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Indiva Ltd (OTCMKTS: NDAF), one of the leading producers of edible cannabis in Canada, recently announced its operating and financial results for the second quarter of fiscal 2021. The company has reported the figures in Canadian dollars, unless otherwise noted.
Key financial highlights
Gross revenue of $ 9.87 million recorded in the second quarter of 2021 represents a 249% year-over-year increase from the second quarter of the prior year. Year-to-date gross revenue has jumped to around $ 16.74 million. The record net sales of $ 9.08 million in the first quarter of 2021 represents a 255% year-over-year increase from the second quarter of 2020. The sequential increase from the first quarter of 2021 was 46%. These revenue increases are mainly due to increased sales of Bhang Chocolate and Wana Sour Gummies.
Edible products net sales increased to approximately $ 8.43 million, an increase of 445% from the $ 1.54 million recorded by the company in the prior year. This is also an increase of 52% from the $ 5.53 million reported in the first quarter of 2021. As a result, edible product sales represent a 93% share of the net income reported in the second quarter of 2021. 2021. During the same quarter, the company sold products containing 52 million mg of distillate. This represents a 73% increase from the 30 million sold by the company in the first quarter of 2021.
The senior management
Indiva CEO and Chairman Niel Marotta said he was pleased to report the company’s record net sales, positive Adjusted EBITDA and record gross profit for the second quarter of 2021. The CEO reported asserted that the company has continued to develop and expand its market share. during this period organically, and he expects that to continue until July. He said SKU’s new introductions, including Bhang cream chocolate and Wana Quick gummies, will help continue to help the company reach new heights in the middle of the year. He said that the fact that they organically managed to become one of the top 10 LPs per dollar share was a testament to India’s hard work, dedication and talent.