- Indiva Limited (TSXV:NDVA) has reported a 500 per cent sales increase in the first quarter of 2020
- The company’s strong performance comes on the back of gaining approval to sell cannabis edible products
- Indiva’s Bhang Chocolate is currently the highest selling, biggest earning cannabis edible product in the Ontario Cannabis Store
- The company also made strong earnings through fundraising and white-labelling products
- Indiva Limited (TSXV:NDVA) is up 21.05 per cent, and trading for $0.34 per share, with a $29.35 million market cap
Indiva Limited (TSXV:NDVA) has announced a 500 per cent sales increase for 2020’s first quarter, topping C$2 million in sales.
The company gained approval for cannabis edible products halfway through the quarter. Subsequently, it saw a huge boost in sales due to the new product lines the company could now offer.
Indiva brought products to market only eight days after receiving approval. Consequently, March sales totalled $1.4 million alone, the highest monthly sales figures in the company’s history.
The company’s Bhang Milk and Dark Chocolate are the top selling cannabis edible products in the Ontario Cannabis Store. They are also currently the top earners.
Indiva only began shipping Bhang products on February 8th, after receiving regulatory approval for their products on January 31.
Indiva has distribution agreements in place with seven provinces, with products available in six of those provinces.
Further to that, the company had a $4.6 million fundraiser in January. This was followed by a $4.5 million white label manufacturing agreement with Dycar Pharmaceuticals, which took place in February.
CEO and President of Indiva, Niel Marotta, said that the first quarter saw a marked increase in company sales. Niel credited the spike to receiving the edibles sales license and beginning distribution of Bhang Chocolate in Canada.
“With top selling edibles, near-national reach and a growing portfolio of proven, trusted brands, we believe this quarter’s preliminary results show that Indiva is on there right track to deliver, not just for consumers, but for our shareholders as well.
“We look forward to sharing more comprehensive results above Indiva’s Q1 2020 performance by June 1, 2020.
Indiva Limited (TSXV:NDVA) is up 21.05 per cent, and trading for $0.34 per share, as of 12:09pm EST.