LONDON, Ontario – August 27, 2020: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), a leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce the launch of its new premium brand, Artisan Batch. Artisan Batch features strains from craft and microgrowers across Canada, who pride themselves on the quality, potency, and terpene profile of their strains. The cannabis is sourced through the Company’s partnership with BC Craft Supply Co. Ltd. (“BC Craft”) and will give local craft and microgrowers the chance for national exposure. Artisan Batch products will be available as dried flower and have started shipping to Western Canada.
“We are excited to launch our new premium brand Artisan Batch,” said Niel Marotta, President and CEO of Indiva. “This marks another significant step in Indiva expanding its product array as a national provider of premium cannabis products. Artisan Batch will bring strains previously popular in the legacy market to the legal market via craft and microgrowers. Through our partnership with BC Craft, we are thrilled to be able to give craft and microgrowers a national platform and bring of-age Canadians the best cannabis Canada has to offer.”
BC Original Glue is the first strain being offered through Artisan Batch, grown by Coast Mountain Cannabis of Pemberton Valley, British Columbia. With more than 100 years of combined experience on its team, Coast Mountain Cannabis grows its cannabis in organic living soil, resulting in a cleaner product and smoother smoke. All cannabis produced by Coast Mountain Cannabis is cold cured and hand-trimmed to ensure a premium product.
ABOUT INDIVA Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt and other Powered by INDIVA™ products through license agreements, partnerships and joint ventures. 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
MEDIA CONTACT Meagan Kelly, Marketing and Communications Specialist Phone: 613-979-6347 Email: mkelly@indiva.com
INVESTOR CONTACTS Anthony Simone Phone: 416-881-5154 Email: ir@indiva.com
Steve Low Phone: 647-620-5101 Email: stevelow@indiva.com
DISCLAIMER AND READER ADVISORY Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s future operations, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
They're on a roll !!! INDIVA REPORTS RECORD SECOND QUARTER FISCAL YEAR 2020 RESULTS
LONDON, Ontario – September 1, 2020: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), a leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for second quarter fiscal 2020 ended June 30, 2020. 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 Six Months Ended June 30, 2020, and the Company’s Condensed Consolidated Interim Financial Statements for the Three and Six Months Ended June 30, 2020 and 2019, which are filed on SEDAR and available on the Company’s website, www.indiva.com.
“We are pleased to report robust sequential and year-over-year revenue growth, and improved and positive profit margin in the second quarter of 2020,” said Niel Marotta, President and Chief Executive Officer of Indiva. “We added provincial agreements with Manitoba, New Brunswick, and Yukon Territory, expanding Indiva’s distribution network to eight provinces and one territory. This quarter also saw the launch of our INDIVATM CBD Softgels, as well as Bhang® CBD-Dominant Milk Chocolate. Bhang® products continue to be top-selling edibles and high-velocity SKUs across Canada. We also secured more than $1.1 million of initial purchase orders to date for WanaTM Sour Gummies, which are set to be available in stores across the country in September. With multiple top-tier products both in the market and on their way, we are looking forward to capitalizing on our success and earning more consumers’ loyalty by continuing to provide the highest quality cannabis products to Canadians.”
HIGHLIGHTS Quarterly Performance
Gross revenue in Q2 2020 was $2,826,487 representing a 24.8% sequential increase from Q1 2020, and a 1273.7% increase year-over-year from Q2 2019.
Net revenue in Q2 2020 was $2,559,704 representing a 27.1% sequential increase from Q1 2020, and a 1375.3% increase year-over-year from Q2 2019 driven primarily by sales of Cannabis 2.0 products.
The Company realized $128,900 in tolling revenue attributable to processing and service arrangements.
Gross margin before fair value adjustments was $21,478 versus a loss of $(342,531) in Q1 2020, due to cost savings and efficiencies from capital investments. Adjusted gross margin would have been $119,873 pro-forma to reflect the new royalty agreement with Bhang®.
Operating expenses decreased by 30.9% versus Q2 2019 and declined 11% sequentially versus Q1 2020 to $1.6 million, primarily due to improved cost control and capitalization of costs related to production.
Bhang® Chocolate sales totaled $1,540,720, net of excise taxes in the quarter.
Bhang® Chocolate remained the top-selling chocolate in most major markets.
Currently, Indiva has distribution agreements in place with eight provinces and one territory.
Events Subsequent to Quarter End
More than $1.1 million of initial purchase orders were secured for Wana TM Sour Gummies.
Commercial production of Wana TM Sour Gummies began, with deliveries of the first three SKUs to provincial wholesalers expected in early September. The initial launch will include Mango Sativa, Watermelon Hybrid, and Strawberry Lemonade 1:1 flavours.
Indiva secured an agreement with CannMart Inc., a wholly owned subsidiary of Namaste Technologies Inc., which will see INDIVA™ CBD Softgels and INDIVA™ Indica Capsules available on CannMart’s B2C distribution channel for their medical customers by the end of August, with Bhang® Chocolate and Wana™ Sour Gummies to follow later in the year.
Indiva entered into an amended license agreement with Bhang®, giving the Company the exclusive right to manufacture and sell Bhang® THC-infused chocolate products in Canada, and the non-exclusive right to export those products internationally.
Indiva made its first shipments of Artisan Batch premium cannabis to provincial wholesalers.
The Company identified upwards of $1 million of annual cost savings and efficiencies which will begin to positively impact financial results as early as Q3 2020.
On July 29, 2020, Indiva announced the extension of the maturity of its senior debt to October 31, 2021.
On August 10, 2020, Indiva announced completion of its equity financing, closing on a final tranche of $4.17 million for a total of $5.18 million.
Working capital has substantially improved as a result of the extension of the senior debt and completion of the equity financing.
Company Updates and Outlook
Quality First: Indiva began shipments of craft cannabis under the Artisan Batch brand. The cannabis is sourced through the Company’s partnership with BC Craft Supply Co. Ltd. (“BC Craft”) (CSE: CRFT), finding craft and micro-cultivation gardens which pride themselves on the quality, potency and terpene profile of their strains. Indiva intends to follow up this launch with further high-potency flower SKUs to be sold nationally under the INDIVA™ brand, representing the best of Canadian cannabis.
Sweet, Salty, and Sour: Indiva is set to release Ruby® Cannabis Sugar and Sapphire™ Cannabis Salt as early as Q4 2020, adding to its market-leading portfolio of edibles. Ruby® and Sapphire™ use Crystal Fusion Technology™, which mechanically fuses cannabinoids within the crystal structures of sugar and salt. Indiva also intends to introduce Jewels sweet-and-sour candies. Jewels combine Ruby® Cannabis Sugar with real fruit to create a delightful candy. In addition, Indiva will be delivering further Wana™ Sour Gummies SKUs, which are vegan and gluten-free. Wana™ gummies lead the United States edibles market in dollars sold. These new products will help position Indiva as one of Canada’s most innovative cannabis companies.
Big Bhang: Bhang® Chocolate remains the leader in the edibles category in multiple provinces, and the release of Bhang® Caramel Dark Chocolate THC/CBD 1:1 will help hold this position in the market. Indiva’s strategy to partner with trusted and proven brands is backed up by Bhang®’s market-leading performance.
On a Roll: Indiva completed installation of an automated pre-roll line at its production facility in London. This addition will allow the Company to increase output of Indiva’s pre-rolls and introduce additional SKUs, as well as improve efficiency and profitability.
LONDON, Ontario – September 8, 2020: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), a leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce the first shipment of Wana™ Sour Gummies. Mango Sativa, Watermelon Hybrid, and Strawberry Lemonade 1:1 are the first flavours being released in Ontario and are expected to be in stores next week.
“We’re extremely excited about our first shipment of Wana™ Sour Gummies,” said Niel Marotta, President and Chief Executive Officer of Indiva. “Canadian cannabis consumers have been waiting for premium, vegan and gluten-free gummies, and we believe Wana™ will claim that space in the cannabis market. This first shipment of gummies marks the beginning of a new era of cannabis products, and we’re proud to bring Wana™ Sour Gummies to of-age Canadians.”
“Sometimes people think a gummie is just a gummie, but Wana™ Sour Gummies’ market share in the United States clearly shows that customers recognize that Wana™ Sour Gummies are a premium product. We look forward to bringing a decade of innovation and recipe refinement to Canada through our partnership with Indiva,” said Nancy Whiteman, CEO, Wana Brands. “Innovation is a top priority at Wana Brands, and our gummie recipe reflects that through the perfect ratio of cannabinoids and terpenes along with the right mix of ingredients that are vegan and gluten-free.”
Wana™ Sour Gummies are made with pectin, not gelatin, which not only gives the gummies a great texture, but also makes them vegan. All gummies are handcrafted using a shelf-stable recipe so they won’t melt. Wana™ Sour Gummies are available in packages of two, and come in a wide variety of flavours such as:
Mango Sativa (5 mg THC per gummie) Watermelon Hybrid (5 mg THC per gummie) Strawberry Lemonade 1:1 (5 mg THC, 5 mg CBD per gummie) Blueberry Indica (5 mg THC per gummie) Strawberry 10:1 (10 mg CBD, 1 mg THC per gummie) Japanese Citrus Yuzu 2:1 (10 mg CBD, 5 mg THC per gummie) Pomegranate Blueberry Acai 5:1 (25 mg CBD, 5 mg THC per gummie) The Company intends to bring these additional flavours to market later in 2020.
Wana Brands is the No. 1 edibles brand in the United States, with more dollars sold than any other brand, according to BDS Analytics 2019 Brand Share Report.
ABOUT INDIVA Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements, partnerships, and joint ventures. 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 MEDIA CONTACT Meagan Kelly, Marketing and Communications Specialist Phone: 613-979-6347 Email: mkelly@indiva.com
INVESTOR CONTACTS Anthony Simone Phone: 416-881-5154 Email: ir@indiva.com
Steve Low Phone: 647-620-5101 Email: stevelow@indiva.com
ABOUT WANA BRANDS Included in the 2020 Inc. 5000 list at #2,074 and boasting a three-year growth rate of 203%, Wana Brands is the No. 1 edibles brand in the United States, with more dollars sold than any other brand, according to BDS Analytics 2019 Brand Share Report. Wana leads the industry in quality, consistency and potency, providing a range of different options that enable customers to create the specific cannabis experience they want. Wana products offer diverse product forms including edibles, vapes, and extended-release capsules, four different CBD/THC ratios as well as a variety of different dosages, onset times and duration of effects. The portfolio is designed so products can be used singly or in combination to address specific health, wellness, and recreational needs. Wana products are available in Colorado, California, Illinois, Michigan, Ohio, Arizona, Oregon and Oklahoma dispensaries, with Maryland, Missouri and Florida (as regulations allow) among the states imminently coming online. Wana Brands is now available internationally in Canada. For more information or to subscribe to Wana’s e-newsletter, visit www.wanabrands.com. Follow Wana on LinkedIn, Twitter, YouTube and Pinterest.
MEDIA CONTACT Shawna McGregor, Publicist Phone: 917-971-7852 Email: shawna@themaverickpr.com
DISCLAIMER AND READER ADVISORY Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the contents of this press release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s future operations, future product offerings and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to maintain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
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