Indiva records strong edibles growth
Demand for Indiva Limited’s edible products continues to rise with record gains in December 2020
MORE THAN ONE out of every three edibles sold in the key cannabis markets of B.C., Alberta and Ontario during the month of December was made by local cannabis producer Indiva Limited — a record for the company, who have come to occupy a dominant position in the Canadian edibles market.
Last week, the company circulated data from market data firm Hifyre that showed impressive performances in those provincial markets, where they held more than 40 per cent market share in each.
“Edibles are one of the fastest growing categories in the cannabis market, and Indiva is committed to continuing to leverage the experience and innovation of our licensing partners to bring new edible products to market to support further growth” Niel Marotta
“We are delighted that customers and clients continue to support Indiva’s core edible brands in market, as evidenced by market share gains at the retail level,” Niel Marotta, Indiva’s CEO, stated in a press release. “The improvement in market share is particularly encouraging given the backdrop of new entrants into the category.”
This is the latest in positive reports for the company. The Indiva’s third quarter results, released late last year, reported quarterly revenues of $3.42 million — a 22 per cent increase from the previous quarter.
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A key aspect of this strong performance is the company’s strength in the two major edibles categories of chocolates and gummies, where their Bhang Chocolate and Wana Sour Gummies brands each lead, respectively. To put this into context, according to the company’s data one of every four edibles sold in Canada was one of Indiva’s sour gummies.
“Edibles are one of the fastest growing categories in the cannabis market, and Indiva is committed to continuing to leverage the experience and innovation of our licensing partners to bring new edible products to market to support further growth,” says Marotta.
The company’s positive outlook is also based on last year’s news that they had reached an agreement to supply Shoppers Drug Mart’s medical cannabis market, and preliminary revenues for the month of October in which the comp
any recorded record revenues. Profitability remained elusive, however, with the company reporting another $3.5 million loss overall. But as costs in raw cannabis materials continues to decrease, the company hopes to see improvements in their margins into this year. Kieran Delamont