Business
Sunniva Secures Additional USD $5.0 Million in Purchase Orders for Sunniva Branded Cannabis Products and Announces $10 Million Financing to Support Near Term Growth
Sunniva Secures Additional USD $5.0 Million in Purchase Orders for Sunniva Branded Cannabis Products and Announces $10 Million Financing to Support Near Term Growth.
About this update from Sunniva Inc
[{"type":"text","content":"\nNot for Dissemination in the United States or for Distribution to U.S. Newswire Services\n VANCOUVER, British Columbia, Jan. 22, 2019 (GLOBE NEWSWIRE) --  Sunniva Inc. (“Sunniva”, the “Company”, “we”, “our” or “us”) (CSE:SNN) (OTCQB:SNNVF), a North American provider of cannabis products and services, is pleased to announce a CAD $10.0 million non-brokered offering (the “Financing”) of convertible debentures (“Convertible Debentures”) to provide additional working capital in response to higher than anticipated near-term demand for Sunniva branded cannabis products which includes an additional USD $5.0 million in retail dispensary purchase orders. Including the initial USD $2.4 million cannabis purchase contracts which were announced on January 4, 2019, Sunniva now has secured a total of USD $7.6 million of near-term future sales contracts for Sunniva branded cannabis products in California. Sales commenced in January 2019, and these initial contracts are to be completed in the first fourth months of 2019.  The contracts include purchases of the following Sunniva branded product lines: Ultra-pure distillate products: 1.0 ml, 0.5 ml and 0.33 ml filled vape cartridges, live resin vape cartridges and disposables pens   Premium concentrates: live resin extracts, shatters, and waxesPremium Flower                In advance of large-scale production at the Company’s greenhouse in Cathedral City, California, the Financing will be used to enable Sunniva to continue to secure additional clean biomass for the Company’s extraction facility, to obtain clean flower from strategic relationships and for general corporate purposes. Purchased flower is currently being packaged utilizing our large-scale automated packaging machines, branded and then sold to our retail clients, allowing Sunniva to capture significant margin in the flower category. “Now that we have strengthened our position as a true vertically integrated cannabis company in California with our in-house distribution company and a growing retail network, we are recognizing significant demand for our Sunniva branded products, which is driving our company to a new level of growth.  We are now revenue generating in C...