Indiva adds 10,000 square feet of production space.
Today, Indiva Limited (TSXV:NDVA) is announcing that Health Canada has approved its licence amendment, adding 10,000 square feet of production space. The newly licensed space adds additional capacity for production of Bhang® Chocolate, Wana Sour Gummies and other Powered by INDIVA™ products. It also provides licensed space for Indiva to begin extraction operations. With the receipt of this amendment, Indiva's London, Ontario-based facility is now fully licensed.
Indiva is also providing a corporate update on the Company's market position, strategic partnerships and opportunity in 2020. On February 8, 2020, Bhang® Chocolate hit store shelves in Ontario. Within days, both the milk and dark chocolate ranked in the top two positions for sales, by dollars and units, above all other edible SKUs in the province, and received numerous glowing reviews on platforms like Lift&Co and on social media.
Similarly, Bhang® Chocolate quickly became, and remains, a consumer favourite in Alberta, Saskatchewan and Nova Scotia. Across the four provinces where Bhang® is currently available, the Company has secured significant market share within the edibles category. In Q2 2020, Indiva intends to expand distribution of Bhang® Chocolate to British Columbia and beyond. The Company is excited to extend its reach by bringing Bhang® to more provinces and increasing its Canadian market share.
While we are exceptionally pleased with Bhang® Chocolate's performance, the real story behind its success is the team that has worked so hard to bring this beloved product to market.Neil Marotta President and Chief Executive Officer
"Indiva's roots are defined by its people, products and partnerships, and we are proud of the passion that goes into every item that leaves our facility."Niel Marotta, President and Chief Executive Officer, said. "We expect to enter new markets and deliver new, innovative products that already have significant market share in mature markets south of the border. Canadians want great cannabis products at competitive prices. Our partnerships with proven, trusted brands help us deliver just that, and we cannot wait to share our next great product with consumers – Wana Sour Gummies."
In addition to releasing Bhang® Chocolate this year, Indiva also launched THC capsules and continues to produce its whole flower pre-rolls in classic strains such as White Russian, Jack Herer and OG Kush. Indiva expects to triple its capacity to produce pre-rolls, with the introduction of best-in-class automation in Q2 2020, and has entered into contract cultivation agreements to support higher volumes. Indiva products are currently available in six provinces, including the following:
- Ontario: pre-rolls, chocolate and capsules
- Alberta: chocolate
- Saskatchewan: pre-rolls, chocolate and capsules
- Nova Scotia: chocolate
Looking ahead, Indiva is excited to deliver Wana Brands' award-winning Sour Gummies later this year to Canadians in flavours like strawberry lemonade, pomegranate blueberry acai and watermelon and in a variety of CBD/THC formats. Wana Sour Gummies are vegan, gluten-free and are made without artificial flavours and sugars making them a favourite in the markets where they are available. Wana Brands is the leading edible producer in the United States with more dollars sold than any other brand according to BDS Analytics' 2019 Brand Share Report.
It's difficult to provide an update without addressing COVID-19 and its impact. The Company puts the highest importance on the safety of its employees and has evolved protocols and made investments to protect their health. This support has been crucial to maintaining business continuity during the recent global pandemic. Indiva's leadership will continue to monitor the situation and evolve practices as needed based on guidance from provincial and federal authorities. With the cannabis industry being labeled as an essential service across Canada, Indiva continues to grow and provide Canadians with high-quality products like chocolate, pre-rolls and capsules.
Indiva will present its year-end 2019 fiscal results by April 29, 2020, and its Q1 2020 results by June 1, 2020.
Disclaimer: Past performance is not an indicator of future performance.
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