Dream, Deliver, Dominate: The Wellness Turnaround Investors Overlooked
Disseminated on behalf of
Delivra Health Brands Inc.
DREAM, DELIVER, DOMINATE: THE WELLNESS TURNAROUND INVESTORS OVERLOOKED
DELIVRA HEALTH BRANDS INC.
TSXV: DHB | OTC: DHBUF
This communication is not an offer to buy or sell securities nor is it to be construed as personal investment advice. Nothing contained in this communication should be relied upon as a promise or representation as to future performance.
FORWARD
Delivra Health Brands (TSXV: DHB | OTCQB: DHBUF) is one of those rare stories that almost slipped under the radar – a small Canadian company that quietly executed one of the most impressive turnarounds on the TSX Venture Exchange.
Just a few years ago, Delivra Health Brands (“DHB”) was a struggling cannabis operator buried under debt and thin margins. Today, it’s a profitable, high-margin wellness company with 51% gross margins, a positive EBITDA profile, and products on the shelves of over 30,000 retail locations across North America.
At its core, Delivra isn’t just another wellness brand – it’s a platform built to scale. With an asset-light model, global distribution partners, and category-leading products like Dream Water® and LivRelief™, the company is positioned to capture a meaningful share of a global wellness market projected to exceed US$9 trillion by 2028.
Leading the charge is CEO Gord Davey, the same executive who helped launch Red Bull into Canada’s mainstream. Under his direction, Delivra has gone from surviving to thriving – leveraging brand strength, disciplined execution, and smart partnerships to carve out a profitable niche in the booming health and wellness sector.
Despite this progress, the market has yet to catch up. With Delivra trading at only ~0.7× sales – compared to 4–6X for its public peers – investors are being offered a rare chance to buy a profitable, growing wellness brand at a deep discount.
This thesis dives into how Delivra pulled off its transformation, where it’s headed next, and why we believe the company sits on the edge of a major valuation re-rating.
Key Catalysts
- Retail Expansion: Presentations to Walmart, Walgreens, and Costco USA – each with potential to double current revenue.
- E-Commerce Growth: Amazon sales up 70% YoY, supported by subscription re-order model.
- International Expansion: New GCC partnership launching Dream Water 6-packs in Saudi Arabia and the Gulf region (2025).
- Hospitality Integration: Dream Water now in 150+ U.S. hotels with 240 more under rollout.
- Financial Performance: FY 2025 net revenue up ~8 % YoY with margin expansion and positive EBITDA.
Bottom line: Delivra is a de-risked growth story entering a sector enjoying double-digit tailwinds. The market hasn’t caught up – yet.
EXECUTIVE SUMMARY
Delivra Health Brands (TSXV: DHB | OTCQB: DHBUF) has emerged as one of Canada’s most compelling turnaround and growth stories in the wellness industry. Under the leadership of CEO Gord Davey, the company has successfully transitioned from a heavily regulated, loss-making cannabis operator into a profitable, asset-light global wellness company with leading science-backed consumer brands.
Five years ago, DHB was burning over $300,000 in cash every quarter, carrying over $21 million in debt, and operating at just 9% gross margins. Today, the company is profitable, generating 51% margins, earning approximately $1 million annually in EBITDA, and carrying less than $5 million in debt. This transformation represents one of the most impressive financial and operational turnarounds on the TSX Venture Exchange.
The company’s two core brands – Dream Water® and LivRelief®– are now sold in over 30,000+ retail locations across North America, including major airports, convenience chains, and grocery stores. Delivra Health is in active discussions with Costco USA, Walgreens, Walmart, and other major retailers, each of which could double revenue in short order. With Dream Water already available in 8 countries and LivRelief in 2, the company is now expanding aggressively into Saudi Arabia, South America, and Latin America, unlocking new geographic growth engines.
DHB is now de-risked, profitable, and entering its next phase of scalable growth, leveraging a proven distribution platform, robust innovation pipeline, and world-class leadership team.
LEADERSHIP AND CORPORATE TRANSFORMATION
When Gord Davey (former Red Bull Canada launch architect) took the helm, Delivra (then Harvest One Cannabis) was heavily indebted and directionless. Davey implemented a radical restructuring and brand pivot, re-positioning DHB as a consumer wellness platform focused on margin-rich brands and lean operations.
His playbook: focus on brands, leverage contract manufacturing, and scale through distribution partnerships and accretive acquisitions. As a major shareholder, Davey’s interests remain aligned with investors – a rare advantage in the microcap space.
A LEAN, SCALABLE BUSINESS MODEL
DHB operates an asset-light model built around contract manufacturing (CMO) and a deeply integrated logistics and distribution network. This approach eliminates the capital intensity that plagues traditional consumer packaged goods (CPG) companies while allowing DHB to scale quickly and efficiently. The company’s proprietary EDI systems and distribution infrastructure – into which millions have already been invested – enable it to integrate new brands or products and have them on retail shelves within just 90 days.
Financially, the company’s trajectory over the past five years tells the story best:
This dramatic shift reflects more than operational efficiency – it underscores the strength and repeatability of DHB’s business model. The company is now self-sustaining, cash-efficient, and strategically positioned to use new capital solely for growth and scale, rather than survival.
GROWTH ENGINES AND EXPANSION STRATEGY
Retail and Global Distribution
Today, Delivra Health Brands (TSXV: DHB | OTCQB: DHBUF) can be found in over 30,000 stores across North America, including major airports, Circle K, and 7-Eleven. Dream Water, the company’s flagship natural sleep solution, is among the fastest-growing wellness products in airports, experiencing 80–100% annual growth.
The company’s next phase of growth will come from its expansion into mass retail. Having already presented to Walgreens, Walmart, and Costco, management believes upcoming partnerships with one or more of these global retailers could double current revenues from $15 million to over $30 million in short order. Early expansion efforts into Saudi Arabia and South America provide additional upside and brand visibility on a global scale.
E-Commerce and Digital Scale
Delivra’s e-commerce division is another major growth pillar. With Amazon serving as its largest customer, DHB has developed a high-margin online business that is projected to grow 70% year-over-year.
The company is also introducing a subscription-based reordering model (SaaS) through Amazon and its own online storefront—an initiative designed to build recurring revenue and deepen consumer loyalty. Because direct-to-consumer (DTC) margins are typically three times higher than retail margins, this channel represents a powerful driver of future profitability.
Hospitality and Institutional Adoption
Dream Water’s integration into the hospitality sector is already underway, with placements in 150 hotels across the United States and an additional 240 Choice Hotels slated for rollout. In parallel, the brand’s adoption by 47 professional sports teams and the Canadian Basketball League (CBL) underscores growing institutional trust and positions DHB as a credible provider of performance and recovery-focused wellness products.
Innovation and Product Pipeline
Delivra Health Brands (TSXV: DHB | OTCQB: DHBUF) innovation engine remains one of its greatest assets. The company has a five-year product pipeline that will see multiple new SKUs launched under both Dream Water and LivRelief brands.
At the heart of this pipeline is the company’s patented Delivra Transdermal Delivery System, a scientifically validated technology that enables deep penetration through the skin for rapid, long-lasting relief. This proprietary system not only underpins LivRelief’s clinical efficacy but also provides a defensible IP moat that differentiates DHB in a crowded wellness market.
STRATEGIC ADVANTAGES
MARKET OPPORTUNITY
The global wellness market continues to expand rapidly, projected to reach over US$8 trillion by 2030 (Global Wellness Institute). Within that, DHB operates across three of the fastest-growing segments:
- Sleep Aid Market: US$110B+
- Topical Pain Relief Market: US$13B+
- Natural & Plant-Based Health Products: Double-digit annual growth
These categories align perfectly with DHB’s two flagship brands, both of which are scientifically validated, clinically backed, and tailored to meet the growing global demand for natural, effective wellness solutions.
Implication: DHB’s core brands align with the fastest-growing wellness segments globally.
PEER COMPARISON – VALUATION GAP REMAINS WIDE
Valuation Insight: Even a conservative re-rating to 1.5–2.0× sales implies > 100 % upside from current levels.
PLATFORM FOR MERGERS & ACQUISITIONS
With the core infrastructure and profitability in place, DHB is now a roll-up platform for emerging wellness brands. Its EDI and distribution network enable fast integration, making each acquisition potentially accretive within months. Future capital raises would fund expansion, not survival.
VALUATION AND GROWTH OUTLOOK
Despite having completed its turnaround, achieving profitability, and possessing significant distribution reach, DHB continues to trade at a steep discount to its global wellness peers. Companies operating in similar categories—sleep, pain relief, and functional wellness—typically command valuations between 2.5x and 4.0x sales.
As Delivra executes on its growth plan—expanding into Costco, Walgreens, and Walmart, scaling e-commerce, and launching new SKUs—investors could see a material re-rating in valuation multiples. With expected revenue growth from $15 million to over $30 million, the upside potential is considerable.
KEY UPCOMING CATALYSTS
- Expansion into Costco USA, Walgreens, and Walmart
- Entry into Saudi Arabia and South American markets
- E-commerce growth of 70% year-over-year with new subscription model
- New Dream Water and LivRelief SKUs launching in 2025–2026
- Hotel distribution rollout to over 240 Choice Hotels
- M&A transactions to expand the brand portfolio
- Continued EBITDA growth and potential debt-free status
CONCLUSION
Delivra Health Brands (TSXV: DHB | OTCQB: DHBUF) is no longer a turnaround — it is a growth story hiding in plain sight. Within a few years, the company has evolved from a high-burn cannabis operator to a profitable, international CPG brand platform.
Recent news flow confirms the momentum: record U.S. sales growth, new GCC distribution deals, and reinforced investor relations capacity. As the wellness economy continues its 7 % CAGR climb toward US$9 trillion by 2028, Delivra is strategically aligned with the most lucrative sub-sectors — sleep, pain relief, and natural wellness.
At ~0.7× sales and positive EBITDA, the valuation gap is staggering. Even a partial re-rating to peer multiples would translate to triple-digit upside while downside remains limited by cash flow and brand equity.
For investors seeking a profitable, undervalued, growth-ready play in the global wellness boom – Delivra Health Brands represents a rare strategic asset at the crossroads of valuation dislocation and expanding consumer demand.
More information on Delivra Health Brands, including their most recent press release and investor information can be found here.
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