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Last month, we published an article that provided an in-depth look at the cannabis edible and beverage market. In the article, we discussed the growth of the cannabis infused product market and considered it to be an attractive vertical over the long-term.
To create cannabis infused products, manufacturers need to have access to massive amounts of cannabis concentrates, both cannabidiol (CBD) and tetrahydrocannabinol (THC). This means that the cannabis concentrate market will be a direct beneficiary of the growth of the cannabis edible and beverage market.
Another reason for our bullish outlook on cannabis concentrates is related to an increased amount of demand for vape pens, consumers becoming more comfortable with the dabbing process, and advancements in technology. We believe technology will play an important role in the growth of the concentrate business as the consumption process becomes easier and as education improves.
According to MJ Business Daily, the firm noticed a trend away from vape products because of respiratory-related health concerns. These consumers are turning to concentrates and this is a trend that our readers need to be aware of.
According to Seattle-based data analytics firm Headset, sales of cannabis concentrates jumped by more than 40% on a year-over-year basis in the following markets: California, Colorado, Nevada, Oregon, and Washington.
According to Headset, total sales of concentrates increased from $567 million in 2019 to $797 million in 2020. We find this increase to be significant and are bullish on the companies that are levered to the cannabis concentrate market.
According to a study conducted by Facts and Factors (a market research organization in India), the global cannabis concentrate market was estimated to be worth $1.8 billion in 2019. The market research firm forecasts strong growth for the cannabis concentrate market and the industry is expected to be worth $5.9 billion by 2026.
In the near future, we are going to publish a report that covers the cannabis concentrate market as well as the companies that are focused on it. If you want to be sent the report as soon as it is complete, please send an email to support@technical420.com with the subject “Cannabis Concentrate Market” to be added to our distribution list.
AUTHORED BY Michael Berger Michael Berger is Managing Partner of StoneBridge Partners LLC. SBP continues to drive market awareness for leading firms in the cannabis industry throughout the U.S. and abroad.
#1. I like to see at least 100M in annual sales. #2. I like to see an outstanding share number of less than 300M. #3. The stock must have momentum. Especially right now. #4. The company should be on the way to EBITDA break-even, if not there yet. #5. Maybe a turnaround story, or legit, right out of the box. #6. Typically will be focused on the U.S., not Canada. #7. For now, will be marijuana only. No hemp.
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Gross revenue in Q3 2020 was $3.42 million representing a 22% sequential increase from Q2 2020, and a 1,600% increase year-over-year from Q3 2019.
Net revenue in Q3 2020 was $3.03 million representing a 19% sequential increase from Q2 2020, and a 1,500% increase year-over-year from Q3 2019, driven primarily by sales of Cannabis 2.0 products.
Net revenue from edible products grew to $2.18 million representing 72% of net revenue in Q3 2020, up 42% from $1.54 million in Q2 2020.
Gross margin before fair value adjustments and impairments improved to $0.67 million or 22.2% of net revenue versus nil in Q2 2020 and 14.5% in Q3 2019, due to a shift in product mix to higher-margin products and improved operational utilization.
Operating expenses decreased by 21% versus Q3 2019 and decreased by 30% versus the nine months ended September 30, 2020, primarily due to improved cost control and capitalization of costs related to production.
Comprehensive net loss included one-time expenses and non-cash charges including losses on non-refundable deposits and disposal of equipment totaling $1.27 million. Excluding these charges, comprehensive loss declined to $2.3 million versus $2.6 million in Q3 2019.
The Company closed the final tranche of its $5.18 million equity private placement on August 10, 2020.
Indiva also announced the extension of the maturity of its senior debt to October 31, 2021. As a result, working capital has substantially improved as compared to June 30, 2020.
Indiva Announces Extension to License Agreement With Award-Winning Wana Brands Inc.
More companies are going to enter the edibles space, but for now, INDIVA is the clear edibles leader in Canada based on provincial sales reports and thereby consumer preference. - FUNMAN
LONDON, Ontario, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce an amendment and extension to its license agreement with Wana Brands (“Wana”) Inc.
Under the terms of the amendment to the license agreement, Indiva will continue to have the exclusive right to produce and distribute Wana products, including gummies and soft chews, in Canada. The amended agreement shall be for a five year term, and may be extended for three additional five year terms.
As previously announced in the press release dated February 9, 2021, Wana™ Sour Gummies continue to be the most popular edible product in the Canadian cannabis industry. Wana™ Sour Gummies hold the top three edible SKUs in the country, and on their own account for greater than 30% of the edible category. Adding to their many awards, Wana™ Sour Gummies were voted Top Edible in Canada for the year 2020 by Kind Magazine. Wana has the largest footprint of any cannabis-infused edibles brand in North America. Currently available in Arizona, California, Colorado, Florida, Illinois, Maryland, Michigan, Missouri, Ohio, Oregon and Oklahoma dispensaries, with Massachusetts among the states imminently coming online, Indiva is Wana’s first international partner.
“We could not be happier to extend the contract length of our agreement with Wana, and establish a framework under which Indiva will continue to provide the top selling edible products in Canada to provincial wholesalers and of-age consumers for decades to come,” said Niel Marotta, President and Chief Executive Officer of Indiva. “The results from working with Wana and their team, and the success of Wana products in Canada, have exceeded even our own high expectations, and we look forward to continuing this strong relationship.”
“Indiva’s focus on infused product manufacturing--and specifically edibles--was incredibly attractive to us as we were seeking our first international partner. That expertise has resulted in Wana’s proven and sustained success in Canada,” said Nancy Whiteman, CEO of Wana Brands. “Wana leverages a decade of cannabinoid expertise and recipe refinement to deliver one of the most delicious, consistent and effective cannabis infused products available in Canada. We look forward to being able to provide Wana products to even more Canadian customers through our growing partnership with Indiva.”
COVID-19 Government and private entities are still assessing the present and future effects of the COVID-19 pandemic. Indiva has continued to operate with enhanced health and safety protocols in place to protect its employees. The Company continues to assess the customer, supply chain, and staffing implications of COVID-19 and is committed to making continuous adjustments to minimize disruption and impact. Indiva will remain proactive in its response to the pandemic and compliant with any and all provincial and/or federal policy enacted to protect Canadians.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
CONTACTS INVESTOR CONTACT Anthony Simone Phone: 416-881-5154 Email: ir@indiva.com
ABOUT WANA
Wana Brands: Enhance Your Life.
Included in the 2020 Inc. 5000 list at #2,074 and boasting a three-year growth rate of 203%, Wana Brands is the No. 1 edibles brand in North America. Wana leads the industry in quality, consistency and potency, providing a range of different options that enable customers to create the specific cannabis experience they want. Wana products offer diverse product forms, four different CBD/THC ratios as well as a variety of different dosages, onset times and duration of effects. The portfolio is designed so products can be used singly or in combination to address specific health, wellness, and recreational needs. Wana products are available in California, Colorado, Florida, Illinois, Maryland, Michigan, Missouri, Ohio, Arizona, Oregon and Oklahoma dispensaries, with Massachusetts among the states imminently coming online. Wana Brands is available internationally in Canada. For more information or to subscribe to Wana’s e-newsletter, visit www.wanabrands.com. Follow Wana on LinkedIn, Twitter, YouTube and Pinterest. Subscribe to Wana’s Enhance Your Life Podcast.
Press Contact:
Shawna McGregor
Phone: 917-971-7852
Email: shawna@themaverickpr.com
DISCLAIMER AND READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company's future operations, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
I'm vacillating on what to do myself, but because I just don't think the PPS will hold.
splinter68 Wednesday, 02/17/21 07:59:36 PM Re: FUNMAN post# 277 Post # 278 of 278 That is a bit of my hesitance. And I would just rather put funds elsewhere.
INDIVA's investor Sundial Growers Sinks on Plan to Issue $1 Billion in Securities
I wonder what Sundial sees in INDIVA? I also wonder if they will get a boardmember? - FUNMAN
Sundial Growers also announced it is now in compliance with Nasdaq minimum trading rules after being above $1 per share for 10 consecutive trading sessions.
UPDATED:FEB 17, 2021 9:40 AM EST ORIGINAL:FEB 17, 2021
Shares of Sundial Growers (SNDL) - Get Report dropped more than 15% Wednesday after the Canadian cannabis company filed a shelf registration with the Securities and Exchange Commission to issue up to $1 billion of securities over time.
Earlier this month, Sundial said it had fully used its previous shelf offering after conducting a series of capital raises in recent months. Sundial Growers shares were down 15.5% to $1.85 per share in premarket trading Wednesday.
Read more: Buy Trulieve Cannabis Stock, Not Sundial Growers
Separately, Sundial announced it is back in compliance with the Nasdaq's minimum bid price rule as a result of the company's common shares at $1 per share or greater for at least ten consecutive trading days.
Year to date, the stock is up more than 360% after being caught up in the Reddit-fueled retail investor revolution that helped pump questionable companies like GameStop (GME) - Get Report to record highs.
Cannabis stocks have been volatile in 2021 as the prospect of regulatory changes battles against concerns about company fundamentals.
Earlier this month, Senate Majority Leader Chuck Schumer and two other Democratic Senators said that they would push to pass sweeping legislation this year that would end the federal prohibition on marijuana.
"We anticipate that this legislation will include comprehensive reform to ensure restorative justice, protect public health and implement responsible taxation while ending cannabis prohibition," Canopy Growth (CGC) - Get Report CEO David Klein said during the rival Canadian cannabis' company's quarterly conference call on Feb. 9.
Canaccord Genuity is acting as the main underwriter for Sundial Grower's latest shelf offering.
Never had a great feel for them, which doesn't mean anything to anyone but me. Being part of that whole reddit thing didn't help, and have just got the sense they were not strong financially. They don't pass my gut test is the bottom line.
NDVAF Cannabis - Price $0.57 / Day's Change 0.1682 (41.85%) Volume(Heavy Day) Today's volume of 619,005 shares is on pace to be much greater than NDVAF's 10-day average volume of 254,404 shares.
February 16, 2021 9:37am ET
Huge News for INDIVA - the company with the dominant Canadian Edibles brands - FUNMAN
SUNDIAL AND INDIVA ANNOUNCE $22 MILLION STRATEGIC INVESTMENT
Brokered Private Placement Offering of $11,000,000 in Common Shares Plus $11,000,000 Term Loan Facility
Calgary, AB and London, ON – February 16, 2021 – Sundial Growers Inc. (“Sundial“) (NASDAQ: SNDL), a Canadian licensed producer of recreational cannabis and Indiva Limited (“Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), a leading Canadian producer of cannabis edibles, are pleased to announce a $22,000,000 strategic investment (the “Investment”) into Indiva by Sundial.
The Investment will be completed in the form of a brokered private placement (the “Placement“) led by ATB Capital Markets Inc. (“ATB” or the “Agent”) of 25,000,000 common shares of Indiva (the “Common Shares“) at a price of $0.44 per Common Share, to raise gross proceeds of $11,000,000, and a non-revolving term loan facility to Indiva in the principal amount of $11,000,000 (the “Term Loan“). It is anticipated that Sundial will be the sole subscriber in the Placement. Proceeds to Indiva, net of fees, commissions and expenses are expected to be approximately $20.9 million.
“Sundial is pleased to support the development of Indiva’s high-quality products,” said Zach George, Chief Executive Officer of Sundial. “This transaction broadens our exposure to the rapidly expanding cannabis edibles category.”
Indiva intends to use the net proceeds of the Placement and Term Loan to retire its outstanding debt in full, which includes its demand loan and promissory note, as well as for working capital and other general corporate purposes.
“We are delighted to welcome Sundial as a strategic investor in Indiva,” said Niel Marotta, President and Chief Executive Officer of Indiva. “The capital from this $22 million investment significantly improves Indiva’s balance sheet, expands our working capital, and provides the resources necessary to support strong growth in our business. Indiva will now have the ability to make additional capital investments, primarily into automation, which will drive higher throughput and profitability, while ensuring our product quality maintains the best-in-class standard our customers and clients depend upon. Indiva’s bolstered financial strength will ensure we can defend our market share position as a top edibles producer in Canada, and continue to bring new and innovative cannabis products to of-age Canadians.”
Sundial and Indiva intend to complete the Investment on or about February 23, 2021, subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
The securities issued under the Placement will be subject to a statutory hold period of four months and one day following the closing of the Placement.
Indiva has agreed to: (a) pay to ATB a cash commission equal to 3.0% of the aggregate gross proceeds received by Indiva from the Placement from Sundial and 6.0% of the aggregate gross proceeds received by Indiva from the Placement from subscribers other than Sundial, if applicable; and (b) pay to the Agent a cash commission equal to 2.0% of the total loan commitment under the Term Loan.
Early Warning Immediately prior to the Placement, Sundial and its affiliates held no Common Shares. Upon the closing of the Placement it is anticipated that Sundial and its affiliates will exercise control and direction over 18.45% of the issued and outstanding Common Shares. Sundial and its affiliates do not currently own any convertible securities of Indiva. The Common Shares are being acquired for investment purposes and, as of the date of this news release, Sundial and its affiliates have no current intention to acquire control or direction over additional securities of Indiva above 19.9% of the issued and outstanding Common Shares, either alone or together with any joint actors.
The securities to be offered pursuant to the Placement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT SUNDIAL GROWERS INC. Sundial is a public company with common shares traded on Nasdaq under the symbol “SNDL”.Sundial is a licensed producer that crafts cannabis using state-of-the-art indoor facilities. Our ‘craft-at-scale modular growing approach, award-winning genetics and experienced master growers set us apart.? Our Canadian operations cultivate small-batch cannabis using an individualized “room” approach, with 448,000 square feet of total space.?? Sundial’s brand portfolio includes?Top?Leaf, Sundial?Cannabis, Palmetto and Grasslands. Our consumer-packaged goods experience?enables us to not just grow?quality cannabis, but also?to?create exceptional consumer and customer experiences.??We are proudly Albertan, headquartered in Calgary, AB, with operations in?Olds, AB, and Rocky View County, AB.??For more information on Sundial, please go to www.sndlgroup.com.
For more information: Sophie Pilon,?Corporate?Communications Sundial Growers Inc. O: 1.587.327.2017 C: 1.403.815.7340 E:?spilon@sundialgrowers.com
Related Links: www.sundialgrowers.com
ABOUT INDIVA LIMITED Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
For more information: INVESTOR CONTACT Anthony Simone Phone: 416-881-5154 Email: ir@indiva.com
DISCLAIMER AND READER ADVISORY Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s ability to complete the Placement and the Term Loan, the receipt of all approvals, consents and other matters beyond the Company’s control and the use of proceeds. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to negotiate and enter into definitive documents with respect to the Placement and the Term Loan, the receipt of regulatory approval and third party consents, the ability of Indiva to satisfy its existing debt obligations with the proceeds of the Placement and Term Loan and other risks associated with regulated entities in the cannabis industry.
The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Gross revenue in Q3 2020 was $3.42 million representing a 22% sequential increase from Q2 2020, and a 1,600% increase year-over-year from Q3 2019.
Net revenue in Q3 2020 was $3.03 million representing a 19% sequential increase from Q2 2020, and a 1,500% increase year-over year from Q3 2019, driven primarily by sales of Cannabis 2.0 products.
Net revenue from edible products grew to $2.18 million representing 72% of net revenue in Q3 2020, up 42% from $1.54 million in Q2 2020.
Gross margin before fair value adjustments and impairments improved to $0.67 million or 22.2% of net revenue versus nil in Q2 2020 and 14.5% in Q3 2019, due to a shift in product mix to higher margin products and improved operational utilization.
Operating expenses decreased by 21% versus Q3 2019 and decreased by 30% versus the nine months ended September 30, 2020, primarily due to improved cost control and capitalization of costs related to production. Comprehensive net loss included one-time expenses and non-cash charges including losses on non-refundable deposits and disposal of equipment totaling $1.27 million. Excluding these charges, comprehensive loss declined to $2.3 million versus $2.6 million in Q3 2019.
The Company closed the final tranche of its $5.18 million equity private placement on August 10, 2020.
Indiva also announced the extension of the maturity of its senior debt to October 31, 2021. As a result, working capital has substantially improved as compared to June 30, 2020.
LONDON, Ontario – February 9, 2021: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce record market share for the month of January. Indiva’s edible products continue to lead, as demonstrated by strong sell through data from Hifyre, and from the OCS, for the month of January.
Estimated market share across the three largest markets of British Columbia, Alberta, and Ontario expanded from 43% in December to 44% share of sales in January, as Indiva again increased its lead in the #1 market share position in the edibles category:
Ontario #1 with 43% market share. Note: OCS data put Indiva market share in the Edibles category at 41.5% for January.
Alberta #1 with 45% market share.
British Columbia #1 with 47% market share.
Manitoba #1 with 46% market share.
Yukon #1 with 55% market share.
Saskatchewan market share declined to 16% in the month of January due to a transition away from the current wholesale/distribution partner.
As of February, Indiva edible products became available in the North West Territories, bringing distribution across Canada to seven provinces and two territories.
Wana™ Sour Gummies led the Gummies category with 30% market share overall in edibles across the three largest provinces, a sequential monthly increase in market share of 2%.
Bhang® continued to lead the chocolate category, with Bhang® Milk Chocolate remaining the top selling chocolate edible SKU nationally.
Product ranking in January again showed the top three SKUs overall in the edible category continue to be Wana™ Sour Gummies (led by Strawberry-Lemonade 1:1).
In January, four of the top five, and seven of the top 10 ranking edible SKUs are from Indiva.
“We are very pleased that Indiva’s edible products continue to rank at the top of the category and gain market share, despite several new entrants and products becoming available,” said Niel Marotta, President and Chief Executive Officer of Indiva. “Indiva looks forward to continuing to bring new and innovative best-in-class edible products to of-age Canadian consumers, with additional new products expected to be unveiled and launched in market nationally in the month of March.”
COVID-19
Government and private entities are still assessing the present and future effects of the COVID-19 pandemic. Indiva has continued to operate with enhanced health and safety protocols in place to protect its employees. The Company continues to assess the customer, supply chain, and staffing implications of COVID-19 and is committed to making continuous adjustments to minimize disruption and impact. Indiva will remain proactive in its response to the pandemic and compliant with any and all provincial and/or federal policy enacted to protect Canadians.
ABOUT INDIVA Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
CONTACTS INVESTOR CONTACT Anthony Simone Phone: 416-881-5154 Email: ir@indiva.com
DISCLAIMER AND READER ADVISORY Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s future operations, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
It took 30 min to top the 10-day avg vol --->>> Volume(Heavy Day) Today's volume of 171,450 shares is on pace to be much greater than NDVAF's 10-day average volume of 132,807 shares.
This article hits on a lot of key points. The right dose can give you a manageable feeling, and not the often overwhelming feeling of inhaled products. There has been just such an increase in potentcy that is just too much for newer or occasional users. I am excited to see how specialized things get down the road.
This story is the same for INDIVA --->>> Edibles Outperform Cannabis Industry Growth in 2020 on Covid-Spurred Sales Surge
During the early days of the pandemic, consumers were more discrete when using cannabis.
January 25, 2021 6 min read
This story originally appeared on MJBizDaily
Sales of edibles skyrocketed across the nation in 2020 as consumers shied away from inhalable forms of cannabis during the COVID-19 pandemic in favor of more discreet consumption methods.
The surge is prompting edibles manufacturers to invest in research and development and new product lines for 2021.
End-of-year data from Seattle-based cannabis analytics firm Headset shows that for all of 2020, sales of adult-use and medical edibles grew by 60 percent across seven state markets – to $1.23 billion in 2020 from $767 million in 2019. That performance meant edibles outperformed the total cannabis market, which grew a hefty 54 percent last year. The seven states were California, Colorado, Massachusetts, Michigan, Nevada, Oregon and Washington.
According to Headset data analyst Cooper Ashley, edibles increased their market share from 10.65 percent in 2019 to 11.07 percent in 2020. The increase is leading cannabis companies to pour efforts into developing new product types, including faster-acting and strain-specific edibles.
“We’re seeing the edibles space get a little more sophisticated, and we expect that to continue,” Ashley said.
Cannabis edibles makers cited a number of factors behind the greater market shares, including:
Both new and mature consumers are trying edibles for the first time. Consumers are shying away from inhalable products and looking for more discrete options amid the coronavirus pandemic. “We are seeing continued movement toward edibles and noninhalable forms of consumption,” said Joe Bayern, CEO of multistate marijuana operator Curaleaf, based in Massachusetts.
New buyers
Bayern – who took over as CEO this month – sees an “overwhelmingly large opportunity” in bringing new consumers to cannabis for the first time. He noted an alternative form of consumption such as edibles was a good way to attract newbies.
“Cannabis is not new to consumers,” he said. “If they want to be smoking cannabis, they probably would be.”
The ability to precisely formulate edibles to achieve an intended effect such as relaxation is another positive for the segment, according to Bayern. In addition, Curaleaf is pushing ahead with the development of fast-acting edibles, a trend that’s been around in the industry for a while now but is only now gaining in popularity. The company also is pursuing different dosage levels. Curaleaf’s products can range from 2.5 milligrams up to 30 milligrams of THC for a single serving.
“We’re not just focusing on edibles,” Bayern said. “We’re focusing on the science behind the plant.”
In fact, Curaleaf is expanding its research and development facilities, including a new 10,000-square-foot building in Massachusetts. Curaleaf also is recruiting employees with backgrounds in food science, chemistry and biology with “expertise from all aspects of the world of science much like other consumer products companies do,” Bayern said.
Experienced users
Mature consumers moving away from inhalable products to edibles is another reason for the market growth, said Guy Rocourt, chief product officer at Papa & Barkley in Eureka, California. Cannabis consumers who are familiar with the effects of THC from smoking flower or taking tinctures are eventually progressing to edibles, he said.
“People have had their first conversation, and now they can go and take a 5-milligram gummy,” Rocourt said.
Data from Headset backs that up. In Michigan last year, edibles sales for both recreational and medical products grew in market share from 14.4 percent to 16.5 percent – or a 14 percent increase.
To set itself apart from rivals, Papa & Barkley is working on edibles that highlight the taste of cannabis, rather than mask it. Certain strains of marijuana, for example, pair well with flavors such as milk chocolate.
“We’re trying to create cannabis edibles that highlight cannabis,” Rocourt said.
The company is also investigating how certain components of edibles – such as the sugar in a gummy – will speed up or slow down the effect on a consumer. Rocourt cited the pandemic as another reason for the increase in edibles sales. Products such as flower are often shared in cannabis culture, but less so during the pandemic. Edibles can be shared more safely. He predicts that trend will continue – even after the pandemic.
“Post-COVID we’re all going to be a little more germophobic,” Rocourt added.
Looking ahead
At Las Vegas-based edibles brand Hervé, co-founder Sebastien Centner also is targeting new cannabis consumers. Centner sees legacy cannabis users as the market for inhalables – not edibles.
“New users who are already very familiar with high-end products in other categories like food are looking for the same thing in edibles,” he added.
According to Centner, cannabis consumers are discerning about what they are ingesting, and as the quality of edibles products continues to improve, more people will be willing to try them. In response, edibles makers are producing low-sugar, all natural, nonartificial products to appeal to health-conscious consumers. When the pandemic eventually lifts, Centner sees more consumers building cannabis edibles into their lifestyles when they resume their social lives and travel.
“Everyone’s going to get out and celebrate, and cannabis is going to be a big part of that,” he added.
Similar to Curaleaf, Hervé also sees early onset and microdosing as the future of the product.
“There’s nothing worse than having a product and waiting an hour or hour and a half for it to work,” Centner said.
Small increments of THC that act quickly will help combat the problem of new, impatient users who overdo it by taking one edible and then another to feel the effect.
“If you know you’re going to have an effect, you’re not going to be wondering, ‘Should I do another one? Is it going to kick in?'” Centner said. The company expects to expand into at least four new markets this year, including California, Colorado, Oregon and Canada.
“It’s just about finding the right markets and launching at the right time,” Centner said. “We really believe 2021 is going to be the year of the edible.”
CA edible market appears to be disjointed and not very enticing of a market. However, I have to believe they will get it figured out somewhat and am very bullish on edibles and consumers going forward. When pricing and packaging get in line, demand will increase imo.
Very interesting potential INDIVA valuation given that Valens just announced an edibles company acquisition for a lot of money.
This LYF Food Technologies Inc. profile is part of a paid investor education campaign.*
[color=blue]Valens paid
Upfront purchase of LYF for CDN$24.9 million plus approximately CDN$17.5 million in consideration subject to achieving certain EBITDA milestones, which if met implies a ~4.2x multiple on fiscal 2022E EBITDA
According to the company, LYF will require just three million in gross sales before breaking even in 2020.
Valens believes this will be an accretive acquisition in 2021.
They have very large production facilities.
But they don't have the WANA Gummies and Bhang Chocolates which last month accounted for approximately 40% of the Canadian edibles market. [/color]
I wonder what INDIVA's valuation would be if for instance MediPharm or Aphria wanted to make an acquisition like Valens did? - FUNMAN
Overview
LYF Food Technologies Inc. is a 100 percent edibles-focused consumer products company, developing high-quality edible products that are just as enjoyable as snacks as they are cannabis products. The company’s management team has more than 25 years of experience in large-scale food manufacturing.
More than one full year after the first wave of cannabis legalization, Canada has finally made value-added cannabis products like edibles available for legal sale, with the changes coming into effect in December. According to data by Deloitte Canada, the market for infused cannabis products is projected to be worth an estimated US$2.7 billion annually, with edibles accounting for the bulk of the market.
In much of the cannabis industry, edibles have been something of an afterthought. Many cannabis companies are developing edibles as part of larger product lines with dried bud, extracts and other infused products. Most cannabis companies are not experienced in the food industry, and so high-quality non-cannabis ingredients and ideal recipes tend not to be a focus. In contrast, LYF’s management has extensive experience in large-scale food manufacturing for some of Canada’s largest grocery stores, health and wellness retailers and pharmacies. LYF’s model is 100 percent focused on producing edible products that taste just as good as their non-cannabis infused counterparts.
To make high-quality cannabis edibles, you need high-quality ingredients. This includes using premium-quality cannabis and pure extracts, but equally important are the non-active ingredients. A brownie, for example, is only as good as the chocolate used to make it. The addition of cannabis will only serve to highlight the flaws in a low-quality baked good. LYF is focused on sourcing only high-quality cannabis extracts and food ingredients. To that end, the company has formed strategic partnerships with suppliers of premium food ingredients as well as a number of public and private licensed cannabis producers.
LYF’s wholly-owned production facility in Kelowna, British Columbia is capable of producing edible products quickly, in high volumes and with low overhead rates. Premium value-added cannabis products carry high-profit margins. LYF says that the average profit margin for one of their edibles is 92 percent compared to a 76 percent margin for a gram of dried cannabis bud. LYF’s lean and efficient team of experienced professionals also helps the company maintain a low overhead rate. According to the company, LYF will require just three million in gross sales before breaking even in 2020.
LYF Food Technologies Infographic
LYF Food Technologies Company Highlights 100 percent focused on edible cannabis products Evidence package submission to Health Canada scheduled for December 2019 Health Canada license approval expected in the first quarter of 2020 Management team has in-depth food industry development experience High profit margins of as much as 92 percent per value-added product Purpose-built manufacturing facility with capacity to produce $250,000,000 worth of edible cannabis products yearly Opportunities for white labeling partnerships
Kelowna manufacturing facility
LYF Food Technologies owns a purpose-built state of the art manufacturing facility in Kelowna, British Columbia. The 10,500 square foot facility is capable of producing $250,000,000 worth of edible cannabis products each year in safe and consistently dosed processes. The all-in-one facility will serve as an innovation, manufacturing and distribution hub with the second floor equipped with microbial and analytical labs and dedicated space for research and development. LYF’s offerings will cater to traditional taste and texture profiles while allowing for forward-thinking development to keep up with evolving consumer tastes and trends. The facility is equipped with proprietary production technology capable of producing 17,500 units per hour with interchangeable molds and injection nozzles to be able to flexibly produce multiple product categories. The facility also contains infrastructure for quality and safety testing.
lyf food technologies facility doors
lyf food technologies facility collage
White labeling opportunities
The Kelowna facility’s massive production capacity also opens up opportunities to open additional revenue streams. For the hundreds of existing cannabis brands operating in Canada that are looking to expand into the edibles market, acquiring the production infrastructure and expertise necessary to produce a quality edible product is often not financially feasible. These companies are likely to turn to white labelers for their edible production needs and LYF’s Kelowna facility has the capacity necessary to provide these services in addition to the company’s own products. LYF is already at work building relationships that could potential competitors into strategic partners. In addition to building partnerships with Canadian markets, LYF is developing relationships with companies in emerging cannabis markets in Australia, Europe and South America.
LYF Food Technologies’ Management Team Paolo Pero—CEO, Director
Paolo has extensive experience in management, product development, quality control, scalability and operations after a 25+ year food manufacturing career. Paolo grew up working in his family bakery before launching his own career in the early 90’s after achieving his Red Seal certification. Over the years, Paolo’s businesses have supplied the largest supermarket chains in Canada, including Save-OnFoods, Safeway, Sobeys and IGA. In addition to manufacturing chocolate and confectionery products under private label and provided co-packing solutions for retailers such as Walmart, Pharmasave, 7-Eleven and Whole Foods.
Matthew Amado—President, Director
Matthew has been focused on marketing strategies, branding, packaging, import/export operations and e-commerce solutions for food manufacturing companies for over 8 years. His most recent role involved growing market share and cutting distribution costs in the pharmacy sector. Matthew started his entrepreneurial journey after retiring from a 6-year professional hockey career that took him all over North America and Europe. He is a graduate of the University of Notre Dame with a B.B.A. in Marketing.
Dani Majzoub—VP of Production
With over 24 years of experience producing all kinds of food, her last 13 years have been spent exclusively managing and operating a confectionary team as a master chocolatier. Dani is able to formulate and consistently produce chocolates and other food items with specific taste profiles at the highest levels. She is proficient with Organic, HACCP, BRC and GMP accredited facilities. She recently won best snack food for her milk chocolate quinoa bar at the 2019 Canadian Gluten Free awards.
Jessika Bedard-St-Amant—VP of Science
Jessika brings 12 years of experience as a food chemist and flavorist previously working for Kerry, SunRype and Marvini. She has developed and successfully launched dozens of food and beverage consumer products with distribution in the Americas and Europe. She also has extensive experience in obtaining and maintaining HACCP, ISO 22 000, GMP and organic certified facilities. She holds a Master’s degree in Food Science from Université Laval and a Bachelor in Chemistry from Université de Sherbrooke.
Todd Sprieszl—VP of Quality Assurance
Todd has spent his entire career working in a multitude of related chemistry, microbiology, and biotechnology labs. In his last position at a Phytoceuticals company, Todd worked with clients to produce both natural health products and food products. He specializes in obtaining product license numbers, site licensing, editing and writing SOPs and has tremendous proficiency in the new cannabis regulatory processes. Todd has a BA in Chemistry from the University of British Columbia.
Ranjeev is the co-lead of the firm’s national Cannabis Law Group. A recognized leader known for his pragmatism, business knowledge and industry expertise, Ranjeev helps clients successfully navigate the evolving demands of the high-growth cannabis market in Canada and abroad. Ranjeev is at the forefront of the industry, helping innovative companies and entrepreneurs manage significant market potential while minimizing risk. He has worked with some of the biggest names in the cannabis industry including Canopy Growth Corporation, Auxly, and Vivo Cannabis.
*Disclaimer: This profile is sponsored by LYF Food Technologies Inc. This profile provides information which was sourced by the Investing News Network (INN) and approved by LYF Food Technologies Inc., in order to help investors learn more about the company. LYF Food Technologies Inc. is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
Started a position recently once I saw Wana was in their deck. Some really good edible products that have been around in CO for awhile. They will be moving a lot of product as things expand. A tried and true, so if their other brands are on par, this should be a solid player.
Interest is up --->>> Volume(Heavy Day) Today's volume of 52,325 shares is on pace to be much greater than NDVAF's 10-day average volume of 90,374 shares.
LONDON, Ontario – January 13, 2021: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce that it expects record net revenue in fiscal Q4 2020 in the range of $6.9 to $7.2 million. This represents greater than 2,000% year-over-year and 128% sequential quarterly net revenue growth at the low end of the revenue guidance range, when compared with net revenue previously reported of $0.32 million and $3.03 million in fiscal Q4 2019 and fiscal Q3 2020 respectively.
It's very exciting but temper it with knowing some of the revenues were driven by initial stocking orders. Furthermore, edibles are great holiday gift items so realize Indiva got the typical Q4 revenue spike. - FUNMAN
The acceleration in net revenue in fiscal Q4 2020 was driven primarily by the growth in sales from Wana™ Sour Gummies. New SKUs and wider distribution increased unit sales of Wana gummies in the quarter to greater than 1.2 million units versus approximately 328,000 in Q3 2020, where Wana was also only in the market for the last month of Q3 2020.
Distribution of Wana™ Sour Gummies expanded to six provinces and one territory in the fourth quarter. Additionally, Indiva signed a distribution agreement with Medical Cannabis by Shoppers™ in Q4 2020, which will soon see Bhang® Chocolate and Wana™ Sour Gummies listed on its online platform.
Indiva further increased its leading market share in the edibles category in the fourth quarter. As previously announced on January 7th, 2021, Indiva is the national leader in edibles, with market share exceeding 40% in the category for the month of December 2020, according to Hifyre data. Adjusted gross margins in fiscal Q4 2020 are expected to be above fiscal Q3 2020 levels of 22%, due to improved efficiencies, higher fixed cost leverage and lower distillate costs, offset by a mix shift in the quarter to higher cannabinoid SKUs.
Outlook
Indiva expects continued year-over-year and sequential net revenue growth to continue in fiscal Q1 2021, based on continued market and category growth, strong consumer acceptance of Indiva products, and the expected introduction of new products and SKUs, including quick-onset gummies. The Company also expects significant gross margin improvement in Q1 2021, due to significantly lower distillate costs. The Company anticipates continued improvement in Adjusted Gross Margins.
“The sharp sequential improvement in quarterly revenue and continued gross margin expansion reflects the hard work and dedication of the Indiva team, as well as the strength of our partnerships and quality of our products,” said Niel Marotta, President and CEO of Indiva. “We are excited to bring further award-winning and innovative products to market in 2021. Of-age Canadians can rely on Indiva’s continued dedication to quality and innovation.”
Option Grant
The Company has granted 300,000 incentive stock options (the “Options”) to certain consultants and advisors. The Options have an exercise price of $0.40 per share and will be valid until January 12, 2024. The Company’s Stock Option Plan allows for issuances of up to 10% of issued and outstanding share capital in the form of incentive stock options. As a result of the grant, the company has a total of 8,458,333 stock options issued, representing approximately 7.7% of the issued and outstanding share capital.
Indiva is also pleased to announce that it has entered into agreements with Simone Capital Ltd. (“Simone”), located in Ontario and principally owned and operated by Anthony Simone, and Lock Consulting Corp. (“Lock”), located in British Columbia and principally owned and operated by Neil Lock, to provide Indiva marketing services to advisors, brokers and institutional investors in North America. Under the terms of the agreements, Indiva will pay Simone a monthly retainer of approximately CAD$5,000 and it has been granted 100,000 options. The initial term of the agreement is three months, with an automatic extension for three additional three month terms. An additional 100,000 options have been issued to Lock (all options are included in the above total). The agreement expires on December 31, 2021. Each of Simone and Lock hold less than 1% of the Company's issued and outstanding common shares. Other than the retainer payable under the agreements, the Company does not anticipate any costs related to the engagement of Simone and Lock.
Investor Presentation – Thursday, January 14 at 5pm EST (2pm PST):
Niel Marotta, President & CEO will be hosting an online presentation for shareholders, analysts, investors, media representatives and other stakeholders on Thursday, January 14 at 5pm EST (2pm PST). A recording of the presentation and supporting materials will be made available on Indiva’s investor section on www.indiva.com. To register, RSVP to Anthony Simone at ir@indiva.com or 1-416-881-5154 or you can register online by using this URL: https://app.livestorm.co/p/3b1d2433-7a8a-45c5-bee8-0657fb79de7b
COVID-19
Government and private entities are still assessing the present and future effects of the COVID-19 pandemic. Indiva has continued to operate with enhanced health and safety protocols in place to protect its employees. The Company continues to assess the customer, supply chain, and staffing implications of COVID-19 and is committed to making continuous adjustments to minimize disruption and impact. Indiva will remain proactive in its response to the pandemic and compliant with any and all provincial and/or federal policy enacted to protect Canadians.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
CONTACTS
INVESTOR CONTACT
Anthony Simone
Phone: 416-881-5154
Email: ir@indiva.com
DISCLAIMER AND READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company's future operations, future results, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry, future sales, the demand for the Company’s products and cannabis products generally and the continued operations of the Company in the ordinary course. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
Gross revenue in Q3 2020 was $3.42 million representing a 22% sequential increase from Q2 2020, and a 1,600% increase year-over-year from Q3 2019.
Net revenue in Q3 2020 was $3.03 million representing a 19% sequential increase from Q2 2020, and a 1,500% increase year-over year from Q3 2019, driven primarily by sales of Cannabis 2.0 products.
Net revenue from edible products grew to $2.18 million representing 72% of net revenue in Q3 2020, up 42% from $1.54 million in Q2 2020.
Gross margin before fair value adjustments and impairments improved to $0.67 million or 22.2% of net revenue versus nil in Q2 2020 and 14.5% in Q3 2019, due to a shift in product mix to higher margin products and improved operational utilization.
Operating expenses decreased by 21% versus Q3 2019 and decreased by 30% versus the nine months ended September 30, 2020, primarily due to improved cost control and capitalization of costs related to production.
Comprehensive net loss included one-time expenses and non-cash charges including losses on non-refundable deposits and disposal of equipment totaling $1.27 million. Excluding these charges, comprehensive loss declined to $2.3 million versus $2.6 million in Q3 2019.
The Company closed the final tranche of its $5.18 million equity private placement on August 10, 2020.
Indiva also announced the extension of the maturity of its senior debt to October 31, 2021. As a result, working capital has substantially improved as compared to June 30, 2020.
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