The Okanagan Falls property has been sold.
(STEVE ARSTAD / iNFOnews.ca)
June 16, 2019 - 12:20 PM
PENTICTON - One month after Sunniva Medical Inc. completely halted construction of a once-promising cannabis production facility in Okanagan Falls, they've sold the property for $20 million.
In a press release, Sunniva announced they'd entered into a share purchase agreement with CannaPharmaRx, Inc. on June 11. Sunniva sold the 114-acre site in Okanagan Falls for $20 million in an all-cash transaction, less certain outstanding liabilities. Sunniva expects to net around $15.5 million from this deal, which closes on July 5.
In the release, Sunniva CEO Dr. Anthony Holler said the company plans to expand its California assets, which includes completing their facility in Cathedral City, located between Palm Springs and Rancho Mirage.
CannaPhramaRx is a real-estate company that focuses on the cannabis production industry in Canada. In the release, CEO Dominic Colvin said the purchase and development of the Okanagan Falls property sets the stage for the company to become a significant player in the industry.
The history of Sunniva in Okanagan Falls has been a whirlwind. Just over a year ago the company its intention to build a production facility on a property which formerly housed a lumber mill. The planned 700,000 square foot greenhouse was expected to produce more than 100,000 kilograms of medical cannabis annually.
Construction stalled in October 2018 before Sunniva completely stopped production last month.
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