It appears that Sunniva Inc (CSE: SNN) isn’t quite in the clear with respect to the sale of its Okanagan Falls, British Columbia property. The company announced this morning that the real estate investment firm that had agreed to buy the property has walked from the transaction.
Justification for why the buyer got cold feet was not provided. Sunniva indicated that on July 2, it did not receive confirmation of the waiver of conditions like it was scheduled to. Under the terms of the sales agreements, the failure to waive or fulfill any of the conditions will cause the contract to be terminated.
The next day, the company received confirmation from the buyer that it will not be going ahead with the $9.0 million purchase of the licensed cannabis facility. It was not identified specifically what waiver was not obtained or waived with respect to the transaction.
Sunniva has not indicated what it intends to do on a go-forward basis. The news follows the announcement that the company reversed a number of transactions within its US subsidiary, and has also halted extraction operations.
Sunniva Inc last traded at $0.16 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.