Indiva entered into a strategic partnership with Dycar Pharmaceuticals and an unsecured convertible debenture financing of up to C$4 million.
Indiva (TSXV:NDVA,OTCQX:NDVAF) has entered into a strategic partnership with Dycar Pharmaceuticals and a concurrent non-brokered unsecured convertible debenture financing of up to C$4 million.
As quoted in the press release:
Indiva has entered into a financing and white-label manufacturing arrangement with Dycar. Under the terms of the letter agreement, Dycar will provide Indiva with initial non-dilutive financing of $3.1 million, and Indiva will manufacture and distribute certain Dycar-branded cannabis products from the Company’s licensed facility in London, Ontario. The financing will be repaid by the deduction of Indiva services in kind to Dycar. The letter agreement may be renewed at the option of Dycar for a minimum of two additional terms, resulting in up to $4.5 million of additional non-dilutive financing. Indiva anticipates that it will begin the production of Dycar branded products in Q1 2020.
“We are delighted to add such a high-quality partner to our B2B platform,” Niel Marotta, President and Chief Executive Officer of Indiva, said. “Dycar and Indiva are very much aligned in our shared pursuit of delivering the very best products to market. We are very excited to begin working with the Dycar team and creating new products that meet and exceed customer and consumer expectations.”