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LONDON, ON, Feb. 20, 2019 /CNW/ - Indiva Limited (the "Company" or "Indiva") (TSXV:NDVA) (US:NDVAF) is pleased to provide an update on its fully-funded expansion to 40,000 square feet at its facility in London, Ontario.
The retrofit of 3 additional flower rooms is now complete and are currently undergoing standard cleaning and sanitization procedures. The final video evidence package was submitted to Health Canada on January 21st. Once licensed by Health Canada, these 3 new rooms will immediately be populated with plants currently growing in Indiva's facility, and increase Indiva's annual dry flower capacity to 1,000kg. By the end of Q2, Indiva expects that dry flower capacity will increase to some 3,000kg annually with the licensing of 5 additional flower rooms.
The Company is also pleased to announce the purchase of its facility at 1050 Hargrieve Rd. in London, Ontario pursuant to an agreement of purchase and sale dated November 28, 2018. The strategic decision to purchase the property reflects the fact that licenses granted under the Cannabis Act are tied to a specific address. With the $5.55 million cash purchase of the property, Indiva now has secured long-term certainty for the home of the organization's operations. Further, by owning the property it allows Indiva a greater ability for potential debt financing options in the future and has streamlined the process behind the planned creation of the Indiva farmgate store (subject to AGCO approval).
"Indiva's expansion is on track, and we are excited to now fully own the property which grows, and will manufacture, some of the highest quality cannabis and cannabis derivative products on the market," said Niel Marotta, President and CEO of Indiva.
About Indiva 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.
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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 future licensing approvals, future expansion of growing capacity, TSX Venture Exchange approval of the transactions contemplated herein, future international expansion, future product offerings, future 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 corporate, regulatory and other third parties approvals; licensing and other risks associated with regulated ACMPR entities; and completion of satisfactory due diligence. 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
For further information: Niel Marotta, CEO, INDIVA, Phone: 613-883-8541, Email: [email protected]; Steve Low, Investor Relations, Phone: 647-620-5101, Email: [email protected]