Skip to main content

Sunniva Inc. Update

Written by Customer Service on . Posted in Public Companies.

VANCOUVER, British Columbia, June 12, 2023 (GLOBE NEWSWIRE) — Sunniva Inc. (“Sunniva”, the “Company”) (CSE:SNN) (OTC Pink Sheets: SNNVF) provides the following corporate update.

Sunniva and its subsidiaries, including CP Logistics, LLC (“CPL”), have no material assets and ceased all operations as a result of the loss of the arbitration described below. The Board and management of Sunniva believe that there is no realistic path that would allow Sunniva or any of its subsidiaries to re-establish operations.

CPL was engaged in an arbitration commenced by CPL against Bobs LLC (“Bobs”) regarding CPL’s rights to the Cathedral City Glasshouse. As announced in September, 2022, CPL lost the arbitration and its leasehold interests in the Glasshouse and subsequently entered into a settlement agreement with Bobs under which CPL transferred a cannabis license to Bobs in lieu of the monetary damages awarded to Bobs. CPL and Bobs also agreed that the transfer settled all obligations in full and agreed not to pursue additional legal action including appeals against the other party and their affiliates.

Also as previously announced, through the course of the arbitration, CPL raised funds, principally to finance CPL’s ongoing expenses of the arbitration. Capital raises included private placements of secured debt. The principal security for the debt was any monetary or other award obtained by CPL under the arbitration as CPL held no significant asset other than its rights to the Glasshouse.

As a result of losing the arbitration on September 22, 2022, CPL’s outstanding obligations, including obligations to those such as its debtholders, advisors and trade creditors, far exceed its assets. As of that date, CPL had no significant assets, CPL discontinued all business operations and there was no expectation that such operations would ever resume.

While CPL intends to take whatever action it can, to dispute some of its outstanding obligations and past expenses, given its lack of resources such efforts will necessarily be constrained. No assurance can be given of any significant reduction in CPL’s obligations or any recovery of expenses.

Company Contacts:

Sunniva Inc.
Dr. Anthony Holler
Chairman and Chief Executive Officer
Phone: (866) 786-6482

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.