Vertically integrated cannabis company Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF) this morning announced that its wholly-owned subsidiary, Sunniva Medical Inc. (“SMI”), has closed the purchase of a 126-acre industrial zoned property in Okanagan Falls, BC. The Sunniva Canada Campus, a facility designed to be a 740,000 sq. ft. Good Manufacturing Practice (“cGMP”) compliant greenhouse, will be located on the newly purchased property. The total consideration of $7 million for the purchase is comprised of a $3.5 million cash payment with the remainder paid through a vendor take back mortgage financing (“VTBMF”). The VTBMF is for a one-year term with an interest rate of 5% per annum. The company also reported that SMI has been issued the required development permits by the Regional District of Okanagan-Similkameen for the construction of the facility.
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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 – where we are committed to delivering safe, high-quality products and services at scale. Our vision is to become the lowest cost, highest quality cannabis producer in the markets we serve by building large scale purpose-built current Good Manufacturing Practice (“cGMP”) designed 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.
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