Indiva Extends Maturity of Senior Debt to October 2021

Provides Q2 Revenue Guidance and Corporate Update

LONDON, Ontario, July 29, 2020 (GLOBE NEWSWIRE) -- Indiva Limited (the “Company” or “Indiva”) (TSXV:NDVA) (OTCQX:NDVAF) is pleased to announce its senior lender has extended the maturity of the Company’s senior secured demand loan and factoring agreement (the terms of which are discussed in the Company's press release dated October 15, 2019) until October 31, 2021. In consideration for this extension, Indiva will pay an extension fee of $73,450, and the annual coupon will increase by two percent. Consistent with the existing agreement, there is no penalty for early repayment, and management continues to evaluate options to refinance the debt at more advantageous terms.

Q2 2020 Revenue Guidance and Corporate Update

The Company is pleased to share that it expects Q2 2020 net revenue in the range of $2.3 to $2.8 million. This represents over 1,200% year-over-year and 15% sequential net revenue growth, at the low end of the revenue guidance range. The increase was driven primarily by higher sales of 2.0 products and capsules. The Company is also pleased to announce it has received initial purchase orders for Wana Gummies in excess of $750,000 from two western provinces, with more orders expected from other provinces in the coming weeks. Additionally, the Company has also completed installation of an automated pre-roll line to its production facility in London. This addition will allow for increased output of Indiva’s pre-rolls, as well as improved efficiency and profitability. Lastly, the Company has also identified upwards of $1 million of annual cost savings and efficiencies which will begin to positively impact financial results as early as Q3 2020.

“We are very pleased with the debt extension provided by our senior lender,” said Niel Marotta, President and CEO of Indiva. “We are also very excited about the upcoming Wana Gummie launch and the upgrade to our London production facility. The new automated pre-roll line means we can produce high-quality products at a faster rate, fulfilling consumer demand across more provinces. We are excited to continue providing quality pre-rolls to of-age Canadians.”


Indiva sets the standard for quality and innovation in cannabis. As a Canadian licensed producer, Indiva creates premium pre-rolls, flower, capsules, and edible products and provides production and manufacturing services to peer entities. In Canada, Indiva produces and distributes the award-winning Bhang® Chocolate, Wana Sour Gummies, Ruby® Cannabis Sugar, Sapphire™ Cannabis Salt 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.

Meagan Kelly, Marketing and Communications Specialist 
Phone: 613-979-6347

Steve Low, Investor Relations
Phone: 647-620-5101


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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, future sales and revenue, the completion and receipt of payment of all purchase orders, the cost savings and efficiencies materializing as anticipated 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 Company being able to maintain the necessary regulatory and other third parties’ approvals and licensing, achieving its projected revenues, cost saving initiatives have the desired results 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.

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