What Indiva does

Indiva Limited is a Canadian cannabis-edibles producer headquartered in London, Ontario, operating a 40,000-square-foot licensed production facility. Founded in 2013 and listed on the TSX Venture Exchange under ticker NDVA, the company manufactured and distributed a portfolio of seven cannabis-infused edible brands — including Pearls by Grön, No Future, Wana, and Bhang Chocolate — across chocolate, gummy, and specialty formats for the Canadian market. Its go-to-market operated through regulated provincial wholesalers and licensed cannabis retailers, with revenue mechanics tied to per-unit edible sales across SKUs rather than disclosed subscription or licensing arrangements.

The business model is straightforward physical-goods manufacturing and wholesale: Indiva produced edibles under owned or licensed brand names and sold into Canada's regulated cannabis retail channel. Across 2018-2024, the company raised approximately CAD $68 million in disclosed funding rounds, including an $11 million round led by SNDL in 2021, a Canopy Growth-led round in 2023, and a $4.3 million working-capital private placement in early 2024. Despite the funding cadence, the company reported substantial operating losses each year from 2019 through 2023, culminating in a court-supervised CCAA insolvency process in 2024.

On August 29, 2024, SNDL Inc. was selected as the successful bidder to acquire Indiva through the CCAA process, with the transaction expected to close in SNDL's fiscal Q4 2024 subject to court approval on September 19, 2024. The acquisition transfers Indiva's production facility and seven-brand portfolio to SNDL, with stated objectives of improving SNDL's market share in the cannabis-edibles category, increasing capacity utilization, and reducing aggregate corporate expenses. Post-close, Indiva is expected to operate as a subsidiary within SNDL.

Name

Indiva

Legal name

Indiva Limited

Website

https://indiva.ca

Company type

Public

Founded year

2013

Operating status

Acquired

Headcount range

51–100 employees

Short description

Indiva Limited is a Canadian cannabis-edibles producer operating a 40,000-square-foot licensed manufacturing facility in London, Ontario, distributing seven branded product lines including Pearls by Grön, Wana, and Bhang Chocolate across Canada.

Ownership category

akta.pro rank

Product category

Cannabis Edibles Manufacturing

NAICS

Nonchocolate Confectionery Manufacturing (31134)

SIC

Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Adult-Use (Recreational) Cannabis Dispensaries (CRANAFAA)

Keywords

• Cannabis edibles
• Cannabis chocolate
• Cannabis gummies
• Edibles manufacturing
• Cannabis consumer products

Headquarters

HQ city

London

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Others

Core offering

Indiva Limited was a Canadian cannabis edibles producer that manufactured and distributed cannabis-infused edible products through a portfolio of seven consumer brands, including Pearls by Grön, No Future, Wana, and Bhang Chocolate. Products spanned chocolate, gummies, and specialty cannabis formats, produced at a 40,000-square-foot facility in London, Ontario, and sold across the Canadian licensed cannabis retail market.

Product overview

Indiva was a Canadian cannabis edibles producer operating a 40,000-square-foot production facility in London, Ontario. The company offered a portfolio of seven branded cannabis edibles products, including Pearls by Grön, No Future, Wana, and Bhang Chocolate. Indiva's products were distributed across the Canadian cannabis market. The company was acquired by SNDL Inc. in 2024 through a court-supervised CCAA insolvency process, with the transaction including the production facility and the full brand portfolio.

Differentiator

Problem solved

Functional benefit

Brands

• Pearls by Grön: Cannabis brand in Indiva's portfolio acquired by SNDL
• No Future
• Wana
• Bhang Chocolate

Products and services

• Pearls by Grön A cannabis-infused edible brand in Indiva's consumer product portfolio, distributed across the Canadian cannabis market.
• No Future A cannabis-infused edible brand in Indiva's portfolio of seven brands, distributed in the Canadian cannabis market.
• Wana A cannabis edibles brand known for sour taffy products, part of Indiva's brand portfolio distributed in the Canadian cannabis market.
• Bhang Chocolate A cannabis-infused chocolate brand in Indiva's product portfolio, distributed across the Canadian cannabis market.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Auxly Cannabis Group: Canadian cannabis company focused on cannabis-infused edible and derivative products under brands like Back Forty and Kolab. Highly comparable to Indiva as a fellow Canadian edibles producer targeting provincial retail channels.
• The Valens Company: Canadian cannabis extraction and derivative product manufacturer serving both medical and recreational channels. Comparable as a Canadian-licensed cannabis processor whose fortunes turned on derivative-product economics similar to Indiva's edibles.
• Entourage Health Corp. Canadian cannabis producer with branded edible and derivative offerings sold through provincial distributors. Comparable as a smaller Canadian edibles-focused producer operating under similar regulatory and channel dynamics as Indiva.

Broad incumbents

• SNDL Inc. Canada's largest private-sector cannabis retailer and the acquirer of Indiva through CCAA. Directly comparable as a Canadian licensed cannabis producer/retailer with overlapping edible distribution, and now the parent combining Indiva's brands and production capacity with its national retail footprint.
• Canopy Growth Corporation: One of Canada's largest cannabis producers and a prior investor in Indiva via the 2023 financing round. Comparable as a broad incumbent in Canadian cannabis with deep exposure to the same provincial retail channels and edible formats.
• OrganiGram Holdings: Canadian licensed cannabis producer with a meaningful portfolio of edible and vapor products including the Edison JOLTS and Holy Mountain brands. Comparable as a Canadian LP competing in the same edibles category with greater scale.
• Aurora Cannabis: Canadian licensed cannabis producer with medical and consumer product portfolios. Comparable as a Canadian LP selling into the same provincial distribution and dispensary channels as Indiva's brands.
• Cronos Group: Canadian cannabis operator with branded consumer product lines including gummy and edible formats. Comparable as a peer Canadian producer competing for the same dispensary shelf space and provincial contracts.
• Tilray Brands: Global cannabis and consumer packaged goods company with edible brands such as Hi-Ball and Chowie Wowie. Comparable as a larger, multi-jurisdiction incumbent competing in the same cannabis-infused edible category Indiva serves.

Emerging players

• High Tide Inc. Canadian cannabis retail and consumer products company selling both cannabis and ancillary goods. Comparable as a Canadian peer where cannabis-infused consumables and accessories meet retail distribution, intersecting with Indiva's end-market.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights4 records

Customer concentration

• Xx.com/indivalife

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds10 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indiva