Canadian edibles producer Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF) announced its financial and operating results Tuesday for the second quarter of fiscal 2021 with record net revenue of CA$9.08 million ($7.2 million) up by 255% year-over-year.
Q2 Financial Highlights
- Net revenue jumped 46% sequentially (hitting CA$9.08 million) driven primarily by increased sales of category-leading cannabis edibles, including Wana Sour Gummies and Bhang Chocolate;
- Net revenue from edible products grew to CA$8.43 million, up 445% from CA$1.54 million in the prior-year period and up 52% from CA$5.53 million in Q1 2021. Edible product sales represent 93% of net revenue in Q2 2021.
- Gross profit before fair value adjustments and impairments, improved by 160% sequentially to a record CA$3.08 million, and increased to a record 34.0% of net revenue, versus 19% in Q1 2021 and 0.8% in Q2 2020.
- Indiva achieved positive adjusted …