Business
Sunniva Inc. Announces Q1 2018 Financial Results
Sunniva Inc. Announces Q1 2018 Financial Results.
About this update from Sunniva Inc
[{"type":"text","content":"\nVANCOUVER, British Columbia, May 30, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – Sunniva Inc. (\"Sunniva\" or the “Company\") (CSE:SNN) (OTCQX:SNNVF), a North American provider of cannabis products and services, today released its financial results and management’s discussion and analysis for the three months ended March 31, 2018. All figures are reported in Canadian dollars ($). Sunniva's financial statements are prepared in accordance with International Financial Reporting Standards.\n Message from the CEO “We are pleased with our Q1 2018 revenue results from our two operating entities, Natural Health Services and Full-Scale Distributors. We are seeing strong momentum in both NHS and FSD in 2018, and these operations will complement our manufacturing businesses currently being developed in California and British Columbia. We are continuing to build our capabilities in all areas, to meet anticipated Canadian and US demand,” said Dr. Anthony Holler, CEO, Sunniva. “The completion of our $27.8 million bought deal public offering, securing all the necessary State of California temporary licenses for Phase one and two for our purpose built state-of-the-art greenhouse cultivation facilities in California, and our recent Confirmation of Readiness from Health Canada, site selection and commencement of construction on our Canadian facility demonstrates our ability to progress our business plan and corporate objectives.” Financial Highlights – Three Months Ended March 31, 2018  Consolidated Financial Highlights Expressed in 000’s of CDN$, except per share amounts     Three Months Ended March 31, 2018 2017 Change Revenue 5,164 2,374 2,790 Cost of Goods Sold 3,071 1,159 1,912 Gross Margin 2,093 1,215 878 Selling, General and Administrative 5,557 1,715 3,842 Share-based Payments 2,169 - 2,169 Amortization Expense 702 441 261 Loss from Operations (6,335)(941)(5,394)Net Loss (6,268)(962)(5,306)Basic Loss Per Share($0.23)($0.04)($0.19)Weighted Average Number of Shares 27,399,250 22,347,325 5,051,925  Operating Highlights -  Three Months Ended March 31, 2018 Key operating highlights for th...