NetworkNewsBreaks – Sunniva Inc. (CSE: SNN) (OTC
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Posted On: 05/01/2018 6:01:44 PM
NetworkNewsBreaks – Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF) Reports Fiscal 2017 Financial, Operational Results
Vertically integrated medical cannabis company Sunniva (CSE: SNN) (OTCQX: SNNVF) recently reported its financial and operational results for the three months and year ended December 31, 2017. Sunniva completed its first year with a total of C$16.1 million in revenue, primarily generated from its two acquisitions during the period, Natural Health Services (“NHS”) and Full-Scale Distributors, LLC (“FSD”), which contributed C$11.3 million and C$4.8 million in revenue, respectively. Among other highlights of the period, the company acquired 20 acres of land in Cathedral City, California, and 18 licenses to produce and distribute cannabis in California. Other milestones for the year included the acquisition of NHS, one of the largest aggregators of medical cannabis patients in Canada, and the acquisition of FSD, a provider of custom private label vaporizers and cartridges operating through the ‘Vapor Connoisseur’ brand. Upcoming milestones for the company include completing the construction and beginning operations in its large-scale cGMP greenhouse facilities in both Canada and California, as well as leveraging the NHS doctor and software platform to target the Canadian medical cannabis market.
“Our vision is to become one of the lowest cost, highest quality cannabis producers in these markets by building large scale purpose-built current good manufacturing practices (“cGMP”) designed greenhouses and establishing sophisticated distribution channels, including our ownership of Natural Health Services (“NHS”) cannabis clinics in Canada which has surpassed 95,000 active patients as of today, to purchase the significant quantities of high quality Sunniva branded and Sunniva private label cannabis products. Our focus moving forward is to execute and de-risk our business model by forward selling a large portion of our production in both markets, supplementing the previously announced 90,000 KG take or pay contract with Canopy Growth in Canada, with an emphasis on creating long term shareholder value,” Sunniva CEO Tony Holler stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Vertically integrated medical cannabis company Sunniva (CSE: SNN) (OTCQX: SNNVF) recently reported its financial and operational results for the three months and year ended December 31, 2017. Sunniva completed its first year with a total of C$16.1 million in revenue, primarily generated from its two acquisitions during the period, Natural Health Services (“NHS”) and Full-Scale Distributors, LLC (“FSD”), which contributed C$11.3 million and C$4.8 million in revenue, respectively. Among other highlights of the period, the company acquired 20 acres of land in Cathedral City, California, and 18 licenses to produce and distribute cannabis in California. Other milestones for the year included the acquisition of NHS, one of the largest aggregators of medical cannabis patients in Canada, and the acquisition of FSD, a provider of custom private label vaporizers and cartridges operating through the ‘Vapor Connoisseur’ brand. Upcoming milestones for the company include completing the construction and beginning operations in its large-scale cGMP greenhouse facilities in both Canada and California, as well as leveraging the NHS doctor and software platform to target the Canadian medical cannabis market.
“Our vision is to become one of the lowest cost, highest quality cannabis producers in these markets by building large scale purpose-built current good manufacturing practices (“cGMP”) designed greenhouses and establishing sophisticated distribution channels, including our ownership of Natural Health Services (“NHS”) cannabis clinics in Canada which has surpassed 95,000 active patients as of today, to purchase the significant quantities of high quality Sunniva branded and Sunniva private label cannabis products. Our focus moving forward is to execute and de-risk our business model by forward selling a large portion of our production in both markets, supplementing the previously announced 90,000 KG take or pay contract with Canopy Growth in Canada, with an emphasis on creating long term shareholder value,” Sunniva CEO Tony Holler stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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