CALGARY, Alberta, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Sunniva Inc. ("Sunniva" or "the Company"), a North American provider of medical cannabis products and services, has filed its preliminary prospectus with the securities regulatory authorities in British Columbia, Alberta and Ontario to qualify the issue of common shares underlying its previously issued special warrants. The financing was led by Canaccord Genuity Corp. with Beacon Securities Limited. The Company has applied to list its common shares on the Canadian Securities Exchange ("CSE"). Listing is subject to the Company fulfilling the listing requirements of the CSE.
Sunniva is a vertically integrated medical cannabis company in Canada and California committed to delivering safe, low-cost, high-quality products and services at scale. The Company plans to work in pursuit of better cannabis products free of pesticides, better greenhouse production design and performance, better patient and doctor access to cannabis education, and better therapeutic delivery devices.
Sunniva currently operates through its four wholly-owned operating subsidiaries:
CP Logistics, LLC (“CPL”) – Through CPL, Sunniva is developing the Sunniva Campus, a state-of-the-art, purpose-built greenhouse facility in Cathedral City, California. Sunniva Campus is planned in two phases and has been designed to comply with Current Good Manufacturing Practices (cGMP). Phase one is designed to be a 324,000 sq. ft. facility. The total campus is expected to produce over approximately 120,000 kg of premium medical cannabis a year after Phases 1 and 2 are complete. At this facility, products will be produced free from the pesticides commonly used within today’s industry.
Sunniva Medical Inc. (“SMI”) - SMI is a late stage applicant under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR) and is in the review stage. SMI is designing the Canadian Sunniva Campus, a purpose-built greenhouse facility to be located in Oliver, British Columbia. Phase one is designed as a 400,000 sq. ft. facility.
Natural Health Services Ltd. (“NHS”) - NHS owns and operates a network of medical clinics in Canada specializing in medical cannabis under ACMPR. NHS connects patients with safe and effective medical cannabis products through licensed producers. In-house physicians specializing in the endocannabinoid system provide expert consultation, education, and recommendations for targeted phytoceutical remedies and wellness plans to improve the quality of life for all patients. NHS’ proprietary technology infrastructure assists physicians, patients, and licensed producers to comply with the rules of Health Canada.
Full Scale Distributors, LLC (“FSD”) – FSD, and through its brand, Vapor Connoisseur, is a provider of custom, private-label vaporizers. FSD currently serves the needs of over 80 brands in the North American marketplace. Vapor Connoisseur is recognized for its high quality and innovative vaporization devices. Products are tailored to client needs, ensuring both safety and reliability.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale or any acceptance of an offer to buy, any securities in any province or territory of Canada prior to the time a receipt for the final prospectus or other authorization is obtained from the securities commission or similar authority in such province of territory. A copy of the preliminary prospectus is available on SEDAR at www.sedar.com.
Information contained in the preliminary prospectus may not be complete and may be amended. This release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Sunniva Inc.
Headquartered in Western Canada, Sunniva Inc. (formerly Sunniva Holdings Corp.) is a vertically integrated medical cannabis company committed to improving the quality of human life through its planned delivery of low cost, high-quality medical cannabis and better access to physician-led therapies and delivery methods. Sunniva brings legitimacy to the nascent medical cannabis market through state-of-the-art technology, strict regulatory compliance, safety and education. Sunniva operates in Canada and California and plans to cultivate, produce and distribute a broad range of solutions focused on patients’ needs. Sunniva operates through its wholly owned subsidiaries - CP Logistics, Sunniva Medical, Natural Health Services and Full-Scale Distributors.
This press release and the preliminary prospectus contain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are "forward-looking statements." Forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, the risk factors included in the preliminary prospectus, including without limitation dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing state, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits to complete construction of its proposed facilities in a timely manner; engaging in activities which currently are illegal under US federal law and the uncertainty of existing protection from U.S. federal or other prosecution; regulatory or political change such as changes in applicable laws and regulations, including U.S. state-law legalization, particularly in California, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Sunniva’s limited operating history and lack of historical profits; reliance on management; Sunniva’s requirements for additional financing, including to refinance or repay in promissory notes secured by Sunniva’s ownership interest in CP Logistics, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers. Readers are encouraged to the review the section titled “Risk Factors” in Sunniva’s preliminary prospectus. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Although Sunniva has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Sunniva assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.
Dr. Anthony Holler
Co-founder, Chairman and Chief Executive Officer
Released September 26, 2017