Vertically integrated cannabis company Sunniva Inc. (CSE:
SNN) (OTCQX: SNNVF) this morning announced its entry into a non-arm’s length
binding letter of intent to acquire all of the issued and outstanding equity
interests of the Oakland Vision Project (“Vision”). Per the update, Vision is
co-owned by Vinayak Shastry, Sunniva’s president of U.S. operations, and
operates a licensed cultivation facility located in Irvine, California. “This
acquisition will deliver full vertical integration in California that strategically
enhances the value of the Sunniva brand,” Leith Pedersen, president of Sunniva,
stated in a news release. “Production from this facility will allow Sunniva to
launch its first premium-quality craft flower brand with the assurance of
large-scale production from this facility and the large-scale 325,000 sqft
purpose-built, high technology Sunniva California Campus greenhouse… This
acquisition and our state-of-the-art cultivation and extraction facility
positions us as a market leader in California.” Completion of the proposed
acquisition remains subject to a number of conditions, including the
negotiation and execution of a definitive agreement between Sunniva and Vision,
completion of due diligence and receipt of regulatory approvals.
To view the full press release, visit http://ibn.fm/rGYuq
About Sunniva Inc.
Sunniva, through its subsidiaries, is a vertically
integrated cannabis company operating in the world’s two largest cannabis
markets – Canada and California. Its ability to leverage large-scale,
purpose-built cGMP designed greenhouses, offering better quality assurance with
cannabis products free from pesticides, uniquely positions Sunniva as a leading
supplier of safe, high quality products at scale. Through its strategically
positioned cultivation and extraction facilities, Sunniva intends to launch a
suite of branded products in various product categories including flower,
pre-rolls, beverages, vape cartridges, and extracts while expanding upstream
opportunities including distribution and retail expansion. 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
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