NetworkNewsBreaks – Sunniva Inc. (CSE: SNN) (OTC
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Posted On: 11/29/2018 5:39:55 PM
NetworkNewsBreaks – Sunniva Inc. (CSE: SNN) (OTCQX: SNNVF) Releases Q3 2018 Financial Results, Reports Strong Revenue Growth
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.”
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 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.”
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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