Vertically integrated medical cannabis company Sunniva (CSE: SNN) (OTCQX: SNNVF) recently reported its financial and operational results for the three months and year ended December 31, 2017. Sunniva completed its first year with a total of C$16.1 million in revenue, primarily generated from its two acquisitions during the period, Natural Health Services (“NHS”) and Full-Scale Distributors, LLC (“FSD”), which contributed C$11.3 million and C$4.8 million in revenue, respectively. Among other highlights of the period, the company acquired 20 acres of land in Cathedral City, California, and 18 licenses to produce and distribute cannabis in California. Other milestones for the year included the acquisition of NHS, one of the largest aggregators of medical cannabis patients in Canada, and the acquisition of FSD, a provider of custom private label vaporizers and cartridges operating through the ‘Vapor Connoisseur’ brand. Upcoming milestones for the company include completing the construction and beginning operations in its large-scale cGMP greenhouse facilities in both Canada and California, as well as leveraging the NHS doctor and software platform to target the Canadian medical cannabis market.
“Our vision is to become one of the lowest cost, highest quality cannabis producers in these markets by building large scale purpose-built current good manufacturing practices (“cGMP”) designed greenhouses and establishing sophisticated distribution channels, including our ownership of Natural Health Services (“NHS”) cannabis clinics in Canada which has surpassed 95,000 active patients as of today, to purchase the significant quantities of high quality Sunniva branded and Sunniva private label cannabis products. Our focus moving forward is to execute and de-risk our business model by forward selling a large portion of our production in both markets, supplementing the previously announced 90,000 KG take or pay contract with Canopy Growth in Canada, with an emphasis on creating long term shareholder value,” Sunniva CEO Tony Holler stated in the news release.
To view the full press release, visit http://nnw.fm/Z7ATd
About Sunniva Inc.
Sunniva, through its subsidiaries, is a vertically integrated medical cannabis company operating in the world’s two largest cannabis markets – Canada and California – where it is committed to delivering safe, high-quality products and services at scale. The company’s vision is to become the lowest cost, highest quality cannabis producer in the markets it serves by building large scale purpose-built current good manufacturing practices greenhouses, offering better quality assurance with cannabis products free from pesticides, providing better patient and doctor access to cannabis education and sourcing better therapeutic delivery devices. Sunniva’s management and board of directors have a proven track record for creating significant shareholder value both in the healthcare and biotech industries. For more information, visit the company’s website at www.Sunniva.com.
More from NetworkNewsBreaks
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
For more information, please visit https://www.NetworkNewsWire.com