On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF) to Raise C$20 Million through Unit Sale

  • A syndicate of underwriters is to purchase 3.8 million units at C$5.27 per unit
  • Sale terms are an amendment of previously announced agreement to sell 1.9 million units
  • Sunniva is closer to achieving full vertical integration in California with launch of Sunniva-branded product lines commencing in Q4 2018

Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF), a vertically-integrated medical cannabis provider, aims to raise C$20 million through the sale of units of the company to a syndicate of underwriters spearheaded by Beacon Securities Limited and Canaccord Genuity Corp., according to a company press release (http://nnw.fm/q1sZw).

Sunniva announced that the syndicate will purchase 3.8 million units priced at C$5.27 per unit, an amendment of the previously publicized agreement which said that the syndicate was to buy 1.9 million units. Subject to the approval of the Canadian Securities Exchange, the closing date of the deal will be October 10. The funds realized from the sale will go toward working capital, among other corporate expenses.

Sunniva recently released its second quarter results, at which time the company’s management said that they looked forward to future revenue opportunities (http://nnw.fm/s5F2d). In a news release, CEO Dr. Anthony Holler said, “We made great progress in Q2 2018 towards our goal of becoming a truly vertically integrated cannabis company in the U.S. In California, construction progressed at our phase one 325,000 square foot state-of-the-art Sunniva California Campus with completion targeted by the end of this year and first harvest expected in Q1 2019. Our extraction facility began generating revenue this quarter. We continue to secure new contracts and are excited about the future revenue opportunities in this and other vertical channels that maximize the synergies with our Vapor Connoisseur device business.”

In the six months up to June 2018, Sunniva’s total revenue amounted to C$9.6 million, against a net loss of C$11.2 million, compared to a C$11.7 million loss in the same period last year.

Speaking of the company’s immediate future plans, Dr. Holler said that its focus in California and the U.S. is to leverage its cultivation and extraction facilities and aggressively expand upstream distribution and retail opportunities to achieve full vertical integration from seed to sale, “which will include a focus on soon launching Sunniva branded product lines in various product categories including flower, extracted products, vaporizers and beverages.”

The first half of the year saw Sunniva entering separate agreements to provide distilled oil products to two leading California brands. Sunniva’s subsidiary, CP Logistics, has a deal with Farmacy Phactory, a producer of high-terpene strains of cannabis. CP Logistics will also produce distilled oil products for Cali Gold.

Sunniva has experienced significant expansion over the last year, including beginning construction of a new 759,000 square foot facility in Okanagan Falls, Canada, and opening a new clinic in its Natural Health Services referral network of cannabis-related clinics.

Dr. Holler continued, “In Canada, we received our Confirmation of Readiness letter for a license from Health Canada and broke ground and commenced construction on the 759,000 square foot Sunniva Canada Campus in Okanagan Falls, British Columbia. Our Natural Health Services’ clinics reported another strong quarter of revenue generation and together with the future production from the Sunniva Canada Campus, provide a solid foundation for future Canadian growth opportunities.”

For more information, visit the company’s website at www.sunniva.com

More from NetworkNewsWire

About NetworkNewsWire

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.

To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 888-902-4192 (U.S. Mobile Phones Only)

For more information, please visit https://www.networknewswire.com

Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer

NetworkNewsWire (NNW)
New York, New York
212.418.1217 Office


Select A Month

NetworkNewsWire Currently Accepts



Bitcoin Cash

Bitcoin Cash

Doge Coin






USD Coin

USD Coin

Contact us: 212.418.1217