Construction stalls at Okanagan Falls medical cannabis facility
OKANAGAN FALLS - A recent halt in construction activity at the Sunniva Canada medical cannabis facility in Okanagan Falls is due to a corporate realignment, the company says.
Construction activity recently came to a stop following several weeks of activity on the site, but Sunniva co-founder and president Leith Pedersen said construction has only slowed at the site.
Pedersen said in an emailed statement today, Oct. 23, the company is reviewing its strategic initiatives for Canada with the intention to “spin out” its Canadian assets into a stand-alone entity that will be listed on the Canadian stock exchange. A "spin out" is a type of corporate realignment involving the separation of units or divisions of a company to form a new, independent corporation, according to Investopedia.
“We expect to have more clarity in the next 45 days of what that looks like,” Pedersen said in the email.
The Sunniva Canada Campus is a 740,000 square foot greenhouse under construction on the former Weyerhaeuser sawmill property in Okanagan Falls.
Construction has been underway at the 126-acre site since the summer, following the announcement of the purchase of the property in June.
The facility is expected to produce 100,000 kg of premium medical cannabis and 25,000 kg of 'trim' used for extraction of products such as cannabis oil, according to the Sunniva Canada website.
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