One of the leading producers of cannabis edibles and products in Canada releases record reports for the fiscal year.
Indiva Limited (TSXV:NDVA), a leading Canadian producer of cannabis edibles and other cannabis products, is pleased to announce its financial and operating results for the third quarter fiscal 2020 ended September 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 Nine Months Ended September 30, 2020, and the Company's Condensed Consolidated Interim Financial Statements for the Three and Nine Months Ended September 30, 2020 and 2019, which are filed on SEDAR and available on the Company's website, www.indiva.com.
We are pleased to report record revenue and significantly improved gross margins in the third quarter of 2020, driven by the introduction of Wana™ Sour Gummies across CanadaIndiva President and CEO, Niel Marotta.
"Our business has gained considerable momentum and we expect revenue growth to accelerate significantly in fiscal Q4 2020, driven by sales and purchase orders in hand, and continued strong sell through of Indiva products at the retail level. Data from Hifyre indicates that, within the edibles category, Indiva holds leading market share in BC, Alberta, Saskatchewan and Ontario. Fiscal Q4 2020 has already shown significant sequential growth, with October 2020 net revenue exceeding September's record monthly net revenue of $2.0 million, and gross margin before fair value adjustments approaching 30% in the month. November net revenue is on track to exceed October, based on purchase orders in hand. Gross margin before fair value adjustments is expected to continue to rise, and approach 30% for fiscal Q4 2020. Further significant additional gross margin improvement is expected in Q1 2021, as the Company begins to benefit from sharply lower distillate costs. Indiva's focus on quality, and specifically on licensing and producing award-winning products is bearing fruit, and we look forward to continuing to provide of-age Canadians with exceptional cannabis products."
To learn more about Indiva Limited visit the company HQ here.
Disclaimer: Past performance is not an indicator of future performance.
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