Bhang® Chocolate continues to lead Ontario edibles category
LONDON, Ontario, April 23, 2020 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) is pleased to announce preliminary financial and operating results for the first quarter ending March 31, 2020.
“The first quarter of 2020 saw a marked increase in the Company’s sales as a result of receiving our edibles sales licence and beginning to distribute Bhang® Chocolate in Canada,” Niel Marotta, Indiva’s President and Chief Executive Officer, said. “With top-selling edibles, near-national reach and a growing portfolio of proven, trusted brands, we believe this quarter’s preliminary results show that Indiva is on the right track to deliver, not just for consumers, but for our shareholders as well. We look forward to sharing more comprehensive results about Indiva’s Q1 2020 performance by June 1, 2020.”
PRELIMINARY Q1 FISCAL 2020 HIGHLIGHTS
SIGNIFICANT EVENTS IN THE FIRST QUARTER OF 2020
COVID 19
As discussed in its March 31, 2020, release, Indiva Announces Amendment and Expansion to Licence and Provides Corporate Update, Indiva continues to manage the effects of COVID-19. The Company’s main priority remains the health and safety of its employees. As Canada enacted sweeping new policies to contain COVID-19, the Company instituted significant internal protocol changes to meet and exceed all provincial public health directives. As an essential business, Indiva is committed to continuing to serve Canadian consumers while maintaining strict health and hygiene processes at its facility. The Company will continue to monitor the situation and adjust as needed and appropriate.
UPDATED FILING TIMELINE FOR Q4 FISCAL 2019
The Company also announces that due to delays caused by the COVID-19 virus, it is relying on the exemption provided in Ontario Instrument 51-502 - Temporary Exemption from Certain Corporate Finance Requirements (the "Ontario Instrument") of the Ontario Securities Commission (and similar exemptions provided by other Canadian securities regulators) to postpone the filing of the following continuous disclosure documents (collectively the "Documents"):
According to the Ontario Instrument, during the period from March 23, 2020, to June 1, 2020, a person or company required to make certain filings as described in the Ontario Instrument has an additional 45 days from the deadline otherwise applicable under Ontario securities laws to make the filing. Until the Company has filed the required financial statements and management's discussion and analysis, members of the Company's management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
The Company expects to file the Documents by no later than May 15, 2020.
ABOUT INDIVA
Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, oils, and edible products and provides production, manufacturing and refinement services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt, Gems™, and other Powered by INDIVA™ products through license agreements, partnerships and joint ventures. Click here to connect with Indiva on LinkedIn, Instagram, Twitter and Facebook, and here to find more information on the Company and its products.
MEDIA CONTACT
Kate Abernathy
Vice President of Marketing and Communications
Phone: 613-296-5764
Email: kabernathy@Indiva.com
INVESTOR CONTACT
Steve Low
Investor Relations
Phone: 647-620-5101
Email: slow@Indiva.com
DISCLAIMER AND READER ADVISORY
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 press release 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.
Certain statements contained in this press 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 release contains forward-looking information relating to the Company's future operations, future 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. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated 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 contained herein, investors should not place undue reliance on forward looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.