Canadian cannabis producer Indiva’s net revenue took a hit in the second quarter because of the loss of sales from its Life Lozenges brand stemming from Health Canada’s crackdown on “erroneously” classified edibles products.
Indiva’s second-quarter net revenue of 7.5 million Canadian dollars ($55.4 million) was 20% lower than the previous quarter and a 7.6% decrease year-over-year.
The Ottawa, Ontario-based company attributed the decline primarily to the lozenges issue as well as a decrease in sales of its Wana Brands cannabis gummies.
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“This was a transitional and busy quarter for Indiva, with several cross currents impacting our results, including the negative impact from the loss of revenue from our Indiva Life Lozenges, and partial revenue loss in the quarter from the transition to contract manufacturing of Wana gummies, offset by continued growth and excellent market share gains from Pearls by Grön gummies,” CEO Niel Marotta in
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