Vertically integrated cannabis company Sunniva (CSE: SNN)
(OTCQX: SNNVF) released financial and operational results for the three and
nine months ended September 30, 2018. The Q3 2018 update (with figures reported
in Canadian dollars unless otherwise stated) includes the following highlights:
Revenue of $3.8 million with gross margin of 56 percent; year to date revenue
of $13.4 million, up more than 30 percent year over year; initial operations
and revenue from the extraction facility; closed $23 million bought deal
financing.
“We continue to make progress towards completion of Phase 1,
the first 325,000 square feet, of our purpose built, high-technology cannabis
greenhouse in Cathedral City, California” Sunniva CEO Anthony Holler stated in
the news release. “While we have remained committed to advancing our operations
in order to play a leadership role in the California cannabis market as we
launch our first Sunniva branded products in the first quarter of 2019, we have
maintained solid performance of our existing operations with $3.8 million in
revenue and gross margins of 56 percent in the third quarter. We have now
generated year to date revenue of $13.4 million, a 30 percent increase over
this same period last year.”
To view the full press release, visit http://ibn.fm/MXNh0
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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