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.”
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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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