Wednesday, September 3, 2025

Latest

Sunniva Sells Okanagan Falls Property For $9.0 Million

Sunniva Inc (CSE: SNN) has finally given it up. This morning, the company announced that after close to a year in delays, they have cancelled the agreement with CannaPharmaRx to sell the Okanagan Falls property for $20 million. Instead, the company will be selling the property to an independent real estate investment fund.

Sunniva Inc's Logo

Under the agreement with CannaPharmaRx, Sunniva was to sell its wholly owned subsidiary known as Sunniva Medical, which was to include the 114-acre Okanagan Falls property in British Columbia. Initially, that transaction had a value of $20 million in cash, however it was later revised down to $16 million cash as it became evident that the company had little means to pay the agreed upon price, with the remainder to take the form of a promissory note. Despite deadlines being moved continuously, the company was never able to come up with the funds.

Now, Sunniva has managed to enter a purchase and sale agreement with an independent real estate investment fund. Under the agreement, Sunniva will see the Okanagan Falls property for gross proceeds of $9.0 million, subject to the completion of due diligence. After the mortgage is discharged, Sunniva will receive net proceeds of $5.2 million, while retaining ownership of its subsidiaries as well as various equipment and assets currently on site.

Sunniva last traded at $0.14 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.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Afghanistan Quake Deaths Pass 1,400

Sage Potash Secures US$14 Million USDA Grant For Flagship Project

Related News

Sunniva Shutters Subsidiary Operations To Conserve Funds

Sunniva Inc (CSE: SNN) announced that it is shuttering the operations of one of its...

Monday, January 27, 2020, 08:30:59 AM

Sunniva Reverses Transactions, Ceases Extraction Operations

It seems that Sunniva Inc (CSE: SNN) is pretty well at the end of the...

Monday, June 15, 2020, 08:08:42 AM

Sunniva: An Undercovered Bi-National Opportunity

With the recent news that the Trump administration has vowed to respect state level cannabis...

Thursday, April 26, 2018, 07:00:24 AM

Sunniva Sued For $2.3 Million In Relation To Unpaid Bills

At this point its simply unclear why Sunniva Inc (CSE: SNN) hasn’t declared bankruptcy. The...

Monday, July 13, 2020, 08:29:54 AM

Barker Pacific Sees Court Order Denied for Sunniva Asset Seizure

Sunniva Inc (CSE: SNN) released its first goods news in ages this morning. The ex...

Wednesday, December 18, 2019, 09:16:52 AM