Sunniva Inc (CSE: SNN) announced this morning that it is trying a curious method of maintaining its assets in CP Logistics Corp, its California licensee for cannabis manufacturing. The firm announced this morning that it has filed for a temporary restraining order in the County of Riverside against Sunniva Production Campus LLC.
The request for a temporary restraining order was filed in the California Superior Court, while the firm also submitted a notice of claims with JAMS, which is an alternative dispute resolution provider. Both requests are in relation to the notice of termination filed by Sunniva Production Campus LLC, an agent of Barker Pacific whom currently is seeking to end the lease agreement with Sunniva at the California Campus.
Essentially, Sunniva is attempting to block Barker Pacific from collecting on the much overdue debt Sunniva owes to the firm. The latest move is a means of forcing arbitration on Barker Pacific, despite Sunniva having previously agreed to lease and loan terms which it failed to uphold. The hearing for the application of a temporary restraining order is set for today, December 24, 2019.
The news of Sunniva attempting a restraining order against a firm in which it is indebted to follows yesterday’s announcement that Sunniva still hasn’t managed to close the sale of its Canadian facility to CannaPharmaRx. That deal, with a final date of December 20, 2019 for closing, is said to still be “working towards completion” despite the sale failing to close for over six months now.
Sunniva Inc last traded at $0.35 on the CSE.
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.