PHOENIX, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Uptick Newswire Stock Day Podcast welcomed Sunniva Inc. (CSE:SNN) (SNNVF) (“Sunniva” or the “Company“) 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.
At the top of the interview, Jolly mentioned that Sunniva operates in the two largest cannabis markets, Canada and California. He asked for an update on the California market as their stock has become one of the best performers in the last 30 days.
“Our focus in 2017 and 2018 was really to build, secure, and license the necessary infrastructure to secure the upcoming launch of the Sunniva house of brands,” explained Pedersen. “We provide safe, pesticide free products for consumers with the ability to produce on a large scale, and that took time. California really is our main focus at this juncture, we have operating assets there currently and it’s the largest cannabis market in the world, but it’s still riddled with noncompliant cannabis products.
Pedersen went on to say that is estimated that over 80% of the products still contain harmful pesticides or chemicals. He said the company has secured 3 key pillars for success.
“The first being, cultivation at scale. We are building a 325,000 sq. ft high-tech purpose-built greenhouse in Palm Springs. This will allow us to produce premium flower and safe reproducible products at scale.”
He said they also have a revenue generating extraction facility producing the non-smokable products that are now on trend.
“Distribution is the last key pillar you need for success in any cannabis market which allows you to secure shelf space for all product lines. All of this feed into our brands. We have exceptional leadership and management teams in each of these divisions that really communicate with each other,” said Pedersen.
He went on to say that at the end of last year Sunniva closed on the acquisition on a leading California distribution company. They currently have over 120 licensed retail location relationships throughout the state.
“What we are seeing is, not only the distribution companies, but the retailers are starving for clean, safe, reproducible products and brands. Our extraction facility started operations in Q3 last year,” he said. “We started this year off with about $5 million in inventory and then two weeks ago we were very pleased to announce that we commenced revenue and sales in California.”
Pedersen says this month they have already secured over $8 million in sales contracts for Sunniva branded product lines to be sold in the next three months. We anticipate similar monthly contracts throughout the year as we increase production. Jolly then asked if there were a lot of vertically integrated cannabis companies in California, like Sunniva.
“There are some companies in California that have one or two of the key verticals on a smaller scale, but not many have the full vertical integration that you’ve seen in the very successful Canadian companies. The reason being that it takes a long time and a lot of capital to build that infrastructure correctly.”
Jolly then asked what investors should be paying attention from the Sunniva standpoint. Pedersen said the market is evolving very quickly.
“People should really pay attention to the pillars that we’ve put in place, especially in California. We are in the market today selling all major cannabis products whilst unveiling all our house of brands,” Pedersen went on to explain. “We’ve secured distribution which is a major pillar in California, which allows us to secure shelf space. And our upcoming greenhouse, that will provide large scale, high-quality flower, at capacity, will produce 50 million grams a year of premium flower. Everyone should pay attention to our execution which translates into revenue, profitability and growth.”
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-2/
About Sunniva Inc.
Sunniva, through its subsidiaries, is a vertically integrated cannabis company operating in the world’s two largest cannabis markets – California and Canada. 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 in California, we are launching Sunniva branded products in various product categories including flower, pre-rolls, vape cartridges, and premium concentrates. We have secured complaint distribution in California via our 100% ownership of LTYR Logistics, LLC that will ensure the placement of Sunniva branded products at licenced dispensaries throughout the state and we continue to aggressively pursue other upstream vertical opportunities. 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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