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Sunniva Inc. Announces Reversal Of Transaction Agreement For Previously Acquired Cannabis Licences And Ceasing Of Operations Of Its Distribution And Extraction Facilities In California
Sunniva Inc. Announces Reversal Of Transaction Agreement For Previously Acquired Cannabis Licences And Ceasing Of Operations Of Its Distribution And Extraction Facilities In California.
About this update from Sunniva Inc
[{"type":"text","content":"\n\n\n\nSunniva Inc. Announces Reversal Of Transaction Agreement For Previously Acquired Cannabis Licences And Ceasing Of Operations Of Its Distribution And Extraction Facilities In California\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSunniva Inc. Announces Reversal Of Transaction Agreement For Previously Acquired Cannabis Licences And Ceasing Of Operations Of Its Distribution And Extraction Facilities In California\nPR Newswire\nVANCOUVER, BC, June 15, 2020\n\n\n\nVANCOUVER, BC, June 15, 2020 /PRNewswire/ -- Sunniva Inc. (\"Sunniva\", the \"Company\", \"we\", or \"our\") (CSE:SNN, OTCQB:SNNVF) announces that effective June 12, 2020, its wholly-owned subsidiary, CP Logistics, LLC (\"CPL\") has agreed to a reversal of transaction agreement (the \"Reversal Transaction\") with respect to the April 29, 2019 Membership Interest Purchase Agreement whereby CPL acquired an 80% membership interest in each of 420 Distribution, LLC (\"420\") and Coachella Distillation, LLC (\"Coachella\") (collectively, the \"Companies\") from Group Two Investments, LLC (\"Group Two\") and assumed two subleases (the \"Subleases\") at the commercial property in Coachella, CA (the \"Distribution Facility\"). Pursuant to the Reversal Transaction, CPL has ceased operations at the Distribution Facility and will relinquish the 80% membership interests acquired from each of 420 and Coachella and have the original purchase price returned. The total consideration for the Companies was not material. The Subleases will revert back to Group Two and CPL will have its name removed from the provisional distribution license and the provisional type \"P\" manufacturing license with the California Bureau of Cannabis Control and the California Department of Public Health (collectively the \"Licenses\"), respectively.\n\n \n \n \n \n \n \n\n \nSunniva will have no ongoing obligations to Group Two or the Companies.\nIn addition, Sunniva announces that as part of the previously stated cost saving measures being taken through the reduction of its business activities in California it will be ceasing o...