Management Exodus Continues At Sunniva

Sunniva Inc (CSE: SNN) announced this morning that President Kevin Wilkerson has resigned from his role effective December 2, 2019. The resignation was stated to be for personal reasons. Wilkerson will also be resigning from his role of Chief Executive Officer of Sun CA Holdings, the US subsidiary of Sunniva.

The resignation of Wilkerson follows the departure of chief financial officer Dave Lyle, who left the firm at the start of the month. His departure too was stated to be for personal reasons, despite the death spiral being exhibited by Sunniva as of late.

In addition to Wilkerson, director Michael Barker resigned from his role with the firm effective November 15.

The exodus of members of Sunniva’s management and board of directors comes as the firm has continuously failed to close the sale of its Canadian subsidiary to CannaPharmaRx. The arrangement, which has experienced numerous delays, was redefined at the start of October to consist of $16 million in cash, mixed with a $4 million promissory note. At the time, the parties indicated they are looking to close the agreement “as expeditiously as possible.”

CannaPharmaRx, whom is listed on the OTC markets, filed its financials for the period ended September 30, 2019 on Friday. Within, the firm reported that it had US$192,503 in cash on hand. The filings also indicated that the closing date had been extended to November 30, 2019.

Sunniva is not currently seeking a replacement for Wilkerson.

Sunniva Inc closed Friday’s session at $1.02 on the Canadian Securities Exchange.

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Information for this briefing was found via Sedar and Sunniva Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.