Indiva Ltd (OTCMKTS:NDVAF) signed a white label manufacturing accord with Dycar Pharmaceutical Ltd. As per the deal, the company will produce high-quality cannabis products under the Dycar brand from its London, Ontario licensed facility. Indiva will also receive financing of up to $4 million from Dycar.
Option to extend the deal
Indiva will repay the debt through its services to Dycar. It has an option to extend the deal for an additional two terms (minimum) at the sole discretion of Dycar. As a result, Indiva will get additional non-dilutive financing of up to $4.5 million.
CEO of Indiva, Niel Marotta, said the company is pleased to rope in a high-quality partner – Dycar into its B2B platform. Both firms share the same vision to deliver high-quality products to satisfy the market needs. He further said the company is excited to work with Dycar and bring innovative products that exceed the consumer and customer expectations.
Funding expected in mid-December 2019
Indiva expects the funding in mid-December 2019 subject to satisfying customary conditions that comprise receiving applicable third-party approvals and executing definitive agreements. The company also expects to receive financing of up to $4 million through unsecured convertible debentures. Each debenture is priced at $1000 and convertible to 5,000 common shares (at $0.20 for each share) of Indiva. The debenture holders will receive an interest of 10% and paid semi-annually (on December 31 and June 30). Issued debentures have a maturity of 36 months from the date of issue.
In Q3 2019, Indiva posted revenues of $185,539. The company received the nod for the distribution of pre-rolls, dry flower, and capsules to the customers in Quebec. It will also offer extraction services as per the accord signed in August 2019 to TerrAscend. Indiva will receive a minimum of 800 kg of dry flower annually from TerrAscend.
Marotta said the company is poised to report significant growth next year. He praised the strengths of his teams and contributions from partners for achieving commercial scale in such a short period. Indiva expects to meet the needs of 90% of the eligible customers by providing high-quality products.
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