Shares Of Indiva, Cannabis Company Behind Bhang Edibles, Rally On Preliminary Q1 Results

Canadian cannabis licensed producer Indiva Ltd. NDVA NDVAF reported preliminary first-quarter results Thursday. 

Sales for the quarter are projected to fall between $2 million and $2.2 million, versus $200,000 in the previous quarter.

The company attributes the sales growth to strong sales of Bhang Chocolate and growing distribution to four more Canadian provinces.

Indiva's sales in March net of excise generated around $1.4 million, the highest in the company's history.

“The first quarter of 2020 saw a marked increase in the company’s sales as a result of receiving our edibles sales license and beginning to distribute Bhang Chocolate in Canada,” Niel Marotta, Indiva’s president and Chief Executive Officer, said in a statement.

Among the milestones Indiva achieved during the first quarter, the company highlighted raising $1.5 million in unsecured convertible debentures, with gross proceeds from the offering reaching $4.6 million; obtaining edibles, extracts and topicals sales license from Health Canada; completing a white-label licensing and manufacturing agreement with Dycar Pharmaceuticals; and starting a branded CannSell education module for Ontario budtenders.

Indiva shares were trading 18.72% higher at 23 cents at the time of publication Thursday. 

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Photo courtesy of Indiva.