Indiva Limited (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles and other cannabis products, has announced its financial and operating results for Q4 and fiscal year ended December 31, 2020, with record revenue for the period.
Gross revenue for the year ended 2020 was $16.2 million CAD versus $1.1 million CAD for the year ended December 2019, representing a 1,372% year-over-year increase.
“2020 was a transformational year for Indiva, seeing our net revenue increase 15-fold versus the prior year as a result of receiving our edibles sales licence in January 2020, and subsequently beginning sales nationally of Bhang® Chocolate and Wana™ Sour Gummies in February 2020 and September 2020, respectively. In that short time, Indiva has become the edibles category leader in Canada. Growth in the fourth quarter specifically was driven by new SKUs, including the introduction of four additional Wana Sour Gummies flavours across Canada,” said Niel Marotta, President and Chief Executive Officer of Indiva.
“Since the end of the year, Indiva has introduced further new Wana gummie products, including three Wana Quick flavours, bringing our gummie SKU count to 10 unique SKUs in total. Data indicates that Indiva continues to hold leading market share in the edibles category, and Indiva’s edible category market share continued to improve through the end of March 2021. We are also very pleased to have closed a $22 million CAD strategic investment by Sundial Growers Inc. subsequent to year-end. This cash influx significantly strengthens Indiva’s balance sheet and provides the capital required to scale our output, and maintain our sales momentum. Looking ahead to 2021, as the economy and stores reopen, we expect continued robust growth in the Canadian cannabis sector, with above average growth expected for the edibles category. Indiva looks forward to continuing to bring best-in-class products to of-age cannabis consumers in Canada.”