Quarterly Earnings: Indiva Anticipates 1400% YoY Revenue Growth While Planet 13 Sees Best Quarter Ever

Indiva’s 'Path To Profitability Remains On Track’

Indiva Ltd. NDVA NDVAF expects to generate between $2.8 million and $3.1 million in revenue for the third quarter of 2020. That’s an increase of 1,400% year-over-year and 9% sequentially.

The substantial growth can be attributed to the last month’s rollout of Wana Sour Gummies and sales of Indiva’s other edible and "2.0" products.

In September, the London, Ontario-based cannabis producer held a market share of 28.8% in the edibles category in the province.

Indiva CEO Niel Marotta said Tuesday that the company's "path to profitability remains on track," and we are excited to continue to introduce more flavours and cannabinoid combinations from our edible lineup,” added Marotta.

Meantime, In March, Indica teamed up with Wana Brands to bring its original cannabis-infused products to Canada.

Planet 13: Preliminary Q3 Results Show ‘Resilience And Strength’

Separately, the vertically-integrated company Planet 13 Holdings Inc. PLTH PLNHF reported Tuesday its preliminary revenue for the third quarter amounts to $22.8 million, up by 110% sequentially.

It is the highest revenue quarter in the history of the Las Vegas-based company. 

Over the quarter, in-store revenue increased by 13%, reaching $18.5 million.

Delivery and curbside revenue amounted to $3.4 million, while wholesale and other revenue was $1 million for the period.

“Beyond increased local revenue, our wholesaling business has taken off,” Bob Groesbeck Co-CEO told Benzinga, adding that their "brands are currently in 33 Nevada dispensaries."

The second quarter was a “challenging environment” for Nevada businesses, according to co-CEO Larry Scheffler. However, the third quarter "has proven Planet 13’s resilience and strength," he added.

The company cited a rebound in sales, operational improvements in response to COVID-19 and the opening of its "neighborhood dispensary” among its accomplishments.

“We have adapted quickly to offset the pandemic-related drop in tourist traffic by expanding our delivery and curbside pickup services to attract a larger percentage of our revenue from Las Vegas area residents,” Scheffler told Benzinga.

Bluma Wellness' One Plant Florida Sees 71% Revenue Spike In September

Bluma Wellness Inc. BWEL released Tuesday unaudited results for the month ended Sept. 30.

The Toronto-based company generated approximately $1.74 million in revenue.

Over the last month, One Plant Florida's revenue spiked 71%.

OPF - Bluma's wholly-owned subsidiary - also saw a 49% increase in ounces of medical cannabis flower sold, compared to the prior month.

On September 25, Bluma launched OPF's fifth retail dispensary location and delivery hub in the state, located in Ocala.

"The company also plans to open four additional One Plant Florida retail locations and/or delivery hubs in Avon Park, Orlando (Fern Park), North Miami and Bonita Springs by the end of 2020, pending receipt of all required regulatory approvals from the Florida OMMU," Brady Cobb, Bluma's CEO told Benzinga.