Indiva Reports Record Market Share and Production for November 2020
Rob Carse Promoted to Chief Operating Officer
LONDON, Ontario – December 10, 2020: Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce record market share and record production for the month of November. At its London facility, Indiva produced more than 1 million finished units of edible products in November, and continues to hit new daily production records in December. In addition to record production, Indiva is experiencing record demand for its edible products, as demonstrated by strong sell through data from Hifyre for the month of November.
Estimated market share across British Columbia, Alberta, Saskatchewan and Ontario expanded from 32% in October to 36% share of sales in November, as Indiva increased its lead in the #1 market share position in the edibles category:
- Ontario #1 with 34% market share. Note: OCS data put Indiva market share in the Edibles category at 37.87% for November.
- Alberta #1 with 38% market share.
- British Columbia #1 with 36% market share.
- Saskatchewan #1 with 38% market share.
- Wana™ Sour Gummies led the Gummies category with $2.25 million in retail sales, or 21% market share, a 16% sequential monthly increase.
- Bhang® continued to lead the chocolate category.
- Product ranking in November showed the top 3 SKUs continue to be Wana™ Sour Gummies (led by Strawberry-Lemonade) and 5 of the Top 10 SKUs are from Indiva.
- Wana™ Sour Gummies recently won the Edible of the Year Award from Kind Magazine.
- Bhang® THC Milk Chocolate recently won the 2020 Top Edible Award from Spiritleaf.
“We are very pleased to continue to see such robust sell-through data and market share gains for Indiva products. Retail sell-through data is particularly important as it indicates consumer acceptance of Indiva products, and rising market share shows strong potential of repeat purchases. As consumers establish their preferences in this nascent market, we are fortunate to have such a dedicated team at Indiva as well as terrific brands, partners and products. We look forward to continuing to delight our customers and clients with our current product line-up, as well as many novel and innovative products to come,” said Niel Marotta, President and Chief Executive Officer of Indiva.
Rob Carse Promoted to Chief Operating Officer
The Company is also pleased to announce that Rob Carse has been promoted to Chief Operating Officer of Indiva Limited, effective immediately. Rob joined the Company almost two years ago and has over 20 years of experience in large CPG and food manufacturing. Rob has been a terrific steward in growing the operations team and successfully achieving record production levels to support demand for Indiva products.
Government and private entities are still assessing the present and future effects of the COVID-19 pandemic. Indiva has continued to operate with enhanced health and safety protocols in place to protect its employees. The Company continues to assess the customer, supply chain, and staffing implications of COVID-19 and is committed to making continuous adjustments to minimize disruption and impact. Indiva will remain proactive in its response to the pandemic and compliant with any and all provincial and/or federal policy enacted to protect Canadians.
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana™ Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Artisan Batch, and other Powered by INDIVA™ products through license agreements and partnerships. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
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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 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 maintain 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.
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