Indiva Ltd (OTCMKTS:NDVAF) expects to report revenues of between $2.8 million and $3.1 million in Q3 2020. The company also posted record MoM growth in revenues in September 2020. It is on the backdrop of the introduction of Wanna Sour Gummies across the nation in one territory and four provinces in September 2020 and the popularity of its 2.0 products and edibles that includes Bhang Chocolate. The company gained a 28.8% market share in the edibles in Ontario in September 2020.
Promising growth in Q4
Considering the receipt of POs for its existing SKUs, the proposed launch of innovative edible products, and the strength of its product performance, Indiva expects to report robust growth in Q4 2020. CEO of Indiva, Niel Marotta, said the company is pleased with the wide acceptance of its SKUs introduced in February 2020, and the recent unveiling of Wanna Sour products.
Indiva gained a market share in a short period in the edibles category, reflecting the strength of its licensed brands and the passion of its team to maintain high quality. The company is excited to unveil cannabinoid combinations and more flavors from its edibles. It also plans to launch innovative products for Canadians.
Signs an amended pact with Bhang
Indiva signed an amended license agreement with Bhang Corporation and replacing the previous accord entered in 2018. The amended license allows Indiva to manufacture and market Bhang products. Bhang will receive royalty as a certain percentage of sales from Indiva. The JV agreement between both the firms will be terminated.
Indiva received exclusive rights to sell chocolates infused with THC in Canada. It also received non-exclusive rights to export chocolates to other countries across the world.
Niel said the company is pleased to enter an amended license pact with Bhang to manufacture and sell chocolates infused with cannabis. It will benefit from the good reputation of Bhang Chocolates in Canada.
Commenting on the deal, Jamie L. Pearson, CEO of Bhang, said both the companies will work efficiently and generate huge fortunes.
Indiva Inc., a subsidiary of Indiva Ltd, entered a pact with CannMart Inc in August 2020. As per the terms of the pact, Indica Capsules and CBD Softgels will be featured on the B2C distribution channel of CannMart.