Annonce • Nov 06
SNDL Inc. (NasdaqCM:SNDL) completed the acquisition of remaining majority stake in Indiva Limited (TSXV:NDVA.H). SNDL Inc. (NasdaqCM:SNDL) enters into a stalking horse purchase agreement to acquire a remaining majority stake in Indiva Limited (TSXV:NDVA.H) for CAD 22.7 million on July 5, 2024. PricewaterhouseCoopers Inc. (The Monitor) currently estimates the value of the credit bid and cash consideration payable by SNDL under the Bid Agreement to be in the range of approximately CAD 25 million to CAD 28 million. As of July 8, 2024, the Court has approved the sale process. The Transaction is anticipated to close during SNDL's fourth quarter following the receipt of all such approvals. Indiva will seek approval for the Transaction from the Court on or about September 19, 2024. As per filing on August 29, 2024, stalking horse bid of SNDL has been chosen as the successful bid in the acquisition of Indiva. McCarthy Tétrault LLP is acting as legal counsel for SNDL, Bennett Jones LLP is acting as legal counsel for the Indiva Group, and Osler Hoskin & Harcourt LLP is acting as legal counsel for PricewaterhouseCoopers Inc. (the monitor).
SNDL Inc. (NasdaqCM:SNDL) completed the acquisition of remaining majority stake in Indiva Limited (TSXV:NDVA.H) on November 4, 2024. Board Change • Jul 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Liam Wilson was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Jun 15
Indiva Limited Announces Resignation of Rachel Goldman from the Board Indiva announced that Rachel Goldman resigned from the board of Indiva on June 12, 2024, prior to the board resolving to commence proceedings under the CCAA. New Risk • Jun 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.6m free cash flow). Negative equity (-CA$1.3m). Market cap is less than US$10m (CA$6.84m market cap, or US$4.98m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (31% increase in shares outstanding). Annonce • May 24
Indiva Limited Provides Earnings Guidance for the Second Quarter of 2024 Indiva Limited Provided Earnings Guidance for the second Quarter of 2024. For the quarter, the company expects net revenue will be higher on a sequential basis and year-over-year, expected to exceed $10 million, based on the strength of purchase orders from provincial wholesalers and deliveries to date in the quarter. Annonce • May 16
Indiva Limited to Report Q1, 2024 Results on May 23, 2024 Indiva Limited announced that they will report Q1, 2024 results Pre-Market on May 23, 2024 Annonce • Apr 27
Indiva Limited Provides Earnings Guidance for the First Quarter and Fiscal Year 2024 Indiva Limited Provided Earnings Guidance for the First Quarter and fiscal year 2024. For the quarter, the company expects net revenue will be lower on a sequential basis, primarily due to seasonality, and flat year-over-year, due to the continued growth in Pearls by Grön, and the contribution to revenue from No Future gummies and Indiva Blips offset by Wana converting to contract manufacturing and the loss of lozenge revenue.For the year, the company expects to generate record net revenue, driven by continued strength in its core brands, bolstered by new product introductions and continued efficiency gains at the production facility from automation and process improvements. New Risk • Apr 26
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$343k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$343k). Market cap is less than US$10m (CA$12.7m market cap, or US$9.30m). Minor Risks Share price has been volatile over the past 3 months (18% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Reported Earnings • Apr 26
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: CA$0.029 loss per share (improved from CA$0.081 loss in FY 2022). Revenue: CA$37.6m (up 9.2% from FY 2022). Net loss: CA$4.92m (loss narrowed 55% from FY 2022). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 9.2% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. Annonce • Apr 17
Indiva Limited to Report Q4, 2023 Results on Apr 25, 2024 Indiva Limited announced that they will report Q4, 2023 results at 9:30 AM, US Eastern Standard Time on Apr 25, 2024 New Risk • Apr 07
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$10.8m (US$7.91m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 3.6% per year over the past 5 years. Market cap is less than US$10m (CA$10.8m market cap, or US$7.91m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. Independent Director Rachel Goldman was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Feb 28
Indiva Limited announced that it expects to receive CAD 4.312 million in funding Indiva Limited announce a non-brokered private placement of up to 30,800,000 units at a price of CAD 0.14 per unit for aggregate gross proceeds of up to CAD 4,312,000 on February 28, 2024. Each unit will consist of one common share and one-half common share purchase warrant. Each warrant will be exercisable into one common share at a price of CAD 0.15 per common share for a period of 36 months from the date of issuance. The closing of the offerings may take place in one or more tranches. The offerings are subject to certain conditions including, but not limited to, the approval of the TSXV. The company may pay certain eligible finders a finder's fee of up to CAD 400,000. Annonce • Jan 22
Indiva Limited announced that it expects to receive CAD 4 million in funding Indiva Limited announces private placement of minimum of 20,000,000 units and maximum of 40,000,000 Units at an issue price of CAD 0.10 per unit for gross proceeds of CAD 2,000,000 incase of minimum offering and CAD 4,000,000 incase of maximum offering on January 22, 2024. Each Unit consists of one common share and one-half Common Share purchase warrant. Each Warrant is exercisable into one Common Share at a price of CAD 0.15 per Common Share for a period of 36 months from the date of issuance. The Warrants will be governed by the terms and conditions set forth in the certificates representing the Warrants. The transaction is expected to close the final tranche closing will occur no later than March 7, 2024. The company will pay finder's cash fee 8% of the gross proceeds raised in respect of the Offering from subscribers and also issue to eligible finders such number of finder warrants equal to 8.0% of the number of Units sold under the Offering to subscribers introduced by such finders to the Company. The Finder Warrants, to the extent they are issued, shall entitle the holder thereof to acquire one Common Share at a price of CAD 0.15 per Common Share for a period of 36 months from the date of issuance. Price Target Changed • Jan 06
Price target increased by 15% to CA$0.15 Up from CA$0.13, the current price target is provided by 1 analyst. New target price is 30% above last closing price of CA$0.12. Stock is up 15% over the past year. The company is forecast to post a net loss per share of CA$0.03 next year compared to a net loss per share of CA$0.081 last year. Annonce • Nov 22
Indiva Limited Provides Revenue Guidance for Fourth Quarter of 2023 Indiva Limited provided revenue guidance for fourth quarter of 2023. The company expects fourth quarter of 2023 net revenue, excluding contract manufacturing, to improve sequentially driven by new product introduction, including first full quarter of No Future sales across Canada. New SKUs coming to market include additional No Future gummies and vapes, Blips, as well as new 5-count and 25-count Pearls gummies. Gross margins are expected to continue to trend higher over time as the Company benefits from a mix shift to higher margin products and continues to achieve further production efficiencies driven by greater utilization of automation in production and packaging activities. Reported Earnings • Nov 22
Third quarter 2023 earnings released: CA$0.005 loss per share (vs CA$0.018 loss in 3Q 2022) Third quarter 2023 results: CA$0.005 loss per share (improved from CA$0.018 loss in 3Q 2022). Revenue: CA$9.79m (up 21% from 3Q 2022). Net loss: CA$902.2k (loss narrowed 65% from 3Q 2022). Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Annonce • Nov 04
Indiva Limited to Report Q3, 2023 Results on Nov 21, 2023 Indiva Limited announced that they will report Q3, 2023 results Pre-Market on Nov 21, 2023 Reported Earnings • Aug 31
Second quarter 2023 earnings released: CA$0.006 loss per share (vs CA$0.017 loss in 2Q 2022) Second quarter 2023 results: CA$0.006 loss per share (improved from CA$0.017 loss in 2Q 2022). Revenue: CA$7.51m (down 7.6% from 2Q 2022). Net loss: CA$994.8k (loss narrowed 60% from 2Q 2022). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 55% per year, which means it is significantly lagging earnings. Annonce • Aug 18
Indiva Limited to Report Q2, 2023 Results on Aug 29, 2023 Indiva Limited announced that they will report Q2, 2023 results Pre-Market on Aug 29, 2023 Annonce • Aug 11
Indiva Limited Launches No Future Gummies and Vapes Indiva Limited introduced a new value-focused cannabis brand called No Future, which the Company has already begun shipping to B.C. and Alberta and is expected to ship to Ontario in September 2023. No Future is intended to fill a large and critical gap in the cannabis marketplace that opened once the ingestible extracts market was eliminated earlier this year. Indiva expects No Future to accelerate the migration of consumers from the illicit market to the legal market by drastically reducing the price per milligram of THC in cannabis edibles and other extract products such as vapes. No Future will initially launch with four flavours of THC gummies and three varieties of 1.2g 510 vapes. No Future THC Gummies will be 10mg THC per pack and retail prices are expected to reset the floor price of legal market gummies across Canada, with some stores selling at similar prices per mg of THC as ingestible extracts were sold. No Future Vapes will be sold in 1.2g 510 thread cartridges and introduced in three great-tasting strains: Sour Tangie (Sativa), Cherry Zlushie (Hybrid), and Hot CKS (Indica). Similar to No Future gummies, Indiva expects this set of products to reset the floor price of legal 1.2g vapes across Canada. B.C. and Alberta have already begun to receive their first shipments of No Future gummies and Ontario is expected to receive its first shipments in September 2023 and be in stock at retailers by October 2023. No Future Vapes have been delivered in Alberta and are expected to land in Ontario on the same timeline as the gummies. Indiva plans for more regions and product launches to come online in the fall and winter of 2023. New Risk • Jun 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Negative equity (-CA$36k). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (CA$4.66m market cap, or US$3.52m). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). New Risk • Jun 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-CA$36k). Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (CA$5.96m market cap, or US$4.51m). Annonce • May 31
Indiva Limited announced that it expects to receive CAD 2.155617 million in funding from Canopy Growth Corporation Indiva Limited announced that it has entered a non-brokered private placement of 37,230,000 common shares at a price of CAD 0.0579 per share for gross proceeds of CAD 2,155,617 on May 30, 2023. The transaction will include participation from new investor, Canopy Growth Corporation. The balance of the consideration will be paid by Canopy Growth Corporation to the company as additional consideration representing a value of CAD 844,383 and cash payment of CAD 1,250,000 on May 30, 2024. The private placement is expected to close on or before June 6, 2023. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The common shares to be issued under the private placement will have a hold period of four months and one day from the closing date. Annonce • May 17
Indiva Limited Provides Revenue Guidance for the Second Quarter of 2023 Indiva Limited provided revenue guidance for the second quarter of 2023. The company expects second quarter of 2023 net revenue to improve compared to the same period last year; however, there is risk that net revenue may decline sequentially, if sales of new products fail to offset lower sales of ingestible extracts as a result of Health Canada's recent order to stop production and sale of these products. Sequential growth in net revenue is expected to resume in the second half of 2023 driven by the introduction of new products in the third and fourth quarters, resulting primarily from in-house innovation. Gross margins are expected to continue to trend higher and benefit from the implementation of automation in the production and packaging of edible products. Annonce • May 12
Indiva Limited, Annual General Meeting, Jul 18, 2023 Indiva Limited, Annual General Meeting, Jul 18, 2023. Annonce • May 04
Indiva Limited to Report Q1, 2023 Results on May 16, 2023 Indiva Limited announced that they will report Q1, 2023 results Pre-Market on May 16, 2023 Reported Earnings • Apr 19
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: CA$0.081 loss per share (improved from CA$0.11 loss in FY 2021). Revenue: CA$34.4m (up 6.0% from FY 2021). Net loss: CA$10.9m (loss narrowed 27% from FY 2021). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 33%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 22
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$0.018 loss per share (improved from CA$0.047 loss in 3Q 2021). Revenue: CA$8.09m (up 4.8% from 3Q 2021). Net loss: CA$2.57m (loss narrowed 60% from 3Q 2021). Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 100%. Revenue is forecast to grow 49% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to CA$0.50 Down from CA$1.75, the current price target is provided by 1 analyst. New target price is 270% above last closing price of CA$0.14. Stock is down 58% over the past year. The company is forecast to post a net loss per share of CA$0.05 next year compared to a net loss per share of CA$0.11 last year. Annonce • Nov 09
Indiva Limited to Report Q3, 2022 Results on Nov 22, 2022 Indiva Limited announced that they will report Q3, 2022 results Pre-Market on Nov 22, 2022 Annonce • Aug 18
Indiva Limited Provides Revenue Guidance for the Second Half and Full Year of 2022 Indiva Limited announced that this year, the company expects expect to do more than that in the second half. And so they do expect a record year on net revenue. Reported Earnings • Aug 17
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: CA$0.017 loss per share (down from CA$0.01 loss in 2Q 2021). Revenue: CA$8.13m (down 11% from 2Q 2021). Net loss: CA$2.50m (loss widened 77% from 2Q 2021). Revenue missed analyst estimates by 7.4%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 63%, compared to a 25% growth forecast for the Pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Annonce • Aug 09
Indiva Limited to Report Q2, 2022 Results on Aug 16, 2022 Indiva Limited announced that they will report Q2, 2022 results Pre-Market on Aug 16, 2022 Annonce • Jun 28
Indiva Limited Provides Revenue Guidance for the Second Quarter of 2022 Indiva Limited provided revenue guidance for the second quarter of 2022 . Due to delays in deliveries of new products, and delays in provincial delivery appointments, the Company now expects net revenue to decline sequentially from First Quarter 2022. Excluding the impact of these delays, net revenue would have been higher on a sequential basis, as per the Company's previous guidance. The Company maintains its guidance for higher sequential and year-over-year net revenue growth in the second half of 2022, driven by new product introductions. The Company also remains on track to begin the commissioning and implementation of automation in processing and packaging at its production facility in London, Ontario in the second half of 2022. Major Estimate Revision • May 25
Consensus estimates of losses per share improve by 62% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from CA$43.9m to CA$45.7m. EPS estimate increased from -CA$0.10 per share to -CA$0.04 per share. Pharmaceuticals industry in Canada expected to see average net income growth of 2.4% next year. Consensus price target of CA$0.55 unchanged from last update. Share price fell 16% to CA$0.21 over the past week. Annonce • May 20
Indiva Limited Provides Revenue Guidance for the Second Quarter of 2022 Indiva Limited provided revenue guidance for the second quarter of 2022. For the quarter, the company expects net revenue to be higher sequentially, driven by new product introduction and continued strength in core products. Annonce • May 12
Indiva Limited to Report Q1, 2022 Results on May 19, 2022 Indiva Limited announced that they will report Q1, 2022 results Pre-Market on May 19, 2022 Price Target Changed • Apr 27
Price target decreased to CA$0.60 Down from CA$1.75, the current price target is provided by 1 analyst. New target price is 140% above last closing price of CA$0.25. Stock is down 44% over the past year. The company is forecast to post a net loss per share of CA$0.18 next year compared to a net loss per share of CA$0.11 last year. Reported Earnings • Apr 27
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: CA$0.11 loss per share (up from CA$0.16 loss in FY 2020). Revenue: CA$32.5m (up 122% from FY 2020). Net loss: CA$15.0m (loss narrowed 2.7% from FY 2020). Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Over the next year, revenue is forecast to grow 29%, compared to a 102% growth forecast for the pharmaceuticals industry in Canada. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Annonce • Apr 27
Indiva Limited Provides Net Revenue Guidance for the First Quarter of 2022 Indiva Limited expects that First Quarter 2022 net revenue will be lower sequentially, but significantly higher year-over-year, due to normal seasonal factors affecting edible sales. Annonce • Apr 12
Indiva Limited, Annual General Meeting, Jun 23, 2022 Indiva Limited, Annual General Meeting, Jun 23, 2022. Annonce • Feb 25
Indiva Limited Launches New Cannabis Edible Designed for MicroDosing Indiva Limited is chewing further into the edible market with the launch of its newest product, Jewels Cannabis Tarts ("Jewels"). Each package of Jewels contains 10 tarts bursting with fresh, berry flavour. At 1 mg of THC per tart, Jewels Cannabis Tarts are ideal for cannabis consumers looking for a tasty, portable, microdosing option. Jewels are vegan and gluten-free, using no artificial flavours. Launched in Ontario on January 25th, Indiva plans to launch Jewels in provincial retail stores in British Columbia at the end of March, and Alberta in April, subject to applicable provincial approvals. Jewels Cannabis Tarts are available in two unique flavours: Raspberry 1:1 CBD/THC and Strawberry THC. Jewels Raspberry 1:1 Cannabis Tarts are made with real raspberries for a fresh, berry flavour and contain 1 mg THC and 1 mg CBD. Jewels Strawberry Cannabis Tarts are burstingwith fresh, fruity flavour, made with real strawberries and 1 mg THC per tart. Annonce • Feb 16
Indiva Launches New Cannabis Edible Formulated for Night-Time Use Indiva Limited is taking an even bigger share of the cannabis gummy market with the launch of its newest product, Wana™ Quick Midnight Berry Indica. Wana Quick Midnight Berry Indica is brought by the same trusted team at Indiva, who manufactures, sells, and markets edibles including Wana, Bhang, and coming soon, Pearls and Pips. Using a custom blend of CBN, CBD, THC and a proprietary indica terpene blend, Wana Quick Midnight Berry may have the potential for quicker onset and offset of effects. Wana Quick Midnight Berry is made with pectin, not gelatin, which not only gives the gummies a great texture, but also makes it vegan and gluten-free. Wana Quick Midnight Berry Indica gummies launched in Ontario on January 31 and are set to launch in provincial retail stores in British Columbia, Alberta, Saskatchewan, and Manitoba early to mid-February. Available in packages of two, each Wana Quick Midnight Berry Indica gummy contains 5 mg of CBN (cannabinol, the newest cannabinoid sweeping the nation), 10 mg CBD, 2 mg THC, and a specialized indica blend of over 30 terpenes. Reported Earnings • Nov 18
Third quarter 2021 earnings released: CA$0.047 loss per share (vs CA$0.035 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: CA$7.72m (up 155% from 3Q 2020). Net loss: CA$6.43m (loss widened 80% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 14% per year. Reported Earnings • Aug 25
Second quarter 2021 earnings released: CA$0.01 loss per share (vs CA$0.029 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$9.08m (up 255% from 2Q 2020). Net loss: CA$1.42m (loss narrowed 44% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Annonce • Aug 25
Indiva Limited Provides Revenue Guidance for the Second Half of 2021 Indiva Limited provides revenue guidance for the second half of 2021. The Company expects sequential and year-over-year revenue growth and margin improvement to continue in the second half of 2021, as a result of new product introduction, lower distillate costs and improved operating efficiencies. Reported Earnings • Jun 02
First quarter 2021 earnings released: CA$0.025 loss per share (vs CA$0.029 loss in 1Q 2020) The company reported a solid first quarter result with improved revenues and control over costs, although losses increased. First quarter 2021 results: Revenue: CA$6.22m (up 209% from 1Q 2020). Net loss: CA$3.03m (loss widened 24% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 18% per year. Reported Earnings • May 16
Full year 2020 earnings released: CA$0.16 loss per share (vs CA$0.14 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: CA$14.7m (up CA$13.7m from FY 2019). Net loss: CA$15.4m (loss widened 35% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 16% per year. Annonce • Mar 06
Indiva Limited Ships Wana Quick Gummies Indiva Limited is taking a bite out of the cannabis edible market with the launch of Wana Quick gummies (Wana Quick). Produced in Canada by the same team that launched Wana Sour Gummies, the best-selling edible in the country, Indiva is now poised to launch three new Wana Quick flavours nationally in March 2021. The product will be available in Orchard Peach sativa, Pineapple Coconut indica and Strawberry Lime 1:1 hybrid. All Wana Quick gummies contain 10 mg of THC per package and are enhanced with over 30 terpenes to create an entourage effect for a greater experience. Wana Quick gummies are made with pectin, not gelatin, which not only gives the gummies a great texture, but also makes them vegan and gluten-free. All gummies are handcrafted using a recipe intended to reduce melting. Annonce • Mar 03
Indiva Limited Appoints Russell Wilson to the Board of Directors Indiva Limited announced that Mr. Russell Wilson has been appointed to the board of directors of the Company. Mr. Wilson is Vice President, Business Development with W. Brett Wilson’s holding company Prairie Merchant Corporation ("PMC"), a private investment company based in Calgary, Alberta. Annonce • Feb 24
Indiva Limited announced that it has received CAD 11 million in funding from Sundial Growers Inc. On February 23, 2021, Indiva Limited (TSXV:NDVA) closed the transaction. Annonce • Feb 19
Indiva Announces Extension to License Agreement with Wana Brands Inc Indiva Limited announced an amendment and extension to its license agreement with Wana Brands. Under the terms of the amendment to the license agreement, Indiva will continue to have the exclusive right to produce and distribute Wana products, including gummies and soft chews, in Canada. The amended agreement shall be for a five year term, and may be extended for three additional five year terms. Annonce • Feb 17
Indiva Limited announced that it expects to receive CAD 11 million in funding from Sundial Growers Inc. Indiva Limited (TSXV:NDVA) announced a brokered private placement of 25,000,000 common shares at a price of CAD 0.44 per share for gross proceeds of CAD 11,000,000 from new investor, Sundial Growers Inc. (NasdaqCM:SNDL) on February 16, 2021. The transaction is expected to close by February 23, 2021. The transaction is subject to certain conditions customary for transactions of this nature, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities issued will be subject to a statutory hold period of four months and one day following the closing. Is New 90 Day High Low • Feb 10
New 90-day high: CA$0.49 The company is up 109% from its price of CA$0.23 on 11 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 92% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: CA$0.28 The company is up 17% from its price of CA$0.24 on 01 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 57% over the same period. Recent Insider Transactions • Dec 23
Independent Director recently bought CA$65k worth of stock On the 18th of December, Andre Lafleche bought around 290k shares on-market at roughly CA$0.22 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$65k more in shares than they have sold in the last 12 months. Annonce • Dec 12
Indiva Limited Promotes Rob Carse to Chief Operating Officer Indiva Limited announced that Rob Carse has been promoted to Chief Operating Officer of Indiva Limited, effective immediately. Rob joined the Company almost two years ago and has over 20 years of experience in large CPG and food manufacturing. Rob has been a terrific steward in growing the operations team and successfully achieving record production levels to support demand for Indiva products. Price Target Changed • Dec 10
Price target raised to CA$0.63 Up from CA$0.55, the current price target is provided by 1 analyst. The new target price is 193% above the current share price of CA$0.21. As of last close, the stock is up 2.4% over the past year. Major Estimate Revision • Dec 10
Analysts increase revenue estimates to CA$14.9m The 2020 consensus revenue estimate increased from CA$11.2m. Earning per share (EPS) estimate also saw an improvement, with analysts raising their estimates from -CA$0.08 to -CA$0.07 for the same period. The Pharmaceuticals industry in Canada is expected to see a 23% decline in net income next year. The consensus price target increased from CA$0.55 to CA$0.63. Share price is down by 2.3% to CA$0.21 over the past week. Reported Earnings • Nov 28
Third quarter 2020 earnings released: CA$0.035 loss per share The company reported a solid third quarter result with improved revenues and control over expenses, though losses increased. Third quarter 2020 results: Revenue: CA$3.03m (up CA$2.84m from 3Q 2019). Net loss: CA$3.57m (loss widened 36% from 3Q 2019). Is New 90 Day High Low • Nov 19
New 90-day low: CA$0.21 The company is down 24% from its price of CA$0.28 on 21 August 2020. The Canadian market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 25% over the same period. Is New 90 Day High Low • Nov 03
New 90-day low: CA$0.23 The company is down 13% from its price of CA$0.27 on 04 August 2020. The Canadian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is down 1.0% over the same period. Annonce • Oct 14
Indiva Secures Agreement with Medical Cannabis by Shoppers Inc Indiva Limited announced an agreement has been secured with Medical Cannabis by Shoppers Inc., a subsidiary of Shoppers Drug Mart Inc. This agreement will see Bhang® Chocolate and Wana Sour Gummies sold through the Medical Cannabis by Shoppers business, including Bhang THC Milk Chocolate, Bhang THC Dark Chocolate, Bhang CBD-Dominant Milk Chocolate, Bhang Caramel Dark Chocolate THC/CBD 1:1, as well as Wana Sour Gummies in the following flavours: Watermelon Hybrid, Strawberry Lemonade 1:1, and Mango Sativa. Annonce • Oct 04
Indiva Ships Wana Sour Gummies to Alberta, Saskatchewan, and Yukon Territory Indiva Limited announced that the first three flavours of Wana™ Sour Gummies have shipped to Alberta, Saskatchewan, and Yukon Territory. Mango Sativa (5 mg THC per gummie), Watermelon Hybrid (5 mg THC per gummie), and Strawberry Lemonade 1:1 (5 mg THC, 5 mg CBD per gummie) are expected to be in stores this week. Wana™ Sour Gummies are made with pectin, not gelatin, which gives the gummies a great texture in addition to making them vegan. All gummies are handcrafted using a shelf-stable recipe so they won’t melt. Following the first three flavours that have been released, the Company intends to bring these additional flavours to market later in 2020: Blueberry Indica (5 mg THC per gummie); Strawberry 10:1 (10 mg CBD, 1 mg THC per gummie); Japanese Citrus Yuzu 2:1 (10 mg CBD, 5 mg THC per gummie); Pomegranate Blueberry Acai 5:1 (25 mg CBD, 5 mg THC per gummie). Annonce • Sep 24
Indiva Ships Wana™ Sour Gummies to British Columbia Indiva Limited announce that Wana™ Sour Gummies have shipped to British Columbia and are already available in stores. The first three Wana™ Sour Gummies flavours released are Mango Sativa (5 mg THC per gummie), Watermelon Hybrid (5 mg THC per gummie), and Strawberry Lemonade 1:1 (5 mg THC, 5 mg CBD per gummie). Wana™ Sour Gummies are made with pectin, not gelatin, which not only gives the gummies a great texture, but also makes them vegan. All gummies are handcrafted using a shelf-stable recipe so they won’t melt. In addition to the first three flavours released, the Company intends to bring these additional flavours to market later in 2020: Blueberry Indica (5 mg THC per gummie) Strawberry 10:1 (10 mg CBD, 1 mg THC per gummie) Japanese Citrus Yuzu 2:1 (10 mg CBD, 5 mg THC per gummie) Pomegranate Blueberry Acai 5:1 (25 mg CBD, 5 mg THC per gummie). Annonce • Aug 11
Indiva Limited announced that it has received CAD 5.179499 million in funding from Marotta Investments Limited, Prairie Merchant Corporation, ATB Capital Markets Inc. On August 10, 2020, Indiva Limited (TSXV:NDVA) closed the transaction. The company issued 17,264,996 units for the gross proceeds of CAD 5,179,498.8 in the transaction. The company issued 13,890,663 units for the gross proceeds of CAD 4,167,198.9 in its second tranche. The tranche included participation from returning investor W. Brett Wilson through Prairie Merchant Corporation for 3,333,333 units for the gross proceeds of CAD 999,999.9, Allan Markin for 3,333,333 units for gross proceeds of CAD 999,999.9 and ATB Capital Markets Inc. for 1,200,000 units for the gross proceeds of CAD 360,000. The company paid CAD 168,700 as finder fee and 562,333 non-transferable broker warrants representing 3.3% of the units placed by such brokers. Each broker warrant entitles the holder to acquire one common share at an exercise price of CAD 0.30 for a period of 36 months. 