Business
Sunniva Inc. Announces Q3 2018 Financial Results and Provides Strategic Update on Canadian Operations
Sunniva Inc. Announces Q3 2018 Financial Results and Provides Strategic Update on Canadian Operations.
About this update from Sunniva Inc
[{"type":"text","content":"\nThird Quarter Highlights \n Revenue of $3.8 million with gross margin of 56%Year to date revenue of $13.4 million, up over 30% year over yearInitial operations and revenue from the Extraction Facility (as defined below)Closed $23 million bought deal financing (the “Offering”) VANCOUVER, British Columbia, Nov. 28, 2018 (GLOBE NEWSWIRE) -- Sunniva Inc. (“Sunniva”, the “Company”, “we”, “our” or “us”) (CSE:SNN) (OTCQB:SNNVF), a North American provider of cannabis products and services, today released its financial and operational results and management’s discussion and analysis for the three and nine months for the third quarter of 2018 ended September 30, 2018. All figures are reported in Canadian dollars ($) unless otherwise stated. Sunniva’s financial statements are prepared in accordance with International Financial Reporting Standards. “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.  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% 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,” said Anthony Holler, Chief Executive Officer of Sunniva. “With our strategic assets in place in California, we are now in a position to accelerate our revenue growth by advancing upon our upstream vertical opportunities.  We will soon demonstrate our ability to become one of the lowest cost operators producing pesticide-free, premium quality cannabis products, and achieving true vertical integration by: leveraging our purpose built, large-scale, high technology cGMP designed greenhouse in Cathedral City (the “Sunniva California Campus”);accelerating production within our licensed volatile and non-volatile extraction facility in Cathedral City, California (the “Extraction Facility”);producing and stockpiling inventor...