Sunniva Fails to Close Sale of Canadian Assets on Time, CFO Resigns

Sunniva Inc (CSE: SNN) announced this morning that their chief financial officer Dave Lyle has resigned effective November 1, 2019.. His resignation, stated to be for personal reasons, comes on the heals of the firm failing to close its sale of Sunniva Medical Inc to CannaPharmaRx by October 31, 2019.

Sunniva Inc's Logo
Sunniva Inc’s Logo

The sale of Sunniva Medical is expected to bring much needed funding to that of Sunniva, who has experienced several setbacks at its California Campus. The facility is in need of additional funding as a means of completing construction, and without the sale of its Canadian division to CannaPharmaRx, the firm is extremely limited on funding options. The sale, for a total CAD$20 million, is to consist of $16 million in cash with $4 million coming in the form of a promissory note.

As a result of the departure of Lyle, controller David Weinmann has been appointed as interim CFO of Sunniva. The firm remains confident that the sale of its Canadian assets to CannaPharmaRx will be completed, although no revised timeline has been provided by the firm.

Sunniva closed Friday’s trading session at $1.40 on the Canadian Securities Exchange.

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.