO of Sierra Sage Herbs, Melodiol’s US-based subsidiary.

Peter Hatfull — Non-executive Director

Peter Hatfull has over 40 years of experience in senior executive and board positions with various Australian and international companies.

Chris Grundy — CFO

Chris Grundy is a career CFO with over 30 years of experience in the life sciences sector.

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