INDVR Brands Inc. Announces Growth of Its Award-Winning US Edibles Brand and Provides Corporate Update
INDVR Brands Inc. (CSE: IDVR) (“INDVR”, “INDVR Brands” or the “Company”), a premier US cannabis brand aggregator, is pleased to announce its ongoing commitment to profitably expanding its market share in the US cannabis edibles and infused products space is exceeding internal estimates in both Washington and Oregon State.
Since August 2020, through new corporate objectives set out by the new board and management team, INDVR has become hyper-focused on growing its infused product brands and using those brands to expand its distribution reach to over 1,000 dispensaries across Washington, Oregon and Colorado.
“We are very encouraged by the growth we are seeing in the edibles segment,” said Joshua Mann, INDVR Brand’s CEO. “The continuing sales growth of our award-winning Honu brand reaffirms our decision to focus on exceptional tailor-made products, growing our market share with our most profitable SKUs, and expanding our network into maturing markets in the US and Canada.”
Through its third-party manufacturing partner in Washington, INDVR sold over 206,000 individual edible units in December, a 12% month over month increase from the 184,000 units sold during the previous month. The Company also recorded an 8% sales increase in its infused topical segment, bringing units sold to over 2,700 in December 2020. The Honu brand is currently sold in over 350 dispensaries in Washington State.
In Oregon, INDVR remains focused on growing the Honu brand’s distribution platform to facilitate additional sales growth in 2021. INDVR is currently in discussions with partners to bring Honu products to Colorado, Arizona, Nevada and California in the United States, and potential partners to manufacture and distribute in Canada. As of December 31, 2020, Honu is sold in over 360 retail locations across Oregon.
The award-winning Honu brand encompasses edibles including peanut butter cups, turtles, salted caramels, milk chocolate medallions and other products. Honu also has a topical product line that includes bath bombs and skincare items.
In Colorado, INDVR holds the head lease on two cannabis cultivation facilities, and one cannabis retail location. In addition to the leases, the Company owns all the tenant improvements and cultivation and other equipment in these facilities including — but not limited to — the watering systems, grow lights, HVAC units, racks and trays. The cultivation operations and a retail store are currently operated through third-party sublease and equipment lease agreements.
On December 31, 2020, in the best interest of the Company, the management team and new board of directors of INDVR permitted the previously announced definitive merger agreement with Cannabis Corp expire on its own terms to better continue its focus on growing its most profitable brands. The Company also began the process of gaining its own state approval to operate cannabis assets in Colorado. Similarly, the previously announced asset purchase agreements with the Nevada-based Evergreen Organix have also expired on their terms. The Company is already in the process of developing another relationship with a licensed producer in Nevada to distribute its products in that state.
Disclaimer and Forward-Looking Information
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 “anticipate”, “could”, “intend”, “expect”, “believe”, “will”, “projected”, “potential”, “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, but without limiting the foregoing, this news release contains forward-looking statements pertaining to the following the closing of the Offering, closing of future tranches of the Offering, the use of proceeds of the Offering and the benefit of the Offering to the Company. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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.
To the extent any forward-looking information in this press release constitutes “future-oriented financial information” or “financial outlooks” within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated product sales of the Company and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the assumptions and subject to the risks set out above under the heading “Disclaimer and Forward-Looking Information”.
Cannabis is legal in certain States in the United States (“U.S.“), however cannabis remains illegal under U.S. federal laws. INDVR Brands intends to conduct its U.S. cannabis operations in a manner consistent with the applicable State laws and in compliance with regulatory and licensing requirements applicable in the applicable State. However, the readers should be aware that any change in federal guidance on enforcement actions could adversely affect INDVR Brand’s ability to access private and public capital required in order to support continuing operations and its ability to operate in the U.S.
Unlike in Canada which has Federal legislation uniformly governing the cultivation, distribution, sale and possession of cannabis under the Cannabis Act (Federal), readers are cautioned that in the U.S., cannabis is largely regulated at the State level. Notwithstanding the permissive regulatory environment of medical cannabis at the State level, cannabis continues to be categorized as a controlled substance under the Controlled Substances Act in the U.S. and as such, cannabis-related practices or activities, including without limitation, the manufacture, importation, possession, use or distribution of cannabis are illegal under U.S. Federal law. Strict compliance with State laws with respect to cannabis will neither absolve INDVR Brands of liability under the U.S. Federal law, nor will it provide a defense to any Federal proceeding, which may be brought against INDVR Brands. Any such proceedings brought against INDVR Brands may materially adversely affect its operations and financial performance in the U.S. market.
Further Information: For investment inquiries, please contact Scott Koyich, Investor Relations at Scott@briscocapital.com or (403) 619-2200.
THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW
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