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Sunniva Inc. (OTCMKTS:SNNVF) Announces the Closure of a Previously Reported Sale of its OK Falls Property for CA$6,800,000



Sunniva Inc. (OTCMKTS:SNNVF) is a well-integrated company in the world’s largest legal cannabis market – California. Through its subsidiaries has been and continues to pursue its vision of being one of the lowest cost but highest quality producers of cannabis. In a rapidly emerging and transformative industry, the company has a steadfast commitment to creating sustainable and premium cannabis brands.

Previously, Sunniva Inc. had reported the sale of Its Okanagan Falls Property to an unrelated British Columbia investment company. The deal worth CA$6,800,000 has since been closed through its wholly-owned subsidiary 1167025 B.C. Ltd. However, it is anticipated that the final closing proceeds will be CA$3.2 million, given that there are costs such as the legal fees and a 3% commission payable to the agents for the Buyer.

Finalizing The Sale of Okanagan Falls Marks a Milestone in the Company’s Strategy

In every new plan or venture, Sunniva Inc. is always focusing on sustainability and maximizing its efficiency. This is very vital in a rapidly evolving and expanding industry and is seeds of change. The company’s CEO Dr. Anthony Holler says that the completion of the sale of Okanagan Falls is a successful milestone. It supports their strategy of exclusively focusing on the U.S. market.

However, the company has a fair share of California challenges attached to the completion of the Cathedral City Glasshouse. It is also facing liquidity issues and a dispute of the lease of the Glasshouse.

Holler argues that the Glasshouse is Sunniva’s primary asset, but another party claims ownership and is threatening to terminate the lease.

Sunniva has vowed to use all the available legal avenues to defend its position. Meanwhile, it will also continue to actively seek a transaction, which can settle the liquidity issues.

Sunniva Inc. Emphasis on Creating Shareholder Value

The company is very keen on creating shareholder value. It emphasizes the benefits of investing in it, citing that this would be part of North America’s fastest-growing industry. Among others, Sunniva’s key assets feature a fully operational manufacturing facility, hand in hand with revenue-generating businesses.

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