Canadian licensed marijuana producer Indivia has seen its revenue surge as the appetite for cannabis edibles increases.
The company had experienced a big climb in net revene during the April-June quarter that was largely from growing sales of edible products.
The Ontario-based company reported net revenue of CA$9.1 million for the period, which was a dramatic 209% YOY increase and 46% over the previous quarter.
The company’s edible sales in the latest quarter amounted to CA$8.4 million, which made up 93% of Indiva’s revenue.
That is 52% higher than the previous quarter’s edibles sales of CA$5.53 million and 445% higher than the comparable period last year.
Indiva also reported positive adjusted EBITDA, a measure of profitability, of CA$544,000.
Net loss for the quarter came in at CA$1.42 million, which includes one-time expenses and noncash charges worth CA$1 million, according to the company’s second quarter financial results.
“Becoming a top 10 ranked LP nationally by dollar share and top three measured by units, and doing so by driving organic growth rather than through acquisition, is a testament to the talent, dedication and hard work of the entire Indiva team,” said CEO, Niel Marotta.
According to Marotta, Indivia is set to experience continued growth through the second half.
The company said that it held the No. 1 market position for edibles in Alberta, British Columbia, Ontario, Manitoba and Saskatchewan, citing data from analytics firm Hifyre.
The company, which trades on the TSX Venture exchange under the ticker symbol “NDVA” had ended the quarter with a cash balance of CA$3.4 million.