Indiva Limited provided revenue guidance for the second quarter of 2023. The company expects second quarter of 2023 net revenue to improve compared to the same period last year; however, there is risk that net revenue may decline sequentially, if sales of new products fail to offset lower sales of ingestible extracts as a result of Health Canada's recent order to stop production and sale of these products. Sequential growth in net revenue is expected to resume in the second half of 2023 driven by the introduction of new products in the third and fourth quarters, resulting primarily from in-house innovation.

Gross margins are expected to continue to trend higher and benefit from the implementation of automation in the production and packaging of edible products.