LONDON, ON, Dec. 2, 2019 /CNW/ – Indiva Limited (the “Company” or “Indiva“) (TSXV:NDVA) (OTCQX:NDVAF) announced its financial and operating results for the third quarter ending September 30, 2019. 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 Month Periods Ended September 30, 2019, and the Company’s Condensed Consolidated Interim Financial Statements for the Three and Nine Month Periods Ended September 30, 2019 and 2018, which are filed on SEDAR and available on the Company’s website www.indiva.com.
KEY OPERATING RESULTS AND HIGHLIGHTS FROM Q3 2019
EVENTS SUBSEQUENT TO QUARTER END
“We continued to solidify our foundation in the third quarter of 2019,” Niel Marotta, Indiva’s President and Chief Executive Officer, said. “We are poised for significant revenue growth in 2020. Achieving commercial scale in chocolate production in such a short period of time reflects the strength of our team and our partnerships. With distribution in place across six provinces, Indiva will be able to provide product to over 90% of eligible consumers. Indiva continues to progress through the process of obtaining its sales amendment for extracts, edibles and topicals and looks forward to delivering high-quality, safe and consistent cannabis products to consumers coast-to-coast. Industry experts anticipate that millions of Canadians will try cannabis for the first time as edibles, topicals and extracts become readily available. Indiva has diligently executed its strategy with the focus being on this chapter of Canada’s cannabis story. We are proud to offer those new of-age Canadians truly exceptional and consistent products. Finally, Indiva’s ability to secure $11 million in debt financing, subsequent to quarter-end, is a testament to the experience of our team and confidence in our strategy. We are well positioned to emerge as a leader in 2020 and are proud to enter Cannabis 2.0 with the right infrastructure, leadership and product lines.”
SELECT FINANCIAL INFORMATION AS AT AND FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019
Net & total comprehensive loss
Net loss per common share
Weighted average common
shares, basic and diluted
Net revenue (net of excise tax)
Gross margin (before adjustments)
Gross margin %
Total comprehensive loss
Net loss per common share
Weighted average common shares,
basic & diluted
OPERATING AND FINANCIAL METRICS FOR Q3 FISCAL 2019 AND BEYOND
Indiva’s family of cannabis brands set the standard for quality and innovation. Indiva aims to bring its exceptional portfolio of products to Canadians and cannabis enthusiasts around the world as laws permit. Indiva’s production facility, based in London, Ontario, includes a craft grow operation and an extraction and manufacturing space, which can process 70 tonnes of biomass annually and produce safe, high-quality, cannabis-infused edibles. In Canada, Indiva will produce and distribute Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt and Gems™, as well as the award-winning Bhang® Chocolate, and other derivative products through licence agreements and joint ventures. Click here to connect with Indiva on social media and here to find more information on the Company and its products.
DISCLAIMER AND READER ADVISORY
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the Transaction and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the Company’s future operations, future product offerings and entry into additional markets, changes to laws and regulations in Canada and internationally, and compliance with applicable regulations. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the parties. The material factors and assumptions include the parties being able to obtain the necessary regulatory and other third parties’ approvals and licensing and other risks associated with regulated entities in the cannabis industry. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
SOURCE Indiva Limited
For further information: MEDIA CONTACT: Kate Abernathy, Vice President of Communications, Phone: 613-296-5764, Email: kabernathy@Indiva.com; INVESTOR CONTACT: Steve Low, Investor Relations, Phone: 647-620-5101, Email: slow@Indiva.com