Sunniva sells Okanagan Falls cannabis facility property for $20 million - InfoNews

Current Conditions

Clear
12.9°C

Sunniva sells Okanagan Falls cannabis facility property for $20 million

The Okanagan Falls property has been sold.
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.


To contact a reporter for this story, email Sean Mott or call (250) 864-7494 or email the editor. You can also submit photos, videos or news tips to the newsroom and be entered to win a monthly prize draw.

We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. 

News from © InfoTel News Ltd, 2019
InfoTel News Ltd

  • Popular kelowna News
  • Comments
View Site in: Desktop | Mobile