INDIVA SIGNS EXCLUSIVE LICENSING AND MANUFACTURING AGREEMENT WITH DIME INDUSTRIES
INDIVA TO BRING DIME'S INNOVATIVE VAPE BRAND PORTFOLIO TO CANADA
LONDON, ON, April 19, 2022 /CNW/ - Indiva Limited (the "Company" or "Indiva") (TSXV: NDVA) (OTCQX: NDVAF), the leading Canadian producer of cannabis edibles, is pleased to announce that it has entered into a licensing and manufacturing agreement (the "Agreement") with California-based Dime IndustriesTM Inc. ("Dime") to bring its innovative vape brand portfolio to Canada. Following on Indiva's success in producing and distributing the top selling chocolates and gummies in Canada, the launch of Dime products in Canada will expand Indiva's portfolio to include innovative vape products, incorporating proprietary hardware and cannabis formulations. The initial term of the Agreement is for five years, with the Agreement automatically renewing for three additional five-year terms.
Dime's headquarters is based in Orange County, California. Founded and led by Mike Marz, Dime is one of the leading producers of cannabis vape products in the United States. Dime's vape portfolio includes ten different flavours, each of disposable and 510 thread carts, as well as multiple flavours of live resin carts. Dime currently manufactures and distributes its products in California, Arizona and Oklahoma, where it is legally permissible to do so under applicable state laws.
"We are delighted to partner with Dime to bring their innovative brand of proprietary, high-quality vape products to the Canadian market," said Niel Marotta, Chief Executive Officer of Indiva. "This is our first entrance into the vape category in Canada, and we could not be more excited about the quality of our chosen licensing partner and their products. Indiva distributes products to all 13 provinces and territories in Canada, and remains committed to growing its top-line and market share organically in Canada -adding vapes to our portfolio of award-winning products is expected to help Indiva accomplish just that. We are very excited to bring Dime vape products to Canadian cannabis enthusiasts."
"Dime Industries and its entire team are excited and eager to serve the Canadian market with our new partners at Indiva," said Mike Marz, Founder and Chief Executive Officer of Dime.
Indiva intends to begin production of Dime vape products in Canada as soon as possible, with initial deliveries to provincial wholesalers targeted for Q3 2022.
Dime IndustriesTM is founded and led by cannabis pioneer Mike Marz. Based in Orange County, California, Dime manufactures and distributes vape products which incorporate proprietary hardware and cannabis formulations. Dime also manufactures extract products. Dime products are currently available in California, Arizona, and Oklahoma, with multiple new markets anticipated to be added in 2022. Dime –Think Higher.
Connect with Dime on Instagram, Facebook, or on their website — http://www.dimeindustries.com/
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, Wana™ Sour Gummies, Slow Ride Bakery Cookies, Jewels Cannabis Tarts, Ruby® Cannabis Sugar, Grön edibles, Dime IndustriesTM vape products, as well as capsules, pre-rolls and premium flower under the INDIVA 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.
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 contents of this news release and neither of the foregoing entities accepts responsibility for the adequacy or accuracy of this news release or has in any way approved or disapproved of the contents of this news release.
Certain statements contained in this news 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 news release contains forward-looking information relating to, among other things, the Company's future operations, future results, future product offerings (including the timing of the introduction of new 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, future sales, the demand for the Company's products and cannabis products generally and the continued operations of the Company in the ordinary course. The forward-looking information contained in this news release is made as of the date hereof and the Company is not obligated to, and does not undertake 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 inherent in forward-looking information, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All information contained in this news release with respect to Indiva and Dime was supplied by the respective party for inclusion herein, and each party and its directors and officers have relied on the other party for any information concerning the other party.
SOURCE Indiva Limited
CONTACTS: INVESTOR CONTACT, Anthony Simone, Phone: 416-881-5154, Email: [email protected]
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