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PRESS RELEASES
CANOPY GROWTH AND INDIVA ANNOUNCE AGREEMENT TO POSITION WANA GUMMIES FOR CONTINUED NORTH AMERICAN BRAND LEADERSHIP
MAY. 30, 2023 By LAURA NADEAU
Canopy Growth to control all distribution, marketing, and sales of industry leading Wana branded products in Canada, further uniting the Company’s North American house of brands
Indiva to manufacture Wana for Canopy in Canada under exclusivity ensuring continuity of
quality product supply
Canopy to acquire 19.99% interest in Indiva as part of the transactions
SMITHS FALLS, ON, and LONDON, ON May 30, 2023 /CNW/ – Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NASDAQ: CGC), a leading global cannabis company, and Indiva Limited (“Indiva“) (TSXV:NDVA), the leading Canadian producer of cannabis edibles and other cannabis products, and its subsidiary, Indiva Inc., announced today that they have entered into a license assignment and assumption agreement (the “Assignment Agreement“) providing Canopy Growth exclusive rights and interests to manufacture, distribute, and sell Wana™ branded products in Canada which accelerates Canopy Growth’s ability to leverage the Wana brand.
Simultaneously, to support continuity of quality supply and aligned to Canopy Growth’s asset light strategy for sourcing of cannabis 2.0 formats, Canopy Growth and Indiva also entered into a contract manufacturing agreement (the “Manufacturing Agreement“), under which Canopy Growth will grant Indiva the exclusive right to manufacture and supply Wana™ branded products in Canada for a period of five years, with the ability to renew for an additional five-year term upon mutual agreement of the parties.
David Klein, CEO of Canopy Growth, said, “Collectively, these agreements provide Canopy Growth more complete ownership over the value chain for the Wana brand in Canada, while ensuring continuity of high-quality manufacturing and consistency with Canopy’s asset-light production strategy. By better aligning our ownership position in Wana throughout North America, we expect to accelerate the introduction of product innovation in Canada that has already proven enormously popular in the United States. We expect this arrangement to be immediately accretive to Canopy Growth’s EBITDA, and we look forward to partnering with Indiva to further bolster Wana’s position as a leading edible brand in Canada.”
“We are excited to form this investment and contract manufacturing partnership with Canopy Growth, and we look forward to continuing to produce Wana gummies for many years to come,” said Niel Marotta, President and CEO of Indiva. “The benefits of this partnership to Indiva’s shareholders are three-fold: First, the strategic investment bolsters Indiva’s balance sheet. Second, the initial five-year term of the contract manufacturing agreement, and the potential to renew for an additional five-year term, extends the timeline and economic benefit to Indiva from sales of Wana gummies well beyond the remaining term of the existing licensing agreement. Lastly, Indiva’s commitment to production innovation has made us Canada’s leading producer of high-quality cannabis edibles, and we look forward to leveraging our recent investments in automation for the processing and packaging of edible products.”
“This is a great step forward in solidifying both Wana’s brand leadership, as well as integrating Wana with Canopy Growth’s strong presence in Canada,” said Nancy Whiteman, CEO of Wana Brands. “This new agreement allows us to bring our most innovative products to Canada much more rapidly, while allowing Canopy Growth to begin recognizing the EBITDA benefits that Wana can help drive. We already know the team at Canopy Growth well, which should make for a smooth transition, and it will be great to have the oversight of the Canopy Growth team on the Wana brand in Canada. We thank Indiva for all they have done to make Wana the top edible in Canada over the past three years[1] and we are pleased that we will have the opportunity to continue to work with their great team in a production capacity.”
Transaction Terms
As consideration for Indiva entering into the Assignment Agreement and other related agreements in respect of the transactions described herein, Indiva will complete a non-brokered private placement offering of common shares (“Common Shares“) of Indiva whereby Canopy Growth will subscribe for 37,230,000 Common Shares for an aggregate purchase price of $2,155,617 (the “Private Placement“) at a price per Common Share of $0.0579 (the “Issue Price“). The Issue Price was determined based on the 10-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the “TSXV“) during the 10 consecutive trading days ending on the last trading day immediately prior to the date hereof. Upon closing of the Private Placement, Canopy will exercise control and direction over 19.99% of the issued and outstanding Common Shares. The balance of the consideration will be paid by Canopy to Indiva as follows: (i) additional consideration representing a value of $844,383; (ii) a cash payment of $1,250,000 on May 30, 2024.
Indiva intends to use the net proceeds of the Private Placement to satisfy its existing obligations under its license to manufacture and sell Wana™ branded products in Canada and for its costs and expenses related to the manufacture and supply Wana™ branded products under the Manufacturing Agreement.
Following the closing of the Private Placement, Canopy Growth will have the ability to nominate an individual as a Board observer on the Board of Directors of Indiva. Canopy Growth and Indiva will also enter into a customary standstill and voting support agreement.
The Private Placement is expected to close on or before June 6, 2023 (the “Closing Date“) and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV. The Common Shares to be issued under the Private Placement will have a hold period of four months and one day from the Closing Date. The Private Placement is integral to the Assignment Agreement and other related agreements in respect of the transactions described herein, and therefore Indiva expects to rely on the “part and parcel” pricing exception available under section 1.7 of TSXV Policy 4.1 – Private Placements
Indiva CEO Niel Marotta Discusses The Future of Edibles in Canada
https://www.benzinga.com/markets/cannabis/22/09/28972256/indiva-ceo-niel-marotta-discusses-the-future-of-edibles-in-canada
INDIVA REPORTS SECOND QUARTER 2022 RESULTS
INDIVA LAUNCHES PEARLS BY GRÖN GUMMIES AND REMAINS THE NATIONAL MARKET SHARE LEADER IN THE EDIBLES CATEGORY
LONDON, Ontario – August 16, 2022: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for the second fiscal quarter ended June 30, 2022. All figures are reported in Canadian dollars ($), unless otherwise indicated. Indiva’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). For a more comprehensive overview of the corporate and financial highlights presented in this news release, please refer to Indiva’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2022, and the Company’s Condensed Consolidated Interim Financial Statements for the Three and Six Months Ended June 30, 2022 and 2021, to be filed on SEDAR and made available on the Company’s website, www.indiva.com.
“We are very pleased to report record net revenue and gross profit on a year-to-date basis, and expect to see further revenue growth in the second half of 2022, driven by the introduction of more than 25 new SKUs across Canada,” said Niel Marotta, President and Chief Executive Officer of Indiva. “The second quarter was extremely busy operationally, as we began manufacturing new products, including our first commercial batches of Pearls gummies, which were delivered to the OCS subsequent to quarter end. We expect to ship Pearls, and many other new products, to additional provinces in the coming weeks. We are pleased to see improvement in gross margins in the quarter, however as per our June 27, 2022, press release, delays in new product deliveries and lack of provincial delivery appointments in certain provinces in late June caused approximately $1 million of sales to slip into Q3 2022, resulting in declining net revenue on a year-over-year basis. We are very excited for the launch of Pearls by Grön, Indiva Life cookies, lozenges and chocolates, and Dime Vapes. The feedback from key accounts, provincial wholesalers and budtenders across the country has been very positive, and we look forward to continuing to delight of-age Canadian cannabis enthusiasts with the quality and innovation that Indiva products are known for.”
HIGHLIGHTS
Quarterly Performance
• Gross revenue in Q2 2022 was $8.9 million, representing an 8.3% sequential decrease from Q1 2022, and a 9.9% decrease year-over-year from Q2 2021. Year-to-date, gross revenue increased 11.0% year over year to a record $18.6 million.
• Net revenue in Q2 2022 was $8.1 million, representing an 8.5% sequential decrease from Q1 2022, and a 9.7% decrease year-over-year from Q2 2021, due to difficult comparisons versus the introduction of Wana Quick in Q2 2021, and delays in provincial deliveries of new and existing products, causing revenue to slip into the third quarter. Revenue continues to be driven primarily by higher sales of category leading edibles including Wana Sour Gummies and Bhang Chocolate. Year-to-date, net revenue increased 12.1% year over year to a record $17.0 million.
• Net revenue from edible products in the quarter was $7.2 million, down 14.8% from $8.5 million in Q1 2022 and down 13.9% from $8.4 million in the prior year period. Edible product sales represent 89.1% of net revenue in Q2 2022. Year-to-date net revenue from edible products increased 13.0% year-over-year to a record $15.7 million or 92.6% of net revenue.
• Gross profit before fair value adjustments, impairments and one-time items declined year-over-year, but increased sequentially, to $2.7 million, or 33.1% of net revenue, versus 29.6% in Q1 2022 and 30.1% in Q2 2021. The improvement in gross margin was due to lower material costs on certain inputs, improved production efficiencies and lower returns and impairments to inventory, offset by lower revenues and lower overhead absorption on goods sold in the quarter. Year-to-date, gross profit before fair value adjustments, impairments and one-time items increased to a record $5.3 million, or 31.3% of net revenue, versus $4.2 million or 27.6% of net revenue in the corresponding period last year.
• In Q2 2022, Indiva sold products containing 44.2 million milligrams of distillate, the active ingredient in edible products, which represents a 19% decrease when compared to the 54.5 million milligrams in products sold in Q1 2022, and a 16% decrease compared to 52.5 million milligrams sold in Q2 2021.
• Impairment charges in the quarter totaled $0.52 million. This impairment includes a write off of aged finished goods and bulk cannabis flower, and to a lesser extent, certain packaging for obsolete products, offset by a recovery on oil-based products. The Company will continue to work to monetize any impaired inventory which remains saleable. The Company expects lower inventory impairments going forward as most of the bulk flower inventory originating from terminated contract manufacturing has either been sold or written down.
• Operating expenses in the quarter decreased 0.4% sequentially, representing 42.9% of net revenue, versus 39.4% in Q1 2022 and 34.4% in Q2 2021. Operating expenses declined due to lower general and administrative costs, which were down 18.8% year-over-year and down 6.1% sequentially, offset by higher marketing costs and sales commissions. Year-to-date, operating expenses increased by 31.2% to $7.0 million due entirely to higher marketing costs and sales commissions.
• Adjusted EBITDA improved sequentially in Q2 2022 to a loss of $0.15 million, versus a loss of $0.38 million in Q1 2022, and declined versus a profit of $0.49 million in Q2 2021, due to lower revenue and higher marketing expenses, offset by lower cost of goods. Year-to-date, adjusted EBITDA was a loss of $0.53 million versus a loss of $0.01 million in the corresponding period last year. See “Non-IFRS Measures” below.
• Comprehensive net loss of $2.5 million included one-time expenses and non-cash charges for impairment of inventory and property, plant and equipment totaling $0.5 million. Excluding these charges, comprehensive loss declined to $2.0 million versus an adjusted loss of $2.02 million in Q1 2022 and $0.72 million in Q2 2021.
Operational Highlights for the Second Quarter 2022
• Dime Industries (“Dime”): Indiva signed an exclusive licensing and manufacturing agreement with Dime. The agreement has a five year term which automatically renews for three additional five year terms. Indiva intends to launch Dime’s proprietary and innovative vape products, including disposable vapes, 510-thread carts and custom batteries beginning in Q3 2022, marking Indiva’s first entrance into the vape category.
• Awards: Artisan Batch was awarded Best in Grow from Cannabis NB for best Indica flower, namely Sour Glue, produced by Purplefarm Genetics.
• Indiva launched additional SKUs including Artisan Batch Mimosa Live Rosin. Wana Passion Fruit, Wana Lemon Iced Tea, and Wana Quick Rise and Shine Clementine, with CBG.
• Indiva introduced its new consumer brand Indiva Life at the 2022 Lift&Co conference. The initial cannabis products to be launched under the Indiva Life brand will include edibles and extracts. All of the Indiva Life SKUs are now actively being ordered by provincial wholesalers.
Events Subsequent to Quarter End
• Indiva was awarded 25 additional SKU listings by the Ontario Cannabis Store (OCS), including five SKUs which will participate in the “Flow-Through” program. These additional listings bring Indiva’s OCS listings to a total of 60 SKUs, up from the current level of 35 SKUs. The newly accepted SKUs are across six brands: Indiva Life (including lozenges, cookies and chocolates), Artisan Batch, Pearls by Grön, including three SKUs in addition to the initial four Pearls SKUs delivered in July, Pips by Grön, Dime Vapes and Bhang Chocolate. All SKUs are expected to launch in Ontario in October 2022, with deliveries to additional provinces beginning in September 2022.
• Indiva completed an agreement with Kronic Relief, of Toronto, Ontario, to bring its premium craft flower to market under the Artisan Batch brand. The OCS has accepted this cultivar, and 3.5 gram jars of Kronic Relief flower are expected to hit shelves in Ontario in Q4 2022.
• Indiva shipped its initial deliveries of Pearls by Grön to the OCS. The company expects the product to be available for sell-in to Ontario licensed retailers as of August 23rd.
Market Share
• Data from Hifyre Inc. for the second quarter of 2022 shows strong sell-through of Indiva edible products. With 31.6% share of sales, Indiva continues to lead in the #1 market share position in the edibles category:
•
o Ontario: #1 with 30.2% market share.
o Alberta: #1 with 30.0% market share.
o British Columbia: #1 with 38.1% market share.
o Saskatchewan: #1 with 21.5% market share.
o Manitoba: #1 with 34.6% market share.
o Wana™ Sour Gummies led the edibles category, with 26.0% category share, and 34.1% sub-category share, and Bhang® continued to lead the chocolate category with 37.6% sub-category share.
o Product ranking in Q2 2022 showed 6 of the top 10 edible SKUs are from Indiva.
o Based on data from British Columbia, Alberta, Ontario, Manitoba and Saskatchewan, the edibles category increased by 9% in Q2 2022 to $56.3 million in retail sales from $51.8 million in Q1 2022.
Correction of Prior Period Financial Statements
The Company identified an error in the calculation of excise taxes related to additional duty charged by certain provinces and determined an adjustment is required to excise taxes payable on sales for the period of January 1, 2020 to March 31, 2022. As a result, prior years amounts on the consolidated statements of loss and comprehensive loss with respect to excise taxes, cost of sales, and marketing and sales were corrected to reflect the corrected excise tax payable on sales in those periods, as well as royalty and sales commissions which are recoverable as a result of decreased net revenues for those prior period sales. Management assessed the materiality of the correction described above on prior period financial statements and concluded that these corrections were not material to any prior annual or interim periods. Accordingly, amounts related to the three and six ended June 30, 2021, and as at June 30, 2021, and December 31, 2021, have been re-presented after correction of such immaterial adjustments solely for comparability purposes.
Outlook
• The Company expects Q3 2022 and 2H 2022 net revenue to be higher sequentially and year-over-year driven primarily by new product introduction including Pearls gummies, Dime Industries vape products, as well as new Indiva Life branded products, resulting from in-house innovation, namely Double-Stuffed Vanilla Cookies and Double Stuffed Fudge Cookies, as well as Wild Cherry THC Lozenges and Lemon THC Lozenges.
• Margins are expected to benefit in the second half of 2022 due to the implementation of automation in the production and packaging of edible products. The Company expects to deliver on its commitments for existing or new listings of products, despite some delays in receiving equipment due to global COVID-19-related lockdowns.
Operating and Financial Results for the Three and Six Months ended June 30, 2022 and 2021
See the rest here:
https://www.indiva.com/press-releases/releases-2022/indiva-reports-second-quarter-2022-results/
INDIVA TO REPORT SECOND QUARTER RESULTS PRE-MARKET ON TUESDAY, AUGUST 16, 2022
LONDON, Ontario – AUGUST 8, 2022: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, will report its results for the quarter ended June 30, 2022 pre-market on Tuesday, August 16, 2022.
CONFERENCE CALL – Tuesday, August 16, 2022 at 8:30 a.m. (EST):
The Company will host a conference call to discuss its results on Tuesday, August 16, 2022 at 8:30 a.m. (EST). Interested participants can join by dialing 416-764-8658 or 1-888-886-7786. The conference ID number is 34309929.
A recording of the conference call will be available for replay following the call. To access the recording please dial 416-764-8691 or 1-877-674-6060. The replay ID is 309929#. The recording will remain available until Friday, September 16, 2022.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana™ Sour Gummies, Jewels Chewable Tablets, Grön edibles, Dime Industries™ vape products, as well as capsules, edibles, extracts, pre-rolls and premium flower under the INDIVA, Indiva Life and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
INVESTOR CONTACT
Anthony Simone
Phone: 416-881-5154
Email: ir@indiva.com
DISCLAIMER AND READER ADVISORY
General
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 news release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this news release or has in any way approved or disapproved of the contents of this news release.
Certain statements contained in this news 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 news release contains forward-looking information relating to the proposed telephone conference call expected to be held by the Company on August 16, 2022. 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 Company. The forward-looking information contained in this news release is made as of the date hereof and the Company is not obligated to, and does not undertake 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 inherent in forward-looking information, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Indiva Limited Continues To Fly Under Investors Radar Despite Constant Revenue Growth
EDITORIAL Apr 27, 2022 • 7:12 AM EDT
Earnings season is kicking into high gear as the overall market is trading in a volatile pattern and cannabis companies recently started reporting results.
Today, we highlighted Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF) after it reported fourth quarter financial results and believe the business is flying under the radar. During the quarter, the company reported major advancements and has leverage to every province and territory in Canada.
Although Indiva does not get the attention of large-scale Canadian Licensed Producers (LPs), we believe the business has been executing on a multi-faceted growth strategy. During the quarter, the Canadian cannabis company generated more than $10 million of revenue which represents a more than 25% increase over the prior quarter.
According to data from Hifyre, Indiva had the largest market share in Canada for cannabis edibles in 2021 and we find this to be significant. During the year, the company’s distribution expanded to reach all 13 provinces and territories in Canada and we are favorable on how the footprint has improved. By expanding its reach, Indiva is creating a platform that can be leveraged for new product introduction through new licensing partnerships and in-house innovation.
In the earnings report, Indiva said it expects revenue in the current quarter to be lower than the fourth quarter but higher on a year-over-year basis. The management team is focused on improving margins through the implementation of automation in the production and packaging of edible products.
Although Indiva has been one of the most significant growth stories in the Canadian cannabis industry, the business receives minimal coverage from major financial media firms. We believe the business is flying under the radar and are bullish on how the management team has been executing.
So far this year, Indiva has been under pressure with the rest of the cannabis sector and the stock has fallen more than 30%. At current levels, we believe the valuation is compelling and will be monitoring how the story continues to advance in 2022 and beyond.
INDIVA SIGNS EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT WITH DIME INDUSTRIES
INDIVA TO BRING DIME’S INNOVATIVE VAPE BRAND PORTFOLIO TO CANADA
https://manage.kmail-lists.com/subscriptions/web-view?a=P6GTmJ&c=LwKGhr&k=254c5adc42de1ba07014969916d17438&m=X8BFfr&r=L9XtnSs
LONDON, ON – April 19, 2022: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce that it has entered into a licensing and manufacturing agreement (the "Agreement") with California-based Dime IndustriesTM Inc. (“Dime”) to bring its innovative vape brand portfolio to Canada. Following on Indiva’s success in producing and distributing the top selling chocolates and gummies in Canada, the launch of Dime products in Canada will expand Indiva’s portfolio to include innovative vape products, incorporating proprietary hardware and cannabis formulations. The initial term of the Agreement is for five years, with the Agreement automatically renewing for three additional five-year terms.
Dime's headquarters is based in Orange County, California. Founded and led by Mike Marz, Dime is one of the leading producers of cannabis vape products in the United States. Dime’s vape portfolio includes ten different flavours, each of disposable and 510 thread carts, as well as multiple flavours of live resin carts. Dime currently manufactures and distributes its products in California, Arizona and Oklahoma, where it is legally permissible to do so under applicable state laws.
“We are delighted to partner with Dime to bring their innovative brand of proprietary, high-quality vape products to the Canadian market,” said Niel Marotta, Chief Executive Officer of Indiva. “This is our first entrance into the vape category in Canada, and we could not be more excited about the quality of our chosen licensing partner and their products. Indiva distributes products to all 13 provinces and territories in Canada, and remains committed to growing its top-line and market share organically in Canada -adding vapes to our portfolio of award-winning products is expected to help Indiva accomplish just that. We are very excited to bring Dime vape products to Canadian cannabis enthusiasts.”
“Dime Industries and its entire team are excited and eager to serve the Canadian market with our new partners at Indiva,” said Mike Marz, Founder and Chief Executive Officer of Dime.
Indiva intends to begin production of Dime vape products in Canada as soon as possible, with initial deliveries to provincial wholesalers targeted for Q3 2022.
ABOUT DIME INDUSTRIES
Dime IndustriesTM is founded and led by cannabis pioneer Mike Marz. Based in Orange County, California, Dime manufactures and distributes vape products which incorporate proprietary hardware and cannabis formulations. Dime also manufactures extract products. Dime products are currently available in California, Arizona, and Oklahoma, with multiple new markets anticipated to be added in 2022. Dime –Think Higher.
Connect with Dime on Instagram, Facebook, or on their website.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Cannabis Tarts, Ruby® Cannabis Sugar, Grön edibles, Dime IndustriesTM vape products, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. 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
Stinky Greens Organic Platinum Jelly Now Available in Ontario
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INDIVA TO REPORT FOURTH QUARTER AND FULL YEAR RESULTS PRE-MARKET ON TUESDAY APRIL 26, 2022
LONDON, Ontario – APRIL 7, 2022: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, announced today that it will report its annual results for the period ended December 31, 2021, pre-market on Tuesday, April 26, 2022.
CONFERENCE CALL – Tuesday, April 26, 2022 at 8:30 am EST:
The Company will host a telephone conference call to discuss its results on Tuesday, April 26, 2022 at 8:30 a.m. (EST). Interested participants may join by dialing 416-764-8658 or 1-888-886-7786. The conference ID number is 17137881.
A recording of the conference call will be available for replay following the call. To access the recording please dial 416-764-8691 or 1-877-674-6060. The replay ID is 137881#. The recording will remain available until Thursday, May 26th, 2022.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products including Grön™ Pips and Pearls, Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Cannabis Tarts, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls, and premium flower under the INDIVA and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
INVESTOR CONTACT
Anthony Simone
Phone: 416-881-5154
Email: ir@indiva.com
INDIVA LAUNCHES NEW CANNABIS EDIBLE DESIGNED FOR MICRODOSING
https://www.indiva.com/press-releases/releases-2022/indiva-launches-new-cannabis-edible-designed-for-microdosing/
From Canada’s number one producer of edibles, Jewels Cannabis Tarts offer a convenient microdose option made with real fruit
LONDON, Ontario – February 24, 2022: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), Canada’s number one producer of cannabis edibles and other cannabis products, is chewing further into the edible market with the launch of its newest product, Jewels Cannabis Tarts (“Jewels”).
Each package of Jewels contains 10 tarts bursting with fresh, berry flavour. At 1 mg of THC per tart, Jewels Cannabis Tarts are ideal for cannabis consumers looking for a tasty, portable, microdosing option. Jewels are vegan and gluten-free, using no artificial flavours.
Launched in Ontario on January 25th, Indiva plans to launch Jewels in provincial retail stores in British Columbia at the end of March, and Alberta in April, subject to applicable provincial approvals.
“Indiva has become synonymous with creating, selling, and marketing products that are not only innovative, but are also suited to individual dosing needs and we are thrilled to offer Jewels Cannabis Tarts as the low dose, portable cannabis option for Canadians,” says Leah Thiel, VP Marketing, Indiva. “The discreet consumption, simple ingredients, and convenient format will resonate with cannabis consumers who are looking for a non-oil microdosing product that is easy to consume and doesn’t require additional accessories.”
Jewels Cannabis Tarts are available in two unique flavours: Raspberry 1:1 CBD/THC and Strawberry THC. Jewels Raspberry 1:1 Cannabis Tarts are made with real raspberries for a fresh, berry flavour and contain 1 mg THC and 1 mg CBD. Jewels Strawberry Cannabis Tarts are bursting with fresh, fruity flavour, made with real strawberries and 1 mg THC per tart.
Media Contact
Meena Nowrattan
Email: meena@bubblegumcanada.com
Investor Contact
Anthony Simone
Email: ir@indiva.com
Phone: 416.881.5154
About Indiva
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products including Grön™ Pips and Pearls, Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Cannabis Tarts, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls, and premium flower under the INDIVA and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
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.
Watch--->>>INDIVA well-positioned to take advantage of easing regulations in the cannabis market
Feb 18, 2022
INDIVA Ltd president and CEO Niel Marotta joined Proactive's Stephen Gunnion with details of the company's latest financial performance, growth drivers and prospects.
Canadian licensed producer launches cannabis gummy for nighttime use
Edible offers a custom mix of CBN, CBD, THC and a proprietary indica terpene blend.
https://leaderpost.com/cannabis-business/canadian-licensed-producer-launches-new-cannabis-gummy-for-night-time-use
Author of the article:Angela Stelmakowich
Publishing date:Feb 15, 2022 • 42 minutes ago • 2 minute read •
Indiva Limited announced the launch of cannabis gummies specially formulated for nighttime use earlier today.
The Wana Quick Midnight Berry Indica joins existing offerings, Wana and Bhang, and the soon-to-be released Pearls and Pips, notes a statement from the London, Ont.-based licensed producer.
The new nighttime option offers a custom mix of CBN, CBD, THC and a proprietary indica terpene blend, with the licensed cannabis producer suggesting this “may have the potential for quicker onset and offset of effects.”
And making the gummies with pectin instead of gelatin not only gives the gummy “a great texture, but also makes it vegan and gluten-free.”
With regards to onset time, Indiva makes clear cannabis affects everyone differently. “Health Canada states that ingested cannabis takes 30 minutes to two hours to take effect, and can last for up to 12 hours,” the statement notes, with effects lasting as long as 24 hours in some cases.
Available in packages of two, each gummy contains 5 milligrams of CBN, 10 mg of CBD, 2 mg of THC and the specialized indica blend of 30-plus terpenes.
The product launched at the end of January in Ont., and is set to hit provincial retail stores in B.C., Alberta, Saskatchewan and Manitoba sometime this month.
The new gummy option is designed for consumers who want to try something new, suggests Leah Thiel, vice president of marketing for Indiva.
“We recognize that quiet nights are important to Canadians,” Thiel says, adding that the product’s potential quick onset and unique CBN (cannabinol) formulation can help users “experience a new approach to nighttime.”
CBN is often regarded as a weaker version of THC, perhaps about 25 per cent as effective, according to WebMD. “Unlike CBD, which is entirely non-psychoactive, CBN in larger doses can produce mild psychoactive reactions,” notes the information.
Although research into CBN as a sleep aid is sparse, it has been shown to have “sedative properties that could relieve conditions like insomnia,” WebMD reports.
CBD and CBN, which occur naturally in the cannabis plant as the plant ages, are chemically similar, writes Michael Breus, PhD, in a 2019 article for Psychology Today. That being the case, CBN “has several of the same effects in the body, including relieving pain, reducing inflammation and improving sleep.”
Breus cautions, however, that research to date is very preliminary.
INDIVA ANNOUNCES GRANT OF RESTRICTED SHARE UNITS
13 hours ago
https://stockhouse.com/news/press-releases/2022/02/02/indiva-announces-grant-of-restricted-share-units
LONDON, ON, Feb. 2, 2022 /CNW/ - 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 its Board of Directors has approved the grant of an aggregate of 2,049,997 restricted share units ("RSUs") to certain directors and officers of the Company pursuant to its amended and restated omnibus incentive plan approved by shareholders on June 24, 2021 (the "Plan").
All of the RSUs will vest immediately. Each vested RSU entitles the holder to receive a cash payment equal to the closing price of the common shares of the Company on the last trading date prior to the vesting date, or at the discretion of the Board of Directors, one common share of the Company or any combination of cash and common shares.
Indiva Limited (CNW Group/Indiva Limited)
The aggregate number of common shares of the Company that may be reserved for issuance pursuant to RSUs granted under the Plan is 2,500,000. After this issuance of the RSUs to the directors and officers and certain other issuances to employees of the Company, there are 239,503 RSUs available for future grants under the Plan.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Grön edibles, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
DISCLAIMER & 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 Transaction 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. 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.
SOURCE Indiva Limited
Investor Presentation Q1 2022
https://www.indiva.com/investors/presentation/
Indiva to Hold Investor Webinar, Feb. 8
January 26, 2022 1:34 PM EST
https://www.streetinsider.com/Newsfile/Indiva+to+Hold+Investor+Webinar%2C+Feb.+8/19508575.html
Vancouver, British Columbia--(Newsfile Corp. - January 26, 2022) -
Stocks2Watch would like to invite the Investment Community to Indiva's Investor Webinar, Tuesday, February 8 at 1pm (PT) 4pm (ET).
Individual investors, institutional investors, advisors, and analysts are invited to register now to attend the presentation.
REGISTER NOW AT: https://app.livestorm.co/stocks2watch/explore-indiva-in-2022
Niel Marotta, President & CEO, will provide an Indiva investor update at 1pm pacific standard time on Tuesday, February 8 and will discuss everything within the world powered by INDIVA. This live presentation will last approximately 20 minutes and then we'll transition into an interactive Q & A session.
It was a banner year for Indiva in 2021, and they have no intention of slowing down. In 2022, they'll be launching Jewels, chewable cannabis tablets made from dried fruit and cannabis sugar - these game-changing edibles will be available in two flavours: Raspberry 1:1 and Strawberry.
INDIVA is also set to launch Wana Quick Midnight Berry, a new sleep gummy from the award-winning Wana brand featuring a custom indica blend of CBN, CBD, and THC.
2022 will also see the launch of Grön products in Canada (pronounced "grewn"). Grön is a women-led and women-owned edible company based in Portland, Oregon.
Indiva recently partnered with Grön to bring Canadians their innovative edibles portfolio, which includes candy-coated chocolate 'Pips', chocolate bars, gelatin gummy 'Pearls', and other novel edible products. Production will start on Grön products as soon as possible, with deliveries expected to begin in late Q2/early Q3 2022.
REGISTER NOW AT: https://app.livestorm.co/stocks2watch/explore-indiva-in-2022
Registration Open to Investors and Finance Professionals >>> This event is suitable for private investors, brokers, fund managers, financial institutions, funds, buy & sell side analysts, influencers, newsletter writers and journalists. The event is not suitable for people pursuing commercial opportunities.
ABOUT INDIVA (TSXV: NDVA) (OTCQX: NDVAF)
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana" Sour Gummies, Slow Ride Bakery Cookies, Grön Products, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire" Cannabis Salt, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands.
ABOUT STOCKS2WATCH
Stocks2Watch hosts Virtual Investor Luncheons and Online Presentations for Publicly Listed and Pre-Public Companies. To learn more about Stocks2Watch and view a complete list of events, please visit www.stocks2watch.ca.
CONTACT:
Neil Lock,
info@stocks2watch.ca
604-410-4888
Corporate Logo
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111772
2021 Year In Review --->>> https://www.indiva.com/press-releases/releases-2021/year-in-review-2021-highlights/
INDIVA SIGNS EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT WITH GRÖN
INDIVA TO BRING INNOVATIVE EDIBLES BRAND PORTFOLIO TO CANADA
https://www.indiva.com/press-releases/releases-2021/indiva-signs-exclusive-licensing-and-manufacturing-agreement-with-gron/
LONDON, Ontario – December 15, 2021: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce that it has entered into a Licensing and Manufacturing Agreement with Oregon-based Grön to bring its innovative and fun edibles brand portfolio to Canada. Following on Indiva’s success producing and distributing the top selling chocolates and gummies in Canada, the launch of Grön products in Canada will expand Indiva’s edible portfolio to include products with thoughtful, unique minor cannabinoid ratio combinations and form factors. The initial term of the agreement is for five years, automatically renewing for three additional five-year terms.
Founded by Christine Smith, the woman-led and owned edible brand Grön (pronounced “grewn”) is based in Portland, Oregon, and is one of Oregon’s leading producers and fastest-growing distributors of cannabis edibles. Grön’s edibles portfolio includes candy-coated chocolate ‘Pips’, chocolate bars, gelatin gummy ‘Pearls’ and other novel edible products. Grön currently manufactures and distributes its products across four US states, where legally permissible to do so under applicable state laws, and distributes its CBD-infused products into international markets.
“We are delighted to partner with Grön to bring their innovative, original, high-quality edible products to the Canadian market,” said Niel Marotta, CEO of Indiva. “Indiva remains committed to growing its top-line and market share organically in Canada by bringing products to market that delight our customers, while expanding the selection of legal cannabis edibles in Canada. This agreement will allow Indiva to do just that, with new products which are unique to the Canadian market and complementary to our existing portfolio of cannabis edibles.”
“We are excited to partner with the Indiva team to bring what we believe are the best tasting edibles in the market today. Their commitment to product consistency and industry support gives us confidence that they will be exceptional stewards of the Grön brand. Grön’s cannabis-infused edibles are the perfect addition to the Canada adult-use cannabis market, bringing the ‘Edibles 2.0’ to the community through our innovative effect-driven cannabinoid ratios, deliciously refreshing gummy and chocolate flavors, all made with high quality ingredients,” said Christine Smith, Founder and CEO of Grön.
Indiva intends to begin production of Grön products in Canada as soon as possible, with initial deliveries to provincial wholesalers targeted for late Q2 2022.
ABOUT GRÖN
Grön is a women-led multi-state producer of the best tasting adult-use cannabis-infused edibles. The passionate team of seasoned executives, chocolatiers, and confectioners come from all over the world to create something beautifully delicious for you. Their ingredients are organic, single-origin, Fair Trade Certified, and locally sourced whenever possible. Product offerings in US markets include cannabis-infused chocolate, Sugar-Coated Pearls, Mega Pearls, Candy-Coated Chocolate Pips, as well as Hemp CBD and adaptogen-infused chocolate, vegan fruit chews, tinctures, and skincare. Since inception, they’ve led the cannabis edibles category in the markets in which they operate with a vast selection of thoughtfully formulated products. Though Grön was founded in 2015 producing artisan cannabis-infused chocolate, product innovation continues to shape their offerings in markets hungry for something new. Grön cannabis edibles are available in Arizona, Nevada, Oklahoma, and Oregon, with multiple new markets anticipated to be added in 2022. Connect with Grön on Instagram, LinkedIn, Twitter, or on their website — eatgron.com.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. 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 law.
Indiva’s CEO, Niel Marotta, will be presenting online Wednesday, Dec 1 within MoneyShow’s Virtual Conference at 2:45 pm ET, 11:45 am PT; and will host an Interactive Investor Update on Thursday, Dec 2 after-market at 1 pm PT, 4 pm ET. Please click below to register.
https://online.moneyshow.com/2021/november/canada-virtual-expo/speakers/873bdb49673f42969b06389873c5141f/niel-marotta/?scode=054796&_kx=NHjxLRdLG_MrA5mRXF_UTCvF2cc3Zo4xlAt2Eh_Flgk%3D.P6GTmJ
Earnings Call Transcript--->>> Limited (NDVAF) CEO Niel Marotta On Q3 2021 Results - Earnings Call Transcript
Nov. 16, 2021 10:05 AM ET
Indiva Limited (NDVAF)
Indiva Limited (OTCQX:NDVAF) Q3 2021 Earnings Conference Call November 16, 2021 8:30 AM ET
Company Participants
Niel Marotta - CEO
Jennifer Welsh - CFO
Conference Call Participants
Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.
Operator
00:05 Good morning, ladies and gentlemen, and welcome to Indiva Limited Q3 twenty twenty one Earnings Conference Call. [Operator Instructions] Note that this call is being recorded on Tuesday November sixteen, twenty twenty one.
00:22 And I would like to turn the conference over to Niel Marotta, CEO. Please go ahead, sir.
Niel Marotta
00:28 Thank you, operator. Welcome, everyone. Thank you for joining us this morning to discuss Indiva’s financial results for the third quarter ended September thirty, twenty twenty one.
00:37 I've got some forward looking statements to read first. Matters discussed in this conference call include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Certain material factors and assumptions were considered and applied in making these forward-looking statements. Additional information regarding these forward-looking statements, factors and assumptions is available on our earnings press release issued today as well in the our risk factor section of the quarterly MD&A and other public disclosure documents available on Indiva's SEDAR profile.
01:10 We're pleased to report strong year over year organic revenue growth for the third quarter of twenty twenty one, as well as record gross margins and our second consecutive quarter of positive adjusted EBITDA. Results continued to be driven by organic growth and sales of our Award winning products, including Bhang chocolate and Wana Sour Gummies. That revenue increased one hundred and fifty five percent year over year, our seventh consecutive quarter of positive year over year growth, but declined fifteen percent sequentially, primarily due to seasonal weakness and difficult comparisons versus Q2 twenty twenty one, our benefit from the selling and introduction of three Wana Quick gummie SKUs and two new Bhang Chocolate SKUs.
01:49 Gross margins before fair value adjustments, impairments and onetime items improved significantly in the third quarter to a record thirty point eight percent, a significantly lower distillate costs, positively impacted cost of goods sold, offset by lower revenues.
02:04 Adjusted EBITDA remained positive in the third quarter, but declined sequentially to one hundred and seventy thousand dollars from five hundred and forty thousand dollars last quarter, due to lower revenues offset by lower distillate costs.
2:16 Looking back at Q3 twenty twenty one. Indiva maintained its leadership in the edibles category. Indiva remains a national leader of edible sales with forty five percent market share in the category for the third quarter of twenty forty one. According to Hifyre data across DC, Alberta to Saskatchewan, Manitoba and Ontario across all categories Indiva ranked eleventh in Q3 amongst all Canadian LPs by dollar market share and ranked number one by units delivered.
02:44 Indiva also sold four of the top ten OCS products measured by unit sold for the quarter ended June thirty, twenty twenty one. This represents more SKUs in the top ten than any other LP in Canada.
02:55 Product ranking in Q3 twenty twenty one showed that the top eight edible SKUs were Wana Sour Gummies led by Mango Sativa, both Wana and Bhang continue to lead the respective subcategories. We added Prince Edward Island to our distribution platform in Q3 and as a result, Indiva now sales product coast to coast in all ten provinces in Canada, as well as two territories and in the medical channel through various partnerships. We intend to continue to leverage this national distribution platform going forward with further product and SKU introductions.
03:25 We introduced three new Cookie SKUs from Slow Ride Bakery to the Ontario market, marking Indiva’s first introduction of baked goods in the edibles category. According to Hifyre data, Indiva held leading market share nationally in the baked goods sub-category for the month September twenty twenty one, despite distribution beginning in August and being limited to -- only to the province of Ontario. Indiva has since expanded the distribution of Slow Ride Cookies to three provinces. We also introduce one new Wana SKU in Q3 a strawberry ten pack 10:1.
03:55 Finally, we introduced additional premium strains under the Artisan Batch brand, including Unicorn Sherbert by KRFT, Cereal Milk by KRFT and Sticky Larry by Stinky Greens, we also expanded distribution of the Artisan Batch brand to the province of Alberta.
04:10 Turning to events subsequent to quarter end. We introduced several new products and opened new markets for existing products subsequent to quarter end, which will help drive top line growth in Q4 and beyond. We launched and completed initial shipments of the Wana 10-pack Blood Orange 20:1 SKU a new flavor for Wana Gummies in Canada. Further Wana Gummies SKUs, including midnight -- sweet gummies will launch in Q1 twenty twenty one.
04:35 We introduced Bhang THC White Candy Cane White Chocolate, which has experienced strong selling across five provinces. We also fulfilled replenishment orders of bubble hash concentrate into the Province of Quebec, and delivered our first shipment of INDIVA Capsules to British Columbia. We've expanded distribution of of Slow Ride Cookies to two additional properties and introduced two new holiday themed SKU.
04:56 We also introduced high-potency, craft grown cultivars to the Canadian market, including Golden Pineapple by HWY 8 and Sour Glue by Purplefarm Genetics. The company expects to introduce more exciting and unique cultivars from Canada’s best craft cultivators in the coming months.
05:12 Indiva received nominations for five Adcann Awards, including Craft Brand of The Year, LP Brand of the Year, Best Social Media of the Year, Best Brand Marketer of the Year and Marketing Campaign of the Year.
05:26 On October twelve, twenty twenty Indiva completed its Warrant Incentive Program, a total of eight point eight warrants were exercised, providing gross proceeds to the Company of three point five million dollars. We also closed and amended and increased debt facility with Sundial Growers Inc., providing the company with an additional eight point five million dollars of debt. Proceeds were used to terminate and repay all remaining obligations under the Dycar manufacturing agreement. While there were one time charges in the quarter associated with exiting this contract, the refinancing is immediately accretive to cash flow.
05:58 Finally, pursuant to the press release issued by Canopy Growth on October fourteen announcing the acquisition of an option to acquire Wana Brands, we wishes to clarify that Indiva's exclusive rights to manufacture and distribute Wana Sour Gummies in Canada will remain in place until the earlier of May twenty twenty five, or the date upon which Wana terminates its agreement with Indiva following the exercise by Canopy of its option to acquire Wana, following federal legalization of cannabis in the United States.
06:26 Indiva and Wana may continue their licensing agreement beyond May twenty twenty five if both parties mutually agree. In the event that Canopy exercises its option prior to May twenty twenty five and causes Wana to terminate the current agreement, Indiva would be contractually entitled to receive a termination payment equivalent to four times the most recent three months of gross revenue, net of license payments, from the sale of Wana products in Canada. Indiva remains committed to supporting the growth of the Wana brand in Canada.
06:56 Looking forward, in the fourth quarter of twenty twenty one, we expect sequential revenue growth to resume, driven by new SKU and product introductions and we expect further gross margin improvement driven by higher revenue and improved operating efficiencies, including the commissioning new automation equipment for processing and packaging. Indiva will not stand still, we will continue to move forward and grow through innovation and by pursuing new brands and products introduced into the Canadian market as we leverage our best in class operations, our national distribution platform and our strong relationships with provincial wholesalers and key retail accounts.
07:33 I'd like to thank all Indiva employees including all of the staff at our facility in London, Ontario, as well as our staff working remotely for their fantastic effort and hard work as we continue to produce and sell new products and grow our business.
7:45 Thank you. And I'm sure Cannabis enthusiasts everywhere in Canada. Thank you too. I'll now turn it over to Indiva’s Chief Financial Officer, Jennifer Welsh to review the financial results in greater detail.
Jennifer Welsh
08:00 Thank Niel. I will review Indiva’s financial performance for the three and nine month periods ended September thirty, twenty twenty one. Gross revenue in the third quarter increased one hundred and forty three percent year over year to eight point three million dollars, while year to date gross revenue increased one hundred and ninety four percent year over year to twenty five point zero four million dollars, driven primarily by organic growth of our core edible products.
08:25 Net revenue increased one hundred and fifty five percent year over year which declined fifteen percent sequentially to seven point seven two million dollars in the quarter. Year to date, net revenue increased two hundred and three percent year over year to twenty three million dollars driven by new product introductions and expanded distribution of Indiva products. Overall, edibles represented ninety percent of net revenue in Q3 twenty twenty one.
08:49 Gross profit before fair value adjustments, impairments and onetime items increased by three hundred and nineteen percent year over year to two point eight two million dollars. Year to date gross profit increased to seven point zero million dollars versus one point three one million dollars in the corresponding prior year period.
09:05 Operational gross margin defined gross margin before fair value adjustments, impairments and onetime items increased to a record thirty seven point eight percent in Q3 twenty twenty one versus thirty four percent in Q2 twenty twenty one and twenty two point two percent in Q3 twenty twenty as the company benefited from lower cost offset by lower sequential revenue. Year to date gross margin before fair value adjustments, impairments and onetime items improved to thirty one point one percent or seventeen point three percent for the nine month period a year ago.
09:39 Forty two million milligrams [indiscernible] were sold in the third quarter versus fifty two million milligrams in the second quarter of twenty twenty one and ten million milligrams in Q3 twenty twenty, representing a three hundred and thirteen percent year over year increase with a decrease of nineteen percent sequentially when compared to Q2, which saw the initial sell-in of three Wana Quick SKUs and two new Bhang chocolate SKUs.
10:01 As a reminder, CBD and THC distillate are the active ingredients in our edible products. It is important to remember that there is not necessarily a direct correlation between units sold and milligrams sold as each SKU has its own unique combination and total amounts of milligrams of active ingredient.
10:18 Distillate cost averaged zero point zero five dollar in the third quarter, a significant decline from the second quarter and closer to [indiscernible]. The company expects to see continued gross margin improvement in the fourth quarter of twenty twenty one, this improvement will come as a result of higher quarterly revenue and improved operating efficiencies rather than any further significant contributions from the decline in distillate costs.
10:42 Operating expenses in the quarter remained flat at three million dollars, while year date they increased to eight point three million dollars primarily due to higher marketing and sales submissions driven by higher sales volumes and higher public company costs.
10:55 Operating expenses as a percent of net revenue were thirty nine point two percent in Q3 twenty twenty one. We expressed operating expenses to continue to decline as a percentage of net revenue in Q4 and into twenty twenty two. As a result of lower sequential revenue, adjusted EBITDA that remained positive at one hundred and seventy thousand dollars versus a profit of five hundred and forty four thousand dollars in Q2, and a loss of one million dollars in the same period last year. Year to date adjusted EBITDA, it was positive at two twenty thousand dollars versus a loss of three point three million dollars in the year ago period.
11:31 The company recorded a four point nine nine million dollars loss on contract settlement due to the termination of the Bhang Manufacturing agreement. Going forward, the company expect significantly improved cash flow from operations on a monthly basis due to the refinancing and termination of this contract.
11:48 Comprehensive loss was six point four million dollars in Q3. Comprehensive loss in the quarter included onetime expenses and non-cash charges of four point nine million -- four point nine nine million dollars as well as inventory write downs due to disposal of aged inventory totaling four hundred and forty six thousand dollars. Excluding all onetime expenses and noncash charges, comprehensive loss per share in Q3 twenty twenty one was nine hundred and ninety thousand dollars or one penny dollars per share versus a per share loss of zero point zero two dollars in the year ago period.
12:19 The cash balance stood at two point six million dollars at quarter end. Cash and working capital at quarter end excludes the positive impact of the eight point five billion dollars debt refinancing and three point five million dollars of proceeds from the warrant incentive program, which were all completed subsequent to quarter end. Including the positive impact of these transactions on our balance sheet working capital improves by nearly eleven million dollars
Niel Marotta
12:43 Thank you, Jenn. Operator, I think now we'll open it up to questions please.
Question-and-Answer Session
Operator
12:47 Certainly, sir. [Operator Instructions] And your first question will be from Rahul Sarugaser at Raymond James. Please go ahead.
Q – Unidentified Analyst
13:19 Hi, good morning Niel. Good morning, Jenn. This is [Mike Freeman] (ph) on for Rahul Sarugaser. I regret got missing the call. Hey, congratulations on maintaining pretty remarkable market share in edibles this quarter and in driving positive EBITDA. It's really impressive.
13:34 I've got few questions here on your description of sort of sales dip from a big second quarter, but a sales dip caused by seasonality, I'd be interested to understand more about this sort of August trough you guys indicate in the press release and share with us how this seasonal trend you see?
Niel Marotta
14:01 Sure. Yeah. So I mean our sales really peaked late in Q2 on a monthly basis, we don't break down our revenue on a month by month basis. So we had pretty heavy selling in and that related to a lot of new SKUs. We introduced five pretty popular new SKUs, the Wana Quick SKUs had really good sell and the Bhang chocolate, particularly the cookies and cream had very strong sell-in Q2. August, we trough it about two million dollars monthly revenue, again, we're not going to disclose every single month, but that's – we were down much closer to the Q2 run rate, let's say on a monthly basis since then. So we would attribute that really to seasonality, there is no other really clear reason why sales dipped. But it seems -- it is a bit lumpy too Mike.
14:47 You got to remember our sell-in is not as, let's say, steady and granular as retail sales. So there's a bit of lumpiness in the business as well. So, it's probably a multitude of factors and certainly not just the seasonality we saw in August.
Unidentified Analyst
15:02 Okay, all right. That's really helpful. And I wonder if you could share -- there's been an increased sort of incentive competition in the edibles category, we see Cronos with spinach introducing opinion products that seem to be doing well and organic [indiscernible] sort of holding steady there. Wondering if you're feeling or seeing any increased competition for retail shop space or room for your products?
Niel Marotta
15:29 I think the short answer is, yes. I don't think anything is going us off the shelf per se. We have really terrific store presence which just happened organically and also through key retail partnerships which we continuing to pursue. But we think this is a good thing. We're seeing accelerating – it seems like category growth. We put a new investor deck up today. It looks like the edibles categories is now north of five percent of the total that's the first -- that was in October according the Hifyre data. So, it would appear that while our market share declined somewhat our retail sales continue to grow. But it's not unusual to see, let's say, a high level of trial and initial sell in of new products, some of which are better than others, all of which do impact the total of what's on the shelf. So, we welcome the competition and we think it's good for the whole category. I think -- we think it's first trial for edibles in general, which as you know, are still well underrepresented in Canada versus, say, mature U.S. markets.
Unidentified Analyst
16:35 Okay. Thanks very much. That's really helpful. And now I understand you may not be able to speculate too much on the conclusion of the result of Canopy’s seeking to acquire Wana, but I wonder if there are any near term impact you at Indiva feel following this announcement?
Niel Marotta
17:01 I think other than just perhaps some confusion amongst investors on what does it mean? And this is why we've tried to clarify this with a statement both on the call and then in the press release itself. Indiva -- we're still the exclusive licensee for the next three point five years. We haven't really seen a short term impact, obviously, provincial wholesalers have been informed that there'll be no interruption in the production or distribution of Wana products. So, I guess the short answer from a commercial perspective is no, more so on the investor side and this is why we've tried to clarify things best as possible.
Unidentified Analyst
17:41 Okay. That's helpful. And it's important to know that you guys got there first. Thanks very much for these questions. I'll jump back in the queue.
Niel Marotta
17:51 Thanks Mike. Appreciate it.
Operator
17:53 Thank you. [Operator Instructions] And at this time -- we have a follow-up for Mike. Please go ahead.
Unidentified Analyst
18:14 Thanks very much. Just one more from me on gross margins. So you're working through distillate that was bought at a higher price than the spot market now, you're working towards spot market -- closer to spot market pricing on distillate. Where do you see -- what do you target as gross margins going forward?
Niel Marotta
18:40 Look, we think that -- first of all, we're very pleased that we're able to grow our margins in an environment where revenue decline sequentially, you don't see that very often. So – and we're also very pleased that we're finally seeing distillate flow through our COGS and closer to spot prices. But maybe are still a little bit lower than what we reported, but not meaningfully in a way that we would point to that having huge impact of margin going forward.
19:08 We've talked a little bit about automation. We think we can save upwards of about one million dollars a year of cost savings due to that automation at today's current run rates. So that would add upwards of about three hundred basis points on our current revenue run rate. So, we think forty percent plus is reasonable, whether we get there in Q4 will depend on where revenue shakes out. Again, we have a revenues accelerated from Q3. So I think our internal target in any case is forty percent plus and we'll just see how much higher we can keep pushing it Mike.
Unidentified Analyst
19:47 That's perfect. All right. Thanks very much and congrats on the quarter again.
Niel Marotta
19:51 Thanks, Mike. Appreciate it.
Operator
19:53 Thank you. [Operator Instructions] And at time Mr. Marotta, we have no further questions, sir.
Niel Marotta
20:11 Okay. Well, thank you everyone for attending the call. We're going to get back to work and hopefully we'll see some of you at the LIFT conference in Toronto later this week. We look forward to speaking to all of you again in the spring when we report our Q4 and fiscal twenty twenty one year end results. So thanks everybody.
Operator
20:27 Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.
INDIVA REPORTS THIRD QUARTER FISCAL 2021 RESULTS
Achieves Record Gross Margin, Positive Adjusted EBITDA and Continues to Lead the Edibles Category in Canada
LONDON, Ontario – November 16, 2021: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce its financial and operating results for the third quarter of fiscal 2021 ended September 30, 2021.
All figures are reported in Canadian dollars ($), unless otherwise indicated. Indiva’s financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). For a more comprehensive overview of the corporate and financial highlights presented in this press release, please refer to Indiva’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Nine Months Ended September 30, 2021, and the Company’s Condensed Consolidated Interim Financial Statements for the Three and Nine Months Ended September 30, 2021 and 2020, which are filed on SEDAR and available on the Company’s website, www.indiva.com.
“We are delighted to report strong year-over-year net revenue growth, record gross profit margins in the third quarter of 2021, and positive adjusted EBITDA for the second consecutive quarter. Indiva maintained leading market share in the edibles category in the third quarter, driven by new product introductions and organic growth of existing SKUs,” said Niel Marotta, President and Chief Executive Officer of Indiva. “Looking forward to the fourth quarter of 2021, we expect to see sequential net revenue growth based on continued organic growth, the strength of purchase orders booked to date, and expected new SKU and product introductions.
We also expect to see continued margin expansion in the fourth quarter of 2021, driven by higher revenues and continued improvement in operating efficiencies. Indiva has grown its national distribution platform to all ten provinces and two territories, and is a trusted partner to all provincial wholesalers. Looking ahead to 2022, Indiva will leverage this distribution platform, and our ability to continue to profitably scale production through our best-in-class operations, to drive continued organic growth.”
HIGHLIGHTS
Quarterly Performance
• Gross revenue in Q3 2021 was $8.3 million representing a 143% increase year-over-year from Q3 2020, and a 15.9% sequential decrease from Q2 2021. Year-to-date, gross revenue increased 194% year over year to $25.04 million. This represents Indiva’s 7th consecutive quarter of year-over-year net revenue growth.
• Net revenue in Q3 2021 was $7.72 million representing a 155% increase year-over-year from Q3 2020, and a 15% sequential decrease due to seasonal weakness and against difficult comparisons from Q2 2021, which had the benefit of the introduction and initial sell-in of three Wana Quick SKUs as well as two new Bhang chocolate SKUs. Monthly net revenue has rebounded since the trough in August. Year-to-date, net revenue increased 203% year over year to $23.0 million.
• Net revenue from edible products grew to $6.92 million, up 226% from $2.12 million in the prior year period and down 18% from $8.43 million in Q2 2021. Edible product sales represent 90% of net revenue in Q3 2021.
• Gross profit excluding fair value adjustments, impairments and one-time items, improved by 320% year over year to $2.82 million, and adjusted gross margin improved to a record 37.8% of net revenue versus 34% in Q2 2021 and 22.2% in Q3 2020. Gross profit excluding fair value adjustments, impairments and one-time items declined 8.6% sequentially due to lower quarterly revenues, offset by lower distillate costs. Year-to-date, gross profit increased to $7.08 million, or 31.1% of net revenue, versus $1.31 million or 17.3% of net revenue in the corresponding nine month period last year.
• The Company expects gross margins to continue to improve in the fourth quarter of 2021 and into 2022, due to improved operating efficiencies from increased output, with diminishing benefit from lower distillate costs.
• In Q3 2021, Indiva sold products containing 42 million milligrams of distillate, the active ingredient in edible products, which represents a 19% decrease when compared to the 52 million milligrams in product sold in Q2 2021, and a 313% increase compared to 10 million milligrams sold in Q3 2020. The average distillate cost was $0.005 per mg in Q3 2021, which is much more in line with current spot prices.
• Impairment charges in the quarter totaled $0.446 million, including the disposal of aged inventory.
• Operating expenses in the quarter were flat sequentially at $3.0 million versus Q2 2021 driven by higher marketing costs, offset by lower sales commissions. Operating expenses as a percentage of net revenue increased to 39.2% in Q3 2021 versus 34.1% in Q2 2021, but decreased significantly versus 71.6% in Q3 2020. Year over year, operating expenses increased by 39.4% versus Q3 2020, primarily due to higher marketing and sales commissions driven by higher sales volumes, and higher public company costs. Year-to-date, operating expenses increased by 55.4% to $8.3 million, but declined as a percentage of revenue to 36.2% from 70.5%. The Company expects operating expenses to continue to decline as a percentage of net revenue as the year progresses, and into 2022.
• Adjusted EBITDA remained positive, declining sequentially in Q3 2021 to $0.17 million versus $0.54 million in Q2 2021, and a loss of $1.1 million in Q3 2020, driven by lower sequential revenue versus Q2 2021, offset by lower distillate costs. Year-to-date, adjusted EBITDA was positive at $0.22 million, versus a loss of $3.25 million in the nine month period last year.
• The Company recorded a $4.99 million loss on contract settlement due to the termination of the Dycar manufacturing agreement. Going forward, the company expects significantly improved cash flow from operations on a monthly basis, due to the refinancing and elimination of this contract.
• Comprehensive net loss was $6.43 million for the quarter and included one-time expenses and non-cash charges totaling $5.44 million. Net loss per share was $0.05 versus $0.04 in Q3 2020. Excluding these charges, comprehensive loss in the quarter declined to $0.99 million, or $0.01 per share, versus a loss of $2.13 million in Q3 2020.
• Cash balance at the end of the quarter, which excludes the debt financing and warrant proceeds received subsequent to quarter-end, was $2.6 million.
Q3 2021 Market Share
• Sell through data from Hifyre for the third quarter of 2021 continues to show strong sales of Indiva edible products. Retail sales of Indiva products measured by dollars and units continued to grow in the quarter, while market share declined slightly due to sales of products by new category entrants. With 45% share of sales in the third quarter, Indiva continues to hold its lead in the #1 market share position in the edibles category:
o Ontario #1 with 42% market share.
o Alberta #1 with 51% market share.
o British Columbia #1 with 52% market share.
o Saskatchewan #1 with 27% market share.
o Manitoba #1 with 46% market share.
o Wana Sour Gummies led the edibles category with 35% total category share and 48% sub-category share in gummies. Bhang® continued to lead the chocolate category with 35% share of the chocolate sub-category.
o Product ranking in Q3 2021 showed the top eight SKUs are Wana™ Sour Gummies (led by Mango Sativa).
o Based on Hifyre data from British Columbia, Alberta, Ontario, Manitoba and Saskatchewan, the edibles category improved 19% in Q3 2021 to a record $42.17 million in retail sales versus $35.45 million in Q2 2021.
Operational Highlights for the Third Quarter Fiscal 2021
• Recent OCS data showed that for the quarter ended June 30, 2021, four of the top 10 cannabis products sold by the OCS were Indiva products, as measured by units sold, including three Wana SKUs and one Bhang Chocolate SKU.
• Indiva expanded its distribution platform to include Prince Edward Island. Indiva now sells product in all 10 provinces in Canada, two territories and in the medical channel through partnerships, including Medical Cannabis by Shoppers.
• Indiva introduced three new Cookie SKUs from Slow Ride Bakery to the Ontario market, marking Indiva’s first baked goods introduced in the edibles category. According to Hifyre data, Indiva held leading market share in the baked goods sub-category for September 2021, despite distribution beginning in August 2021 and being limited only to the province of Ontario. Subsequently, Indiva has expanded distribution of Slow Ride Cookies to two additional provinces, and has introduced two new holiday themed SKUs.
• Indiva introduced a new 10-pack SKU of Wana Strawberry 10:1.
• Indiva introduced additional premium strains under the Artisan Batch brand, including Unicorn Sherbert by KRFT, Cereal Milk by KRFT and Sticky Larry by Stinky Greens, and expanded its distribution of the Artisan Batch brand to Alberta.
Events Subsequent to Quarter End
• Indiva completed its Warrant Incentive Program on October 12, 2021. A total of 8,866,666 warrants were exercised, providing gross proceeds to the Company of $3.55 million. 4,433,333 new warrants were issued, exercisable into common shares at $0.45, for a five-year period.
• Indiva announced an amended and increased debt facility with Sundial Growers Inc., providing the Company with an additional $8.5 million of debt. Proceeds were used to terminate and repay all remaining obligations under the Dycar manufacturing agreement.
• Indiva introduced Bhang THC White Candy Cane Chocolate in five provinces, which has experienced strong sell-in.
• Indiva launched Wana 10-pack Blood Orange 20:1, a new flavour for Wana Gummies in Canada, across six provinces and territories.
• Indiva fulfilled replenishment orders of bubble hash concentrate into the Province of Quebec, and delivered its first shipment of INDIVA Capsules to British Columbia.
• Indiva introduced new, high-potency, craft grown cultivars to the Canadian market, including Golden Pineapple by HWY 8 and Sour Glue by Purplefarm Genetics. The Company expects to introduce more exciting and unique cultivars from Canada’s best craft cultivators in the coming months.
• Indiva received nominations for five Adcann Awards, including Craft Brand of The Year, LP Brand of the Year, Best Social Media of the Year, Brand Marketer of the Year and Marketing Campaign of the Year.
• Pursuant to the press release issued by Canopy Growth (“Canopy”) on October 14th announcing the acquisition of an option to acquire Wana Brands, Indiva wishes to clarify that its exclusive rights to manufacture and distribute Wana Sour Gummies in Canada will remain in place until the earlier of May 2025, or the date upon which Wana terminates its agreement with Indiva following the exercise by Canopy of its option to acquire Wana, following federal legalization of cannabis in the United States. Indiva and Wana may continue their licensing agreement beyond May 2025, if both parties mutually agree. In the event that Canopy exercises its option prior to May 2025 and causes Wana to terminate the current agreement, Indiva would be contractually entitled to receive a termination payment equivalent to four times the most recent three months of gross revenue, net of license payments, from the sale of Wana products in Canada. Indiva remains committed to supporting the growth of the Wana brand in Canada.
Outlook
• The Company expects sequential and year-over-year net revenue growth, as well as continued margin improvement in the fourth quarter of 2021, as a result of new SKU and product introductions, and improved operating efficiencies.
• In Q4 2021 and Q1 2022, Indiva will launch several new SKUs including new Wana gummie and Wana Quick SKUs, as well as chewable fruit tablets called “Jewels”. Indiva also expects to continue to introduce additional craft cannabis flower SKUs under the Artisan Batch brand. Artisan Batch brings Canadians the best dry flower from craft growers with special attention paid to high THC potency, robust terpene content, premium large buds and fresh harvest dates.
See the financials here:
https://www.indiva.com/press-releases/releases-2021/indiva-reports-third-quarter-fiscal-2021-results/
Indiva to Report Third Quarter Results Pre-market on Tuesday November 16th
https://www.prnewswire.com/news-releases/indiva-to-report-third-quarter-results-pre-market-on-tuesday-november-16th-301419062.html
Indiva Limited
Nov 08, 2021, 17:04 ET
LONDON, ON, Nov. 8, 2021 /PRNewswire/ - Indiva Limited (the "Company" or "Indiva") (TSXV: NDVA) (OTCQX: NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, will report its three and nine month results for the period ended September 30, 2021 pre-market on Tuesday, November 16th.
CONFERENCE CALL - Tuesday, November 16, 2021 at 8:30 am EST:
The Company will host a conference call to discuss its results on Tuesday, November 16, 2021 at 8:30 am EST. Interested participants can join by dialing 416-764-8658 or 1-888-886-7786. The conference ID number is 01162714.
A recording of the conference call will be available for replay following the call. To access the recording please dial 416-764-8691 or 1-877-674-6060. The replay ID is 162714#. The recording will remain available until Thursday, December 23rd, 2021.
INVESTOR PRESENTATION – Thursday, December 2nd at 4:00pm EST (1:00pm PST):
Niel Marotta, President & CEO will be hosting an online presentation for shareholders, analysts, investors, media representatives and other stakeholders on Thursday, December 2nd at 4:00pm EST (1:00pm 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/stocks2watch/indiva-investor-update
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
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.
indivalife - Attention Alberta: KRFT Cannabis is now available! Choose from two exceptional strains—or don’t make yourself choose and just get both ??. Unicorn Sherbert and Cereal Milk are genetically supreme, high-THC strains that will please even the most adventurous smokers. Visit your local retailer today!
https://www.facebook.com/IndivaInc/photos/a.310229399914643/942574106680166/
Love it! --->>> Bhang THC Candy Cane White Chocolate.
Yes, in October.
https://manage.kmail-lists.com/subscriptions/web-view?a=P6GTmJ&c=LwKGhr&k=254c5adc42de1ba07014969916d17438&m=SYj6GH&r=BYSAc48
The best surprises are the one you least expect, like a surprise party four months before your birthday. That’s why a candy cane flavour in October is so exciting! Bhang THC Candy Cane White Chocolate features creamy white chocolate, crushed up candy cane pieces, and 10 mg of THC—and a little bit of holiday cheer ??
You’ll only be able to find Bhang THC Candy Cane White Chocolate for a limited time, so you’ll want to stock up. Enjoy it now or save it until December 1st, the choice is yours. Although fair warning: it’ll be pretty hard to resist until then.
INDIVA ANNOUNCES INCREASE AND AMENDMENT TO TERM LOAN FACILITY WITH SUNDIAL GROWERS INC. PROVIDING ADDITIONAL NON-DILUTIVE CAPITAL
https://manage.kmail-lists.com/subscriptions/web-view?a=P6GTmJ&c=LwKGhr&k=254c5adc42de1ba07014969916d17438&m=SazccX&r=BMPSXct
IMMEDIATE CASH FLOW IMPROVEMENT THROUGH TERMINATION OF WHITE-LABEL LICENSING AND MANUFACTURING AGREEMENT WITH DYCAR PHARMACEUTICALS LTD.
SIGNIFICANT INSIDER SUPPORT THROUGH WARRANT INCENTIVE PROGRAM BOLSTERS BALANCE SHEET
NEW PRODUCT LAUNCHES CONTINUE TO DRIVE ORGANIC GROWTH
LONDON, Ontario – October 5, 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 Sundial Growers Inc. (“Sundial”) has provided an additional $8,500,000 in available funds to Indiva (the "Additional Funds") and has amended the terms of its existing non-revolving term loan facility with Sundial (the "Amended Term Loan"), bringing the total principal amount of the Term Loan including accrued and deferred interest to $19,751,905 (the "Principal Amount"). Indiva has also entered into a settlement and termination agreement (the "Termination Agreement") with Dycar Pharmaceuticals Ltd. ("Dycar") whereby the parties have agreed to terminate and settle all matters between them in relation to the licensing and manufacturing agreement, as amended, entered into on February 18, 2020 (the "Manufacturing Agreement").
The Amended Term Loan matures on February 23, 2024 or upon an event of default (the "Maturity Date") and bears an interest rate of 15% per annum. 100% of accrued interest is payable in cash and accrued on a monthly basis. Upon a change of control of Indiva or the repayment by Indiva of all of its obligations under the Amended Term Loan, Indiva shall be required to have paid to Sundial a multiple on invested capital of 1.375 times the Principal Amount (the "MOIC"). No additional interest shall be payable such that the aggregate amount paid by Indiva to Sundial will not exceed the MOIC.
Indiva intends to use the Additional Funds to satisfy its obligations under the Termination Agreement. Under the terms of the Termination Agreement, Dycar has received total cash consideration of $8,380,959, and the Manufacturing Agreement has been terminated. Dycar and Indiva have also agreed to enter into a mutual release of all existing and potential claims between them. Indiva will continue to provide Dycar with certain limited transitional services not to extend past January 31, 2022.
ATB Capital Markets Inc. (“ATB”) acted as exclusive financial advisor to Indiva for the Amended Term Loan. In connection with the Amended Term Loan, Indiva has agreed to pay to ATB a cash commission equal to $250,000.
New Product Launch
Indiva is pleased to announce an array of new products and seasonal offerings which will be on store shelves and available through provincial wholesaler websites to of-age Canadians in 2021:
Wana Sour Gummies: Leading the way with innovation, and building on its category leadership, Indiva will introduce five new Wana Gummie SKUs in the last quarter of 2021. New products include two new large-format high CBD flavours including Strawberry 10:1, which is already available in certain markets, and Blood Orange 20:1, expected to hit shelves later in 2021. Each package will contain 10 gummies. Additionally, Indiva will introduce three new Wana Quick SKUs including Tropical Punch Indica, Lemon Cream Hybrid and Wana Quick Midnight Berry Indica “sleep” gummies in the coming weeks. The Wana Quick Midnight Berry Indica gummies will come two per package, and will be loaded with 5mg of CBN per gummie, in addition to 2mg of THC and 10mg of CBD.
Bhang Chocolate: Just in time for the holidays, Indiva will bring a new seasonal chocolate SKU to the Canadian market with Bhang THC Candy Cane White Chocolate. Each Bhang THC Candy Cane White Chocolate contains 10mg of THC and real candy cane pieces.
Slow Ride Bakery Cookies: Indiva will bring two new holiday cookies from Slow Ride Bakery, including Merry Cherry Chocolate and Festive Sprinkle Sugar Cookies. Each package contains one cookie with 10mg of THC.
Jewels: Chewable tablets, perfect for micro-dosing, are made by combining the infused “Ruby” Sugar with powdered fruit, and pressed into a chewable tablet, to create a unique and delicious taste and texture. Jewels will come in packages of 10 tablets, and be available in two flavours: Raspberry and Strawberry. Raspberry Jewels will contain 1mg of THC per tablet and Strawberry Jewels will contain 1mg of THC and 1mg of CBD per tablet.
Artisan Batch: Indiva is delighted to bring new cultivars to the super-premium flower category from Purplefarm Genetics. The first strain will be called Sour Glue. Like all Artisan Batch product, Purplefarm strains have high potency, high terpene percentages, excellent bag appeal and guaranteed freshness.
“We are delighted to continue to drive organic growth, and industry leading market share in the edibles category, by bringing new, innovative cannabis products to of-age Canadians. With a total of 10 new edible SKUs and several new super-premium flower SKUs to hit the market in the 4th quarter of 2021, Indiva will continue to build on its strength of producing differentiated products from our key brands, including Wana Sour Gummies, Bhang Chocolate, Slow Ride Bakery, Jewels and Artisan Batch,” said Niel Marotta, President and Chief Executive Officer of Indiva. “We are also very pleased with the continued support from Sundial. The Amended Term Loan, and termination and repayment of all obligations under the Dycar Manufacturing Agreement, effectively lowers Indiva’s cost of capital, and will be immediately accretive to earnings and cash flow.”
Warrant Incentive Program Update With Strong Initial Insider Support
Further to the previously announced warrant exercise incentive program (the "Incentive Program") on September 22, 2021, the Company is pleased to announce that of the 17,184,996 outstanding common share purchase warrants (the "Warrants") eligible to participate in the Incentive Program, it has received commitments for the exercise of 8,016,666 Warrants, representing $3,206,666 in aggregate gross proceeds to the Company. Pursuant to these commitments, the holders thereof will receive, in the aggregate and at no additional cost, one-half of one newly issued common share purchase warrant (each an "Incentive Warrant"), with each whole Incentive Warrant exercisable into one common share for a period of five (5) years from the issue date at an exercise price of $0.45. The Incentive Warrants and any common shares issued upon the exercise of the Incentive Warrants will be subject to a hold period expiring four months plus one day after the date of distribution of the Incentive Warrants.
Holders of Warrants eligible to participate in the Incentive Program who would like to participate in the Incentive Program have until October 12, 2021 to exercise their Warrants in the manner set forth in the letter delivered to the registered holders of the Warrants. Any Warrants that are not exercised prior to October 12, 2021 will remain outstanding in accordance with their original terms, and in particular, will no longer be eligible to participate in the Incentive Program.
The Company has received conditional approval from the TSX Venture Exchange for the Incentive Program which is subject to the receipt of applicable regulatory approvals, including the final approval of the TSX Venture Exchange.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. 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
Company Contact
Niel Marotta, CEO
Phone: 519-649-6686 ext.200
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 Amended Term Loan, the Termination Agreement, 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 ability of Indiva to satisfy its debt obligations under the Amended Term Loan, the impact of the Termination Agreement and associated mutual release on Indiva 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.
The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press 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.
Improving the balance sheet--->>>INDIVA ANNOUNCES WARRANT INCENTIVE PROGRAM
https://www.indiva.com/press-releases/releases-2021/indiva-announces-warrant-incentive-program/
One for every day of the week
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It’s okay to get excited, you know. White Russian pre-rolls are now available in a pack of 7. That’s 7 beautifully crafted joints made with whole flower, never trim, with 16-22% THC and a smooth burn. Really, what more is there to ask for?
White Russian 7-pack pre-rolls are now available in Ontario, so check your local store for availability.
The edible market is blue skies. It will be so big imo, and Indiva has a solid foothold.
Indiva is dominating cannabis edibles market, says Raymond James
Raymond James analyst Rahul Sarugaser has a good feeling about Indiva (Indiva Limited Stock Quote, Chart, News, Analysts, Financials TSXV:NDVA), initiating coverage with a “Strong Buy 1” rating and target price of $1.75/share for a projected return of 317 per cent in a September 7 update to clients.
Headquartered in London, Ont., Indiva is a licensed producer and distributor of medical cannabis products made of psychoactive drug flowers and oil extracts within the Canadian cannabis market.
“NDVA’s headline is pretty straightforward: Through its marquee license agreements with popular U.S. brands (Wana, Bhang), NDVA is dominating the Canadian edibles market,” Sarugaser said.
Sarugaser believes Indiva, which has a market cap of $50 million, to be a textbook merger or acquisition target for other companies, referencing the $435 million acquisition of Supreme Cannabis, which had a smaller market share than Indiva, by Canopy Growth in April. Sarugaser identifies Olds, Alta.-based Sundial Growers as an early actor on the company’s value, investing $22 million in the company in exchange for an 18.5 per cent equity stake.
Through its licensing agreements with Wana Sour Gummies and Bhang Chocolate edibles, Indiva occupies seven of the top eight spots among edibles sold in Ontario, which accounts for 45 per cent of all edible sales in Canada, with a further investment into the market coming through the release of Slow Ride Bakery cookies through a partnership with the Ottawa-based private company.
Indiva recently reported its second quarter financial results, headlined by $9.1 million in net revenue for the quarter, marking a a 255 per cent year-over-year increase, and a 46 per cent sequential increase from the previous quarter, which the company notes was driven primarily by increased sales of the Wana and Bhang lines.
“Becoming a top ten ranked LP nationally by dollar share and top three measured by units, and doing so by driving organic growth rather than through acquisition, is a testament to the talent, dedication and hard work of the entire Indiva team,” said Niel Marotta, President and Chief Executive Officer of Indiva in the company’s August 24 release.
“Looking forward to the second half of 2021, we expect to see continued revenue growth driven by new product introductions, including multi-pack Wana gummies and cookies from Slow Ride Bakery, marking Indiva’s first introduction of baked goods into the market. We also expect to see continued margin expansion throughout 2021, driven by lower distillate costs and continued improvement in operating efficiencies. Indiva is hitting its stride, and we intend to continue to drive profitable organic growth by delivering best-in-class cannabis products to of-age Canadians,” Marotta said.
Predicated on the notion of Indiva capturing 20 per cent of the Canadian edibles market, Sarugaser’s financial metrics for Indiva show a company poised to continue growing, with a projection of $34.5 million in net revenue for 2021 coming in at a 134.7 per cent year-over-year increase over the 2020 reported figure of $14.7 million, followed by a projected 43.8 per cent year-over-year increase to $49.6 million. From there, Sarugaser foresees net revenue more than doubling by 2025, where he projects net revenue of $117.8 million, along with the company possessing three per cent of the Canadian adult-use cannabis market share.
2022 is also the first year where Sarugaser projects a positive EBITDA for the company, with a forecast of $3.2 million and 6.5 per cent margin coming in well ahead of the projected $1.4 million EBITDA loss for 2021. Sarugaser sees the EBITDA margin continuing to climb through 2025, projecting $7.1 million in EBITDA and 10.6 per cent margin for 2023, $11.4 million and 11.8 per cent margin projected for 2024, and $17.7 million with 13.8 per cent margin projected for 2025.
Sarugaser has Indiva’s EV/Revenue multiple forecasted to drop from the reported 4.5x in 2020 to 1.9x in 2021, then again to 1.3x in 2022. Meanwhile, with positive EBITDA projections in place beginning in 2022, Sarugaser projects an initial dip from -8.2x in 2020 to -45.8x in 2021, then rebounding to 20.9x in 2022.
Going forward, Sarugaser foresees Indiva maintaining its hold on the Canadian edibles market as the market itself grows to a similar share as what’s seen in the United States, then penetrating deeper into existing markets while adding new ones, singling out Quebec as a potential target if it opens for business.
“Benefiting from our conversations with NDVA management, our visits to NDVA’s manufacturing facilities in London, and our study of NDVA’s sales and operating results quarter after quarter, we conclude that NDVA is a top-shelf operator that consistently produces high-quality, fast-selling products that Canadian consumers seem to love,” Sarugaser said.
Overall, Indiva’s stock price is up 75.9 per cent for the year to date, reaching a high point of $0.68/share on February 16 on the TSX Venture Exchange.
Raymond James Calls Indiva 75% Undervalued, Gives 243% Upside Target
September 9, 2021 3:42 PM
Justin Young Analyst Estimate
Indiva will not benefit from USA legalization. They are licensed to sell their best sellers by a USA based company that retains the USA distribution rights.
On the other-hand, USA legalization will be a boon to Valens shareholders. They are well positioned to turn USA acquisitions into THC selling product companies.
They will also benefit from being able to set up operations in each country to product what they currently produce in the other. Their SKU portfolio in each country will expand dramatically.
The Indiva bet is can the edibles sector continue to expand in real dollars, and as a percentage of THC sales in Canada, while they maintain their lock on selling nearly 50% of all Canadian edibles.
If so their PPS rises to over 50¢ and I have a double.
Funman: I appreciate your posts but some Canadian cannabis companies, while tops in their market and holding their own, are really just treading water.
Look at Valens.
Same alibi, same story.
Indiva is 41 cents while Valens is 2.13.
Will US legalization help them?
I guess we will wait and see.
This Focused Cannabis Producer Punches Above Its Weight in the Canadian Edibles Market
https://www.newcannabisventures.com/this-focused-cannabis-producer-punches-above-its-weight-in-the-canadian-edibles-market/
September 8, 2021 at 12:56 pm
Exclusive article by Carrie Pallardy
Exclusive Interview with Indiva Co-Founder, CEO and President Niel Marotta
For Indiva (TSXV: NDVA) (OTCQX: NDVAF), this September marks the one-year anniversary of the introduction of Wana Sour Gummies into the Canadian market. Since then, the company has achieved more than 50 percent market share in the gummies category, according to Co-Founder, CEO and President Niel Marotta. Marotta reconnected with New Cannabis Ventures to discuss deepening distribution, new product categories and competing in the Canadian market. The audio of the entire conversation is available at the end of this written summary.
Canadian Operations
Indiva has broad distribution across most of the Canadian market; it has products in nine provinces and two territories. The company is hoping to list products eventually in Prince Edward Island and Nunavut.
When looking at units sold on a monthly basis, Indiva is third, behind only Canopy Growth and Tilray, according to Marotta. The company’s goal is to continue to go deeper into all provinces.
Last year, the company announced an agreement with Medical Cannabis by Shoppers Inc. The agreement comes with the validation of working with an established pharmacy, and it allows Indiva to sell its edibles into the province of Quebec to patients who have prescriptions with Shoppers, according to Marotta. Thus far, distribution through this agreement accounts for less than 5 percent of the company’s revenue, but Marotta expects this could grow significantly as regulations evolve.
The company currently has about 150 employees, most of which are located in London, Ontario. Indiva added a new director, Russell Wilson from Prairie Merchant, last year, and it has fleshed out its team on the sales side. The company is putting more boots on the ground to deepen its coast-to-coast distribution and strengthen its relationship with key accounts.
Consolidation is a hot topic in the cannabis space. Marotta considers Indiva’s stock as significantly undervalued; he doesn’t think the company has the currency to be an aggressive acquirer at this time. But, he does expect that other LPs will be interested in acquiring Indiva. The company has a considerable market share in the edibles space, making it an accretive and complementary option. The company will examine and discuss with its board any offers that do arise.
A New Product Category
Indiva entered the baked goods category with Slow Ride Cookies. Thus far, the edibles category has been relatively small in the Canadian market, with baked goods being a smaller subcategory. But, edibles are relatively new in this market. Looking to more mature U.S. markets, edibles can account for 10 percent or more the market, with baked goods taking 10 to 15 percent of the edibles category, according to Marotta. He hopes that Indiva will grow the baked goods category, as well as its top line.
Indiva Has Entered the Baked Goods Category with Slow Ride Cookies.
While baked goods represent a new category of Indiva, the company does not necessarily want to be in all product categories. Any new areas it does enter will be with brands that the team feels offer something unique. Ultimately, Indiva is focused on being the leader in the categories it does pursue rather than being in every product segment.
CBD Outlook
Indiva is a player in the CBD space. It has launched chocolate, gummy and soft gel CBD products. It is also launching a multipack of Wana gummies in a 10:1 format, allowing for more gummies in a package without violating the 10 mg THC cap. While CBD products are outsold by THC products, Marotta sees an opportunity for innovation and growth in the CBD space.
International Opportunities
The company’s business plan is focused on the Canadian market, but it does keep a watchful eye on international markets. The company does not necessarily envision becoming a direct U.S. play, even with federal legalization, but it would hope to strengthen its relationships with U.S. brands like Wana and Bhang Chocolate. The Indiva team is also considering the demand in European markets.
Investors and Funding
Earlier this year, licensed producer Sundial made a $22 million strategic investment in Indiva. Since making that investment, Sundial closed on the acquisition of Inner Spirit Holdings, which owns the Spiritleaf retail dispensaries in Canada. Having exposure to that retail chain contributes to Indiva’s product distribution.
Indiva ended its second quarter with $3.4 million in cash. The company has $11 million in senior debt outstanding with Sundial, but that is not due for two-and-half years, according to Marotta. He sees Indiva’s funding needs as relatively minor. The company is aiming to be cash-flow-positive before the end of the year or by early next year.
The company’s facility is fully built and fully licensed; Indiva does not need to fund any large CapEx projects. Indiva does intend to allocate some capital to automation, which will ultimately help to reallocate labor and improve on margins.
Indiva’s Facility in London, Ontario Is Fully Built and Licensed.
If Indiva does need to raise more capital at any point, it would result in a solid use of proceeds that creates shareholder value. The team may also look at opportunities to improve the balance sheet in an accretive fashion, according to Marotta. Insiders own more than 10 percent of the company; the team is sensitive to dilution and carefully watches the share price and structure.
The Second Half of 2021
Marotta anticipates that the second half of Indiva’s year will be better than its first. The company has achieved $15.3 million in net revenue thus far, exceeding total net revenue in the fiscal year 2020. In addition to net revenue growth, Marotta expects solid margin improvement in the second half of the year due to the falling price of distillates.
Indiva has achieved its more than 50 percent market share in the gummies space after just one year of having products in the market, and its chocolate market share is around 40 percent, according to Marotta. The company consistently introduces new products with its licensees, helping to drive its market share and revenue.
Indiva Has Captured Approximately 50 Percent Market Share in the Gummy Category.
Many product categories in the Canadian market are crowded, and Marotta anticipates that the competition will only continue to increase. Indiva will defend and aim to grow its market share in Canada with new products in its chosen categories.
While federal legalization in the U.S. is a big topic of conversation, Marotta does not think that the Canadian market is anywhere near played out. He expects there is room for the market to double or triple and room for the edibles category to do the same, which puts Indiva in a position to pursue significant growth as well.
New Cannabis Ventures provides a sponsored Investor Dashboard for Indiva. Listen to the entire interview:
https://soundcloud.com/newcannabisventures/this-focused-cannabis-producer-punches-above-its-weight-in-the-canadian-edibles-market?utm_source=clipboard&utm_campaign=wtshare&utm_medium=widget&utm_content=https%253A%252F%252Fsoundcloud.com%252Fnewcannabisventures%252Fthis-focused-cannabis-producer-punches-above-its-weight-in-the-canadian-edibles-market
Lots of competition coming. Brand Awareness and quality might be a good moat.
Wana is a very solid brand. Seems like Bhang is decent too. And I think as people grow to appreciate edibles, they will be a very significant sector within the canna sector as a whole. And Indiva is one with reputable lines, so they are on solid footing…at least up to if/when they are acquired and by whom.
Think of this like hitting the jackpot twice
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Two Indiva products are being released as 7-pack pre-rolls, and one of them is already available! Our popular Jack Herer and White Russian pre-rolls have been made into 7-packs, which means lucky number seven just struck twice.
Jack Herer 7-pack Pre-Rolls, Now Available
A cross between Northern Lights #5 and Shiva Skunk, Jack Herer is a sativa-dominant hybrid strain with 16-22% THC. It has peppery, piney notes with a hint of citrus zest and is a cult classic among cannabis consumers.
White Russian 7-pack Pre-Rolls, Coming Soon
This sativa-dominant hybrid is a cross between White Widow and AK-47, making its flavour profile fragrant, fruity, sweet, and skunky—in the best possible way. These pre-rolls feature 16-22% THC and burn with a smooth, white ash.
Jack Herer is available through Ontario retailers, so check your local stores today!
Indiva Limited Is One Of The Best Ways To Gain Exposure To The Canadian Craft Grower Trend
EDITORIAL Aug 30, 2021 • 7:17 AM EDT
3 MIN READ • BY MICHAEL BERGER
https://www.technical420.com/cannabis-article/indiva-limited-is-one-of-the-best-ways-to-gain-exposure-to-the-canadian-craft-grower-trend/#
The improvement in adjusted EBITDA can be attributed to Indiva reporting strong revenue growth. The better sales numbers were negatively impacted by higher operating expenses and we are not surprised by this increase. We are favorable on how the business has advanced and believe the business is well positioned to capitalize on a burgeoning vertical of the Canadian cannabis industry.
A key aspect of the Indiva story is related to the relationship it has with leading US cannabis brands like Wana Sour Gummies and Bhang Chocolate. Going forward, we expect these brands to serve as a key growth driver for the business and are favorable on how sales numbers have been ramping up.
A Leading Canadian Cannabis 2.0 Operator
One of the most important metrics that was reported by Indiva is the amount of market share that it has in provinces across Canada. According to Hifyre, the Canadian cannabis producer reported to have:
48% market share in Ontario (ranked first)
59% market share in Alberta (ranked first)
50% market share in British Columbia (ranked first)
32% market share in Saskatchewan (ranked first)
53% market share in Manitoba (ranked first)
Sell through data from Hifyre showed strong sales of Indiva edible products. The cannabis data firm said the company’s edible market share increased to 50% from 46% and we are favorable on the increase.
Another important metric that was reported by Indiva is related to the cost of distillate. During the quarter, the company sold products that contained 52 million milligrams of distillate. When compared to the prior quarter, this amount represents a more than 70% increase and we find this level of growth to be significant. The average cost of distillate in the second quarter was $0.02 per milligram. In the prior quarter, the average cost of distillate was $0.038 and we are favorable on this decline.
Over the next two quarters, Indiva expects gross margins to continue to improve and this is primarily related to expected declines in distillate costs as well as improved operating efficiencies from higher production levels. We believe the management team is focused on profitability and consider this to be important for the long-term potential of the business.
Is Indiva an Acquisition Target?
At current levels, we believe that Indiva is trading at a considerable discount to its peers (from a market capitalization standpoint) and are bullish on the growth prospects that are associated with the business. We are of the opinion that Indiva has a favorable risk-reward profile and we consider it to be an acquisition target.
The management team provided favorable guidance and stated that Indiva should report strong revenue growth and margin improvements in the second half of 2021. The management expects new product introduction, lower distillate costs and improved operating efficiencies, to play a key role in the success of the business. In the back half of the year, Indiva expects to introduce more than 20 new products and we are favorable on this growth strategy.
FIRE & FLOWER AND HIFYRE ANNOUNCE PROPOSED ACQUISITION OF POTGUIDE
AUGUST, 26, 2021
https://investors.fireandflower.com/news/news-details/2021/Fire--Flower-and-Hifyre-Announce-Proposed-Acquisition-of-PotGuide/default.aspx
Acquisition will position Hifyre as one of the world's most visited networks of cannabis websites and content platforms
Continued execution of Fire & Flower's expanded digital strategy drives conversion of leading cannabis websites into virtual online dispensaries
TORONTO, Aug. 26, 2021 /CNW/ - Fire & Flower Holdings Corp. ("Fire & Flower" or the "Company") (TSX: FAF) (OTCQX: FFLWF) and its wholly-owned subsidiary Hifyre™ Inc. ("Hifyre"), today announced the proposed acquisition (the "Acquisition") of all issued and outstanding shares of PGED Corp., ("PotGuide"), one of the world's largest cannabis websites and content platforms.
PotGuide / Hifyre / Fire & Flower - (c) 2021 Fire & Flower Holdings Corp. (CNW Group/Fire & Flower Holdings Corp.)
PotGuide is one of the most visited cannabis websites in North America, as reported by industry-standard online traffic tools. Along with the proposed acquisition of certain assets of Wikileaf Technologies Inc. ("Wikileaf") announced earlier this month, the Hifyre digital network will become one of the world's most visited networks of cannabis websites and content platforms.
Upon closing, the Acquisition is expected to be immediately accretive to the Company's revenue and profitability and will provide Hifyre with a U.S. base for technology and operations.
Following closing of the Acquisition, Hifyre intends to leverage this significant user traffic and its proprietary white-label dispensary e-commerce software to convert traffic into cannabis and accessory purchases. The purchases will be fulfilled by the Fire & Flower retail network across Canada and in California through its agreement with Fire & Flower U.S. Holdings Inc. Hifyre anticipates creating additional agreements with dispensary networks across Canada and the U.S. to fulfill cannabis purchases in as many geographic locations as possible.
PotGuide and Wikileaf bring an existing subscriber base of approximately 225,000 cannabis consumers into the Spark Perks™ ecosystem. Subscribers will be invited to enroll in the Company's Spark Perks™ member program, which already boasts over 300,000 subscribers. The program allows members to unlock unique benefits and helps Hifyre build a greater understanding of cannabis consumer preferences across North America as part of the Hifyre IQ data program.
"As Fire & Flower has grown over the past few years, we have successfully proven the value of our Hifyre data analytics retail platform and it is a great accomplishment to see the rapid success of our expanding digital strategy with the acquisition of PotGuide," shared Trevor Fencott, Chief Executive Officer of Fire & Flower. "Now that we are strategically acquiring two of the most visited cannabis online websites, PotGuide and Wikileaf, we have established Fire & Flower and Hifyre as leading global players in digital cannabis traffic and believe we can offer even greater value to these high-demand properties."
"PotGuide is excited to join the Fire & Flower and Hifyre network of properties and we look forward to continuing to build one of the leading North American cannabis technology companies," shared Jeremy Bamford, Chief Executive Officer of PGED Corp. "The ability to leverage the significant web traffic of PotGuide.com with Hifyre's cannabis e-commerce technology will enable us to offer an increased value proposition to our users and enhance the growth strategy of our business."
Definitive Share Purchase Agreement of PotGuide
The Company has entered into a definitive share purchase agreement for all issued and outstanding shares of PGED Corp., the Denver, Colorado based operator of PotGuide.com (the "Share Purchase Agreement").
Total consideration for the purchase is approximately US$8.5 million, payable by way of US$4.0 million cash consideration and 5,978,050 common shares of Fire & Flower based upon the Company's 10-day volume weighted average price. The Acquisition is anticipated to close during the Company's fiscal third quarter and is subject to the satisfaction or waiver of all conditions in the Share Purchase Agreement, including the receipt of applicable regulatory approvals (including the approval of the Toronto Stock Exchange).
To learn more about PotGuide, visit https://potguide.com.
About Fire & Flower
Fire & Flower is a leading, technology-powered, adult-use cannabis retailer with more than 85 corporate-owned stores in its network. The Company leverages its wholly-owned technology development subsidiary, Hifyre, to continually advance its proprietary retail operations model while also providing additional independent high-margin revenue streams. Fire & Flower guides consumers through the complex world of cannabis through education-focused, best-in-class retailing while the Hifyre digital retail and analytics platform empowers retailers to optimize their connections with consumers. The Company's leadership team combines extensive experience in the technology, cannabis and retail industries.
Through the strategic investment of Alimentation Couche-Tard Inc. (owner of Circle K convenience stores), the Company has set its sights on global expansion as new cannabis markets emerge and is poised to expand into the United States when permitted through its strategic licensing agreement with American Acres Managers upon the occurrence of certain changes to the cannabis regulatory regime.
Fire & Flower is a multi-banner cannabis retail operator that owns and operates the Fire & Flower, Friendly Stranger, Happy Dayz and Hotbox brands. Fire & Flower Holdings Corp. owns all issued and outstanding shares in Fire & Flower Inc. and Friendly Stranger Holdings Corp., licensed cannabis retailers that own and operate cannabis retail stores in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and the Yukon territory.
To learn more about Fire & Flower, visit www.fireandflower.com.
About Hifyre
The Hifyre Digital Retail and Analytics Platform is a proprietary ecosystem of products that includes the Spark Perks member program, Hifyre ONE retail software platform and the Hifyre IQ cannabis data and analytics platform.
The Hifyre platform also supports Fire & Flower's advanced operations and provides a competitive advantage in providing a tailored digital experience and understanding consumer behaviours in the evolving cannabis market.
To learn more about Hifyre, visit www.hifyre.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws ("forward-looking statements"). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "project" and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information in this news release includes, but is not limited to, statements in respect of the consummation of the Acquisition and the integration of PotGuide into the Company's operations and digital strategy.
Forward-looking statements are based on the opinions and estimates of management of Fire & Flower at the date the statements are made based on information then available to the Fire & Flower. Various factors and assumptions are applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements Forward-looking statements are subject to and involve a number of known and unknown, variables, risks and uncertainties, many of which are beyond the control of Fire & Flower, which may cause Fire & Flower's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such factors, among other things, include: regulatory and other approvals or consents; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the impact of the COVID-19 pandemic; the ability of the Company to successfully achieve its business objectives and political and social uncertainties.
No assurance can be given that the expectations reflected in forward-looking statements will prove to be correct. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Additional information regarding risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and the heading "Risks and Uncertainties" in the management discussion and analysis for quarter ended May 1, 2021 filed on its issuer profile on SEDAR at www.sedar.com. The forward-looking statements contained in this new release are made as of the date of this news release, and the Company does not undertake to update any forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE Fire & Flower Holdings Corp.
The following slide deck was published by Indiva Limited in conjunction with their 2021 Q3 earnings call presentation on.
https://static.seekingalpha.com/uploads/sa_presentations/239/74239/original.pdf
See Blue - Earnings Call Transcript - Indiva Limited (NDVAF) CEO Niel Marotta on Q2 2021 Results - Earnings Call Transcript
INDIVA REPORTS SECOND QUARTER FISCAL 2021 RESULTS
Achieves Record Revenue, Record Gross Margin and Positive Adjusted EBITDA
INDIVA TO REPORT SECOND QUARTER RESULTS PRE-MARKET ON TUESDAY AUGUST 24th
LONDON, Ontario – August 18, 2021: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, will report its three and six month results for the period ended June 30, 2021 pre-market on Tuesday, August 24th.
CONFERENCE CALL – Tuesday, August 24, 2021 at 8:30 am EST:
The Company will host a conference call to discuss its results on Tuesday, August 24, 2021 at 8:30 am EST. Interested participants can join by dialing 416-764-8658 or 1-888-886-7786. The conference ID number is 09955484.
A recording of the conference call will be available for replay following the call. To access the recording please dial 416-764-8691 or 1-877-674-6060. The replay ID is 955484#. The recording will remain available until Thursday, September 30th, 2021.
INVESTOR PRESENTATION – Thursday, September 2nd at 4:30pm EST (1:30pm PST):
Niel Marotta, President & CEO will be hosting an online presentation for shareholders, analysts, investors, media representatives and other stakeholders on Thursday, September 2nd at 4:30pm EST (1:30pm 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/stocks2watch/indiva-investorpresentation
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. 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
Indeed. I am heavier into the machine, but I think the eddies will have their big niche at some point. Such an easier softer way for the uninitiated.
Just holding on to a little to see what happens. This and FAF are about all the Canada I have right now.
A tiny addition-->>SLOW RIDE BAKERY COOKIES NOW AVAILABLE IN ONTARIO
Indiva Enters the Baked Goods Category with Cookies
https://www.indiva.com/press-releases/releases-2021/slow-ride-bakery-cookies-now-available-in-ontario/
LONDON, Ontario – August 17, 2021: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce the launch of Slow Ride Bakery Cookies (“Slow Ride Cookies”). Following on the success of Bhang® Chocolate and Wana™ Sour Gummies, the top selling chocolates and gummies respectively in Canada, the launch of Slow Ride Cookies is Indiva’s first product in the “baked goods” edibles sub-category.
Slow Ride Cookies are produced in Ottawa by Slow Ride Bakery, a micro-processor founded and operated by husband and wife team Vik and Karen Dhawan. Slow Ride Cookies are hand-made in small batches to ensure freshness and quality. The cookies will initially be available in three flavours: Big Chocolate, Spicy Ginger and Peanut Butter. Each package will contain one cookie, weighing 20 grams, and will contain 10mg of THC.
“We are delighted to partner with the Slow Ride Bakery team to bring their handmade cookies to market,” said Niel Marotta, CEO of Indiva. “Indiva is committed to innovation, and we remain driven to continue to bring products to market that expand the selection of legal cannabis edibles and delight our customers. While the launch of Slow Ride Cookies in Ontario represents Indiva’s first baked goods to be made available in the Canadian cannabis market, we expect further seasonal offerings and wider national distribution to follow.”
“Vik and I are thrilled to be able to bring Slow Ride Bakery products to Canadians by partnering with Indiva,” said Karen Dhawan, Co-Founder of Slow Ride. “With their expertise and support behind us, we have been able to garner the attention of Canada’s largest legal marketplace, the OCS. Our facility is quickly expanding to meet customer demand, and we couldn’t be more excited to share our delicious handmade cookies with our fellow cannabis users.”
Initial deliveries to the OCS were completed in late July, and all three flavours are now available in stores in Ontario, and online at the OCS.ca. Indiva expects to expand distribution of Slow Ride Cookies to other provinces and channels in the coming months.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products including Bhang® Chocolate, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, as well as capsules, pre-rolls and premium flower under the INDIVA and Artisan Batch brands. 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
Now Available: Cereal Milk
Bhang Inc (OTCMKTS: BHNGF) Inks Amended License Agreement For Its THC-Infused Chocolate Products
Published 12 hours ago on July 6, 2021By Ward Sport
https://factsaboutcbd.org/bhang-inc-otcmkts-bhngf-inks-amended-license-agreement-for-its-thc-infused-chocolate-products-4468
Bhang Inc (OTCMKTS: BHNGF) recently announced to have entered into an Amended License Agreement with Indiva Limited, a licensed Canadian producer for quality and innovative range of cannabis products. This Agreement was inked through the company’s operating subsidiary Bhang Corporation. Bhang has initially interested in the Joint Venture Agreement with Indiva in April 2018, which now stands terminated.
The new Agreement entitles Indiva for the exclusive manufacturing and distribution rights of selected Bhang THC-infused chocolate products in Canada.
It also entitles Indiva to the non-exclusive right for the international exports of these products. In addition, this Agreement entitles Bhang to an upfront licensing fee and a royalty on net sales revenue. (I thought the old agreement gave them the exclusive international sales rights too? - FUNMAN)
Comments from the leadership
Bhang’s President and CEO, Jamie L. Pearson, mentioned that the Amended License Agreement with Indiva has solidified our joint operational ability and expressed that it will be a true win-win for both companies. Pearson further added that the partnership with Indiva has helped establish Bhang as Canada’s top edible brand since the company’s launch in Canada six months ago.
Niel Marotta, President, and CEO of Indiva, also expressed that his team is looking forward to work with the Bhang as their Canadian licensee and continue the production and distribution of Canada’s leading cannabis-infused chocolate brand.
Bhang’s Canada ambitions
Bhang offers an extensive portfolio of 50 plus master-chef crafted cannabis, CBD and terpene products. Some of these include CBD isolate, pre-rolls, gourmet chocolates, and HempsticksTM. In addition, the company’s chocolate brands hold the first two positions among the top-selling edibles of Canada.
Its cannabis-infused chocolate flavors include dark chocolate, fire dark chocolate, toffee dark chocolate with more than 65% cocoa content, milk chocolate, cookies & cream white chocolate, and many more.
Indiva, through the numerous partnerships, joint ventures, and license agreements, products and distributes Bhang® Chocolate, Ruby® Cannabis Sugar, and Sapphire™ Cannabis Salt, amongst others. Its range of offerings includes flowers, pre-rolls, capsules, and edible products. The company has reported its 1Q2021 results with CAD 5.53 million increase in net revenue from edible products and a record net monthly revenue in March 2021.
IMO, this is BS --->>> Indiva Announces Grant of Restricted Share Units
Tue, July 6, 2021, 7:00 AM
4 min read
Indiva Announces Shareholder Meeting Results
NEWS PROVIDED BY
Indiva Limited
Jun 25, 2021, 07:00 ET
https://www.newswire.ca/news-releases/indiva-announces-shareholder-meeting-results-872271190.html
LONDON, ON, June 25, 2021 /CNW/ - INDIVA Limited (the "Company" or "INDIVA") (TSXV: NDVA) is pleased to announce the results of its annual general meeting of shareholders (the "Meeting"). At the Meeting, Indiva shareholders approved: (i) the election of the six nominated directors, being Niel Marotta, Andre Lafleche, Hugh Hamish Sutherland, John Marotta, James Yersh and Russell Wilson; (ii) the appointment of MNP LLP as the Company's auditors; and, (iii) the adoption of the Company's amended and restated omnibus incentive plan. The resolutions are fully described in the Management Information Circular dated May 26, 2021 related to the Meeting, which can be found under the Company's SEDAR profile at www.sedar.com.
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, Wana Quick, Ruby® Jewels Chewable Tablets 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.
DISCLAIMER & 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 Transaction 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.
SOURCE Indiva Limited
For further information: CONTACTS: INVESTOR CONTACT, Anthony Simone, Phone: 416-881-5154, Email: ir@indiva.com
Indiva Limited to Webcast Live at VirtualInvestorConferences.com June 29th
(PRNewsfoto/VirtualInvestorConferences.com)
NEWS PROVIDED BY
VirtualInvestorConferences.com
Jun 24, 2021, 08:35 ET
https://www.prnewswire.com/news-releases/indiva-limited-to-webcast-live-at-virtualinvestorconferencescom-june-29th-301319012.html
LONDON, ON, June 24, 2021 /PRNewswire/ -- Indiva Limited (the "Company" or "Indiva") (TSXV: NDVA) (OTCQX: NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce that it will present live at VirtualInvestorConferences.com on June 29th. The Company invites individual and institutional investors, as well as advisors and analysts, to attend the real-time, interactive presentations on VirtualInvestorConferences.com.
DATE: Tuesday, June 29th
TIME: 2:30pm EST
LINK: https://bit.ly/34Tj6je
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.
Learn more about the event at www.virtualinvestorconferences.com.
Recent Company Highlights
Indiva Limited is the leading edibles producer in Canada with greater than 50% market share in the edible category in May 2021, driven by sales of Wana™ Sour Gummies and Bhang® Chocolate.
Wana™ Sour Gummies and Bhang® Chocolate lead their respective subcategories nationally.
Long-term, exclusive, licensing agreements in place with award-winning brands including Wana and Bhang.
Indiva is ranked 11th in market share across all categories as per Hifyre data in May 2021.
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, Wana Quick, Jewels Chewable Tablets, 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 onLinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
About Virtual Investor Conferences®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors. A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.
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.
SOURCE VirtualInvestorConferences.com
Unnecessary Obstacles for the Canadian Edibles Market
By Steven Burton
June 22, 2021
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