Indiva provides update on extraction operation at London facility
LONDON, ON, March 11, 2019 /CNW/ - Indiva Limited (the "Company" or "Indiva") (TSXv:NDVA) (US:NDVAF) is pleased to provide an update on the design of its extraction facility in London, Ontario.
As previously announced, Indiva is working with Lucid Lab Group to design, construct and commission an ethanol-based extraction operation at Indiva's facility in London, Ontario. Indiva is pleased to report that the design is now complete, and the result is annual expected biomass capacity of some 70 tonnes and resulting distillate capacity of over 4 million grams. This capacity represents a multiple of what Indiva will initially require for internal needs. The capital cost of the extraction equipment is estimated at US$1.4 million, is fully funded, and provides ample capacity to produce the wide spectrum of derivative and edible products licensed from Bhang and DeepCell, as well as Indiva branded product, subject to receipt of applicable regulatory approvals. This extraction capacity also opens the door to the possibility of producing distillate for licensed third parties through partnerships or joint-ventures which could add a substantial revenue to stream to Indiva's business.
Indiva's plan to perform extraction on site in order to complement third party extraction services is founded in our commitment to provide high quality oils, concentrates and edibles to our patients and clients when permitted under Canadian law. We are delighted with the work Lucid Lab Group has completed, and the tremendous excess extraction capacity opens the door to several options to grow our revenue base and lower our unit costs
said Niel Marotta, President and CEO of Indiva.
We will be ready to offer edible products once regulations allow LPs to do so, and this facility gives Indiva room to grow its business in London for years to come
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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SOURCE Indiva Limited