Indiva Expands its Grow Capacity with Receipt of Amended License
June 3rd, 2019
LONDON, ON, June 3, 2019 /CNW/ – Indiva Limited (the “Company” or “Indiva“) (TSXV:NDVA) (US:NDVAF) has successfully received an amended license from Health Canada for three additional grow rooms and three additional processing rooms, bringing the company’s annual cultivation capacity to approximately 1,000kg. The three newly licensed rooms will be immediately populated with plants, using advanced aeroponic grow technology, with the first harvest expected in less than 10 weeks. The Company has completed the video evidence package for an additional five rooms, including additional processing space, with the expectation the rooms will come online in Q3 2019, subject to Health Canada approval. Once all eight rooms are online, Indiva’s annual flower capacity will be approximately 3,000kg.
The amended license will further strengthen Indiva’s position in the domestic and international cannabis industry, by allowing an expanded supply of quality products to patients as well as provincial wholesalers. This expansion will directly serve the growing demand for Indiva products including the company’s current line of pre-rolls available through the OCS and licensed retailers in Ontario. The increased flower capacity will also serve as raw material for Indiva’s 70 tonne extraction facility planned for 2019, and ultimately serves as a high quality input for the Company’s upcoming release of concentrates, chocolates, sugar and various other cannabis derivative items, when the law permits.
“Indiva continues to execute on its expansion plans, and this increase in production capacity gives us greater bandwidth to service the demand for quality cannabis products in Canada,” said Niel Marotta, President and CEO.
Indiva aims to become a house of global marijuana brands, recognized for high quality cannabis products. Indiva’s wholly owned subsidiary is licensed under the Cannabis Act. As marijuana laws liberalize in Canada and internationally, Indiva will expand its product offering to include safe edibles and other client-friendly cannabis products. In Canada, Indiva will produce and distribute Ruby Cannabis Sugar, Sapphire Salt, Ruby Gems, as well as award winning Bhang Chocolate and other derivative products through license agreements and joint-ventures respectively. In addition, as marijuana laws liberalize internationally, Indiva will use its Canadian operations as a platform to open new markets for its cannabis products.
DISCLAIMER & 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 Transaction 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 estimated annual cultivation capacity, anticipated harvest dates, receipt of Health Canada approval for additional grow and processing rooms, the Company’s competitive position and demand for the Company’s products, future product offerings and entry into additional markets, changes to laws and regulations in Canada and internationally, 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 obtain 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.
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SOURCE Indiva Limited
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