Indiva Ltd (OTCMKTS: NDAF) Records a Gross Revenue of $9.87 Million in the Second Quarter of 2021

Indiva Ltd (OTCMKTS: NDAF), one of Canada’s leading cannabis edibles producers, recently announced its operating and financial results for Q2 of the 2021 fiscal year. The company reported the figures in Canadian Dollars unless it was otherwise indicated.

Key Financial Highlights 

The $9.87 million gross revenue recorded in Q2 2021 represents and a year-over-year increase of 249% from the second quarter of the previous fiscal year. The year-to-date gross revenue jumped to around $16.74 million. The record net revenue of $9.08 million recorded in the first quarter of 2021 represented a year-over-year increase of 255% from the second quarter of 2020. The sequential increase from the first quarter of 2021 was 46%. These revenue increases were mainly driven by the increased sales of the likes of Bhang Chocolate and Wana Sour Gummies.

Edibles products net revenue increased to about $8.43 million, a 445% increase from the $1.54 million the company recorded in the previous fiscal year. This was also a 52% increase from the $5.53 million it reported in the first quarter of 2021. As a result, the sales of edible products represent a 93% share of the net revenue reported in the second quarter of 2021. In the same quarter, the company sold products that had 52 million mg of distillate. This represents an increase of 73% in comparison to the 30 million the company sold in the first quarter of 2021.

Senior Management

Indiva’s Chief Executive Officer and President, Niel Marotta, said that they’re pleased to announce the company’s record net revenue, positive adjusted EBITDA, and record gross profit for Q2 2021. The CEO claimed that the company continued to expand and broaden its market share during this period organically, and he expects this to continue through July. He said that the new SKU introductions, including Bhang Cream Chocolate and Wana Quick gummies, are what will help continue to help drive the company to new heights in the half of the year. He said that the fact that they organically managed to become a top 10 LP by dollar share was a testament to India’s hard work, dedication and talent.