Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in Q2 2020. It realized tolling revenues of CAD 128,900 from service and processing agreements. The company also reduced operating expenses in Q2 2020 by 30.9%. It also achieved CAD 1.540 million from the sale of Bhang chocolates in Q2 2020.
Expands distribution network
CEO of Indiva, Niel Marotta, said the company is excited to post Year on Year and sequential growth in revenues in Q2 2020. The company also reported profits in this quarter. Indiva entered provincial accords with Yukon Territory, New Brunswick, and Manitoba. Therefore, it expanded its distribution network to one territory and eight provinces.
Introduces CBD softgels
Indiva also introduced its CBD softgels and Bhang® cannabidiol dominant Milk Chocolate in Q2 2020. In Canada, Bhang products are the top preferred and best selling edibles. The company won orders worth CAD 1.1 million for Wana Sour Gums, which will be launched in September 2020, across the nation in all stores. It will focus on providing good quality cannabis products to the population in Canada.
Indiva will commence three SKUs in flavors, including Strawberry Lemonade, Watermelon Hybrid, and Mango Sativa, to the wholesalers in various provinces in September 2020.
Signs an agreement with Namaste
Indiva entered a pact with Namaste Technologies Inc (OTCMKTS:NXTTF)’s subsidiary – CannMart Inc. As per the terms of the deal, CannMart will introduce CBD softgels of Indiva in its B2C distribution channel to satisfy medical customers’ demand by the end of August 2020. CannMart will introduce Wana Sour Gummies and Bhang Chocolates in the latter part of this year.
Indiva obtained exclusive rights for the production and sale of Bhang THC infused chocolates nationwide by amending the license agreement with Bhang. It also holds non-exclusive rights to export these products worldwide. Indiva shipped Artisan Batch premium cannabis to the wholesalers in various provinces. Strains from microgrowers and craft across Canada are included in the Artisan Batch.
Indiva identified annual cost savings of $1 million and efficiencies that positively affect the Q3 2020 revenues. The company closed the final tranche of CAD 4.17 million to achieve total CAD 5.18 million funding on August 10, 2020, through equity financing.
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