Canada-based cannabis company Indiva saw substantial growth in their Q2 revenue and it seems they have their edible sales to thank for their considerable profits. Overall, Indiva reported their net revenue from April through June to be 9.1 million in Canadian dollars ($7.2 million U.S.), with their edible sales making up CA$8.4 million, or 93%, of the total.
Those numbers mean that Indiva, which is headquartered in Ottawa, Ontario, saw a 209% increase in net revenue from the previous year and a 46% net revenue increase from Q1 this year. Their cannabis edible sales jumped to 52% higher than Q1 and 445% higher (!) than the previous year’s Q2. “Indiva continued to grow its market share organically in the second quarter, and this strength has continued through July,” said the company’s CEO, Niel Marotta, in a statement. “Becoming a top 10 ranked LP nationally by dollar share and top three measured by units, and doing so by driving organic growth rather than through acquisition, is a testament to the talent, dedication and hard work of the entire Indiva team,” he continued. Indiva stands out on dispensary shelves with its colorful edible bags.
The Canadian company’s comprehensive net loss for Q2 was CA$1.42 million, which included CA$1 million in non-cash charges and one-time expenses. Compared to their net revenue, though, those numbers don’t seem to be hindering Marotta’s plans for the company. “Looking forward to the second half of 2021, we expect to see continued revenue growth driven by new product introductions,” he said. “Indiva is hitting its stride, and we intend to continue to drive profitable organic growth by delivering best-in-class cannabis products to of-age Canadians.” As for now, Indiva can feel proud that they hold the #1 market position for edibles.