INDVR Brands Inc (CSE:IDVR) (OTCMKTS:CAAOF) (FRA:3YX) announced a record January for the company’s Honu brand in Washington state with more than 262,000 edible units sold.
INDVR said its Honu revenue rose 11% year-over-year in January to $216,031, despite COVID-19 related production impacts.
“We are very pleased with our Honu Brand's performance through the first month of 2021,” INDVR Brands CEO Joshua Mann said in a statement.
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He added: “The continuing growth of our confectionary products re-enforces our optimism as we begin introducing these award-winning products into the largest Adult-Use Cannabis Market in North America over the next three to four months.”
January results for Washington state included the sale of more than 67,440 peanut butter cups and about 49,910 chocolate turtles.
The company also noted that it has begun to formulate and develop additional confectionary products tailored to the vegan and non-dairy markets as it pursues its previously-announced brand expansion across Washington, Oregon and California.
It added that the new dietary-sensitive product lines, which will include a range of items such as a dark chocolate peanut butter cup, are expected to be available to the adult-use recreational cannabis retailers in 2Q 2021.
INDVR Brands, formerly known as Cannabis One Holdings, is a Colorado-based, Canada-listed company focused on the creation and distribution of unique and exciting brands in the legal US cannabis market.
Since August 2020, through new corporate objectives set out by the new board and management team, INDVR said it has become 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.
The company also announced recently that it has formally incorporated its subsidiary in California and is in late-stage discussions with three independent distributors to begin supplying its Honu edible products to about 400 retail locations throughout the state.
Contact Sean at sean@proactiveinvestors.com