Indiva Leads the Edibles Market
LONDON, Ontario, Oct. 06, 2020 (GLOBE NEWSWIRE) — Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the parent company of Indiva Inc. (the “Company” or “Indiva”), a leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce that it expects record net revenue in fiscal Q3 2020 in the range of $2.8 to $3.1 million. This represents over 1,400% year-over-year and 9% sequential net revenue growth at the low end of the revenue guidance range, when compared with net revenue previously reported of $0.19 million and $2.56 million in fiscal Q3 2019 and fiscal Q2 2020 respectively. The month of September also saw record monthly net revenue for Indiva.
The increase in net revenue in fiscal Q3 2020 was driven primarily by the national rollout of Wana™ Sour Gummies, which became available in four provinces and one territory in September 2020, as well as the continued popularity of Indiva’s other edible and 2.0 products, including Bhang® Chocolate. Indiva held leading market share of 28.8% in the edibles category in the province of Ontario, for the month of September.
Looking forward, Indiva expects continued year-over-year and sequential net revenue growth into fiscal Q4, based on the strength of our product performance, purchase orders received for existing SKUs, and the planned introduction of new edible products and flavours.
We are delighted with the initial rollout of Wana™ Sour Gummies, and the overall performance of our edible products since our first SKUs were introduced in February 2020. To have achieved leading market share in the edibles category in such a short period of time is a true testament to the Indiva team’s passion, their tireless focus on quality, and the strength of our licensed brands.
Niel Marotta, President and CEO of Indiva
Our path to profitability remains on track, and we are excited to continue to introduce more flavours and cannabinoid combinations from our edible lineup, as well as provide new, innovative products to of-age Canadians.
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
Meagan Kelly, Marketing and Communications Specialist