World News: 14:00 GMT Monday 11th February 2019. [CFN Media via Globe Newswire via SPi World News]
SEATTLE, Feb. 11, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, announces publication of an article covering Indiva Limited’s new supply agreement. (TSX-V: NDVA), a London, Ontario licensed supplier of high quality medical-grade cannabis, announced February 8th that it has inked its first supply agreement with the Ontario Cannabis Retail Corporation, consisting of two strains of pre-rolls for sale through the Ontario Cannabis Store.
The products will be manufactured and shipped from Indiva's London, Ontario facility and become available on and to OCS’ wholesale clients starting in April 2019.
Niel Marotta, President and CEO of Indiva, said, "We are thrilled to be one of the first licensed producers that will have products on OCS shelves in time for the grand opening of all Ontario stores April 1st. I'm very thankful for our team's hard work in getting Indiva to this milestone."
The Ontario Cannabis Store is the only legal seller of recreational cannabis in Ontario, and only buys cannabis products from producers licensed by Health Canada, which have been tested and verified for quality, so becoming one of its first suppliers is somewhat of a badge of honor.
Indiva’s cannabis flower is produced using aeroponics, a soil-less process in which plant roots are suspended in air and misted with nutrients, producing larger yields and a much cleaner product while at the same time, being environmentally friendly. Its London facility includes four state of the art grow rooms, and a $13.7 million, fully-funded, expansion is currently underway, which will result in a 40,000 square foot facility with up to eight more rooms for cultivation, extraction, product manufacturing, and even a retail space.
Indiva is positioning itself as a global brand recognized for the high quality of its cannabis products and excellent client services. The Indiva brand currently includes pre-rolls, tinctures, and accessories, but a range of other products has already been developed in anticipation of the legalization of cannabis derivatives (vapes, edibles, concentrates) in Canada, expected in October. The company went public in December of 2017, and has $24 million on the balance sheet with a $46 million market cap, and made a number of strategic moves throughout the past year to further diversify its brand.
In April, Indiva formed a 50/50 joint venture with Nevada-based, an award-winning producer of THC/ CBD concentrates and infused edibles, to be managed by Indiva, enabling the manufacture and sale of Bhang products in Canada, as well export to growing international markets. Bhang’s product line includes the most awarded line of chocolate bars in the world, as well as gummies, oral sprays, isolates, vapes and vape cartridges, and a range of accessories. The acquisition of a 4.9% stake in Bhang also gives Indiva its first entry into the legal US adult-use market.
Also in April, Indiva purchased a 14% stake in and exclusive license agreement with – the Seattle-based technology development company focusing on material science, microfluidics, and cannabinoid molecule discoveries – giving it the exclusive right to manufacture and market DeepCell’s line of innovative products produced through its patented Crystal Fusion technology.
Crystal Fusion mechanically fuses cannabinoids with sugar or salt, producing a “flexible edible” consumers can use to infuse their food and beverages with THC or CBD while seasoning. The resulting products are sold as Ruby Cannabis Sugar and Ruby Cannabis Salt, and all Bhang products and Ruby Sugars and Salts will be cross-branded in Canada – “Powered By INDIVA”.
Indiva has set itself apart through its community engagement, supporting first responders and veterans, chronic illness support organizations, and other initiatives, and gives twenty cents from every gram of Indiva-branded flower and oil sold to assist mental and physical health initiatives and organizations across Canada.
Pete Young , the company’s Master Grower, is passionate about making cannabis available to Canadians suffering from chronic illnesses, respected for his activism. He founded the London Compassion Society in the mid-90’s, and is a devoted advocate of patients’ rights.
Investors would do well to keep Indiva on their radar as it continues to transition from a supplier of medical cannabis to a manufacturer and retailer of high margin cannabis-derived and pre-packaged products, partners with innovative companies like Bhang and DeepCell, and expands into emerging foreign markets.
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Globe Newswire: 14:00 GMT Monday 11th February 2019
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