Earnings

Canadian cannabis edibles producer Indiva Limited announced on Thursday its financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2023. For the fourth quarter, the company reported a 53.3% increase year-over-year increase in gross profit before inventory write-down to CA$4.2 million (roughly $3 million). Gross margin before inventory write-down improved to a record 38.5% of net revenue, versus 37.1% in the prior quarter and 29.3% in the prior year's period. Indiva attributed the improvement in gross margin percentage year over year to higher sales, improved operating efficiencies and a positive mix shift toward higher-margin products.