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An incomplete cannabis production facility in the South Okanagan has been sold for $20 million.
Cannabis firm Sunniva is selling its Okanagan Falls site to CannaPharmaRx, a real-estate company specializing in cannabis.
The all-cash deal, which is expected to close on July 5, will net Sunniva $15.5 million from the $20 million.
It was agreed on June 11.
The Sunniva Canada Campus, located on a 114-acre property, includes assets for a planned 759,000 square foot greenhouse.
Sunniva announced the purchase of the land – which cost $7 million – last May.
"The sale of [the site] is in line with our previously announced strategy of evaluating strategic alternatives for our operations in Canada," Dr. Anthony Holler, CEO of Sunniva Inc., said.
"Sunniva is focused on the advancement of our California assets and expanding our sales and distribution infrastructure in the state to support our continued growth in this rapidly evolving market.
“The disposition of the Okanagan Falls property is part of this strategy as we are directing our efforts and capital resources towards the completion of the Cathedral City facility and the ongoing development of our cannabis brands in California."
CannaPharmaRx CEO Dominic Colvin, meanwhile, said he was “excited” to have bought the property from Sunniva.
“The acquisition and development of the Okanagan Falls property, combined with our Hanover, Ontario property and ownership interest in GN Ventures Ltd., sets the stage for the next step in CannaPharmaRx's growth strategy to become a significant player in the Canadian cannabis industry while continuing to strive to maximize shareholder value," he explained.
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