INDIVA ANNOUNCES SHAREHOLDER MEETING RESULTS AND PROVIDES CORPORATE UPDATE
LONDON, ON, June 27, 2022 /CNW/ - INDIVA Limited (the "Company" or "INDIVA") (TSXV: NDVA) (OTCQX: NDVAF) is pleased to announce the results of its annual general meeting of shareholders (the "Meeting"). At the Meeting, Indiva shareholders approved: (i) the re-election of the seven nominated directors, being Niel Marotta, Andre Lafleche, Hugh Hamish Sutherland, John Marotta, James Yersh, Russell Wilson and Rachel Goldman; (ii) the appointment of Ernst & Young LLP as the Company's auditors; and, (iii) the adoption of the Company's amended and restated omnibus incentive plan. The resolutions are fully described in the Management Information Circular dated May 9, 2022 related to the Meeting, which can be found under the Company's SEDAR profile at www.sedar.com.
The Company has received strong initial orders from the Ontario Cannabis Store ("OCS") for the load-in and launch of Grön Pearls gummies in Ontario. Initial deliveries of the first four Pearls gummie SKUs will occur in July 2022 and include unique flavours and cannabinoid profiles such as Blue Razzleberry 3:1 CBG:THC, Blackberry Lemonade 1:1:1 CBN:CBD:THC, Pomegranate 4:1 CBD:THC, and Sour Green Apple THC. Each container will contain five sugar-coated sphere-shaped gummies. Deliveries of Pearls to additional provinces is expected to occur in late Q3.
Indiva recently received final confirmation from the OCS for the listing of an additional 25 new SKUs, including five SKUs which will participate in the "Flow-through" program. These additional listings bring Indiva's OCS listings to a total of 60 SKUs, up from the current level of 35 SKUs. The newly accepted SKUs are across six brands: Indiva Life(including lozenges, cookies and chocolates), Artisan Batch, Grön Pearls (including three SKUs in addition to the initial four Pearls SKUs slated for the July launch described above), Grön Pips, Dime Vapes and Bhang Chocolate. All SKUs are expected to launch in Ontario in September and October 2022, as well as additional provinces beginning in Q3.
The Company also wishes to provide an update to its net revenue guidance provided in its Q1 2022 financial results press release, dated May 19, 2022. Due to delays in deliveries of new products, and delays in provincial delivery appointments, the Company now expects net revenue to decline sequentially from Q1 2022. Excluding the impact of these delays, net revenue would have been higher on a sequential basis, as per the Company's previous guidance. The Company maintains its guidance for higher sequential and year-over-year net revenue growth in the second half of 2022, driven by new product introductions. The Company also remains on track to begin the commissioning and implementation of automation in processing and packaging at its production facility in London, Ontario in the second half of 2022.
Finally, the Company has recently added two additional medical platforms, one in Ontario and another in the Province of Quebec, for the distribution of products produced by Indiva. The Company will continue to look to add additional medical platforms to its national distribution platform, which covers all 13 provinces and territories in Canada.
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva produces and distributes award-winning cannabis products nationally, including Bhang® Chocolate, WanaTM Sour Gummies, Jewels Chewable Tablets, Grön edibles, Dime IndustriesTM vape products, as well as capsules, edibles, extracts, pre-rolls and premium flower under the INDIVA, Indiva Life and Artisan Batch brands. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
Certain information contained in this news release constitutes forward-looking information. All information other than information of historical fact is forward-looking information. Statements that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future include, but are not limited to, statements regarding product development, delivery and purchase and estimates and/or assumptions in respect of the Company's financial and business outlook are forward-looking information. The use of any of the words "intend", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "would", "believe", "predict" and "potential" and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward-looking information included in this news release should not be unduly relied upon.
Forward-looking information is subject to a number of risks and other factors that could cause actual results and events to vary materially from that anticipated by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to, the duration and spread of the COVID-19 pandemic and its severity; uncertainties of estimates of capital and operating costs and production estimates; uncertainties related to the delivery and sale of products; the ability of the Company to meet its financial obligations, fund capital expenditures and comply with covenants contained in the agreements that govern the sale of products and licensed products; stock market volatility; the continued supply of materials required for production of Company products and those risk factors set out in the Company's disclosure documents available under the Company's profile at www.sedar.com. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. The forward-looking information included in this news release is expressly qualified by this cautionary statement and is made as of the date of this news release. The Company undertakes no obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.
This news release contains future oriented financial information and/or financial outlook information (together, "FOFI") about the Company's net revenue. FOFI is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The Company has included the FOFI to provide an outlook of management's expectations regarding anticipated activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI reflects management's reasonable estimates and judgements; however, actual results of operations and the resulting financial results may vary. Any financial outlook information speaks only as of the date on which it is made and the Company undertakes no obligation to publicly update or revise any financial outlook information except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has in any way passed upon the merits of the information contained herein and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Indiva Limited
INVESTOR CONTACT: Anthony Simone, Phone: 416-881-5154, Email: [email protected]
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