PHOENIX, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Sunniva Inc. CSE:SNN) (OTCQX: SNNVF), (“Sunniva” or the “Company“), is a North American provider of cannabis products and services, their Co-Founder, President, Chief Strategy Officer & Director, Leith Pedersen talked with Stock Day’s Everett Jolly about the future of Sunniva.
“Sunniva means gift from the sun, and that’s truly what we are doing here. We are leveraging the energy of the sun through building these large-scale purpose -built automated greenhouses and it is the actual gift of the sun,” said Pedersen.
He went on to say the company set about first attracting a top seasoned management team and has learned from the current cannabis landscape in Canada; this gives them a large competitive advantage in a newly regulated industry such as California. Especially now as they are razor focused on a near term launch of cannabis products at a large-scale in California where all of the big players such big alcohol, pharma, and tobacco eventually want to operate and but are unable at this time, many of which have formed relationships with the big Canadian companies already.
“We are very fortunate to the look at the successful Canadian landscape and see the partnerships being formed, see the mistakes, and take advantage of our first mover leadership position and business model on what we think will build a successful company in the USA, not only today but in the future.”
Jolly said the plan for Sunniva is to go from seed to sale, fully vertically integrated, but he asked about the plan going forward to reach more revenues in the future. He mentioned that in the first half of 2018 they did approximately $10 million in revenues with the large cultivation and extraction revenues coming in 2019.
“We went public in January,” said Pedersen, “we signed a very large contract with Canopy Growth for 45,000 kilograms a year. But at that stage it was really focused on us building up these large-scale purpose built greenhouse facilities. As you know, these facilities take a very long time to build. But we were fortunate enough in California with our flagship facility to attract a top real estate partner that financed our facility. So, we are now in a position where we can really start telling our story with the near term launch or products in Q1 2019.”
Pedersen said their California greenhouse is a two-phase approach, the full facility is 490,00 square feet and is a purpose-built greenhouse facility leveraging all of the latest technology from the Netherlands commencing operations in Q1 2019.
“Most of the greenhouses you see in North America today are based off of 30 to 40-year-old technology. So, what I’m talking about is full automation, robotics, climatic controls. Most importantly we want to have the assurance that anything coming out of that facility is pesticide free.”
He said the pesticide issue is a large one for the industry in Canada and the United States. Pedersen said building a facility that lives up to their high standards took about a-year-and-a-half to design and build in California. Their phase one will produce 50,000 kilograms of premium, pesticide free flower and an additional about 10,000 kilograms of oil used for extracted products. Phase two will be an additional 22,000 kg of premium flower. We also have an operational extraction facility that commenced operations in Q3 this year.
“What we’ve seen in California is that due to the lack of access to clean product, prices could dramatically go up in the short term, and probably continue for the next two or three years, which we like. These large-scale purpose-built facilities that leverage the sun and utilize automation will have longevity, as we estimate our costs of production well below $1.00/gram. We will leverage these low operating costs, high quality and large-scale facilities to launch a house of brands spanning all major cannabis categories including flower, pre rolls, concentrates, vape cartridges and beverages commencing Q1 2019..,” he explained.
To hear more about Leith Pedersen’s long-term plans for Sunniva, listen to the podcast here: https://upticknewswire.com/featured-interview-president-leith-pedersen-of-sunniva-inc-otcqx-snnvf/
About Sunniva Inc.
Sunniva, through its subsidiaries, is a vertically integrated cannabis company operating in the world’s two largest cannabis markets – Canada and California. Our ability to leverage our large scale, purpose-built cGMP designed greenhouses, offering better quality assurance with cannabis products free from pesticides, uniquely positions Sunniva as a leading supplier of safe, high quality products at scale. Through our strategically positioned cultivation and extraction facilities, we are launching Sunniva branded products in various product categories including flower, pre-rolls, beverages, vape cartridges, extracts as well as aggressively pursuing upstream vertical opportunities including distribution and retail expansion. Sunniva's management and board of directors have a proven track record for creating significant shareholder value both in the healthcare and biotech industries.
Forward Looking Statements
This news release includes statements containing certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements"), including, but not limited to, statements with respect to the conditions of completing the acquisition, including negotiating and executing the definitive agreement, regulatory approvals, and future production estimates, timing and costs from the Vision Facility. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Dr. Anthony Holler Chairman and Chief Executive Officer
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Released October 23, 2018