Indiva Reports Record Market Share for February 2021
03/11/2021
LONDON, Ontario, March 11, 2021 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce record market share for the month of February. Indiva’s edible products continue to lead, as demonstrated by strong sell-through data from Hifyre IQ (“Hifyre”), and data from the Ontario Cannabis Store (“OCS”), for the month of February.
Estimated market share across the three largest markets of British Columbia, Alberta, and Ontario expanded to 45% share of sales in February from 44% in January, further increasing Indiva’s lead in the #1 market share position in the edibles category:
Ontario #1 with 45% market share, up from 43%. Note: OCS data put Indiva market share in the Edibles category at 44.86% for February, up from 41.5% in January.
Alberta #1 with 49% market share, an improvement from 45% in January. British Columbia #1 with 47% market share, an increase from 46% in January.
Manitoba #1 with estimated 49% market share, an improvement from 46% in January.
Yukon #1 with 58% market share, up from 55% in January.
Saskatchewan market share rebounded to 20% in the month of February as the Company continued its transition away from the current wholesale/distribution partner to direct-to- store sales.
As of March 2021, Indiva edible products are available in eight provinces and two territories.
Wana™ Sour Gummies led the edibles category and gummie sub-category, with 31% market share overall in edibles across the three largest provinces, a sequential monthly increase in market share of 2%. Bhang® continued to lead the chocolate category, with Bhang® Milk Chocolate remaining the top selling chocolate edible SKU nationally. In February, SKU rankings across British Columbia, Alberta, Ontario and Saskatchewan show that the top five products are Wana Sour Gummies, and seven of the top 10 ranking edible SKUs are produced by Indiva.
According to OCS data reported for the quarter ended December 31, 2020, Wana and Bhang were the #1 and #2 brands by market share in the edibles category at retail stores in Ontario, at 22% and 16% respectively. Based on Hifyre data from British Columbia, Alberta, Ontario and Saskatchewan, the edibles category improved in February 2021 to $8.7 million in retail sales versus $3.1 million in February 2020, and $8.3 million in January 2021.
Edible category sales from this Hifyre data set peaked at a record $10.2 million in December 2020. Turning to OCS data, the edibles category in Ontario grew to $2.46 million in February versus $1.1 million in February 2020, and $2.09 million in January 2021. Edible category sales at the OCS peaked at a record $3.11 million in December 2020.
“We are delighted with the continued strength, and improvement, in Indiva’s market share and SKU rankings in the edibles category,” said Niel Marotta, President and Chief Executive Officer of Indiva. “With three new Wana Quick gummie SKUs hitting the market this month, and new product introductions planned for 2021, Indiva is poised to continue to grow, and provide of-age Canadian consumers with best-in-class edible products.”
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Jewels Chewable Tablets, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships.
