Hi polarbear, appreciate your thoughts. While I understand your sentiment, my opinion is completely the opposite of yours. I believe SNN is currently a fantastic buy, a better opportunity than it's ever been and I could not be more optimistic about its future.
Let me say that the things you characterize as fails are only fails if your investment horizon ends tomorrow. In that case yes, SNN is a resounding failure. If, however, you believe that December will follow November, 2019 will follow 2018, and 2020 will follow 2019, then now is the time to be extremely excited about SNN.
First, California. There are currently 50+ workers working at the Cathedral City site and it will become operational in nore more than 6-8 weeks. This isn't hope or speculation. Just look at the webcam on the company's website: the first few bays are already very close to finished. What's more, the recent acquisition of Oakland Vision means they'll be good with go with proven genetics, plantlings and growing expertise as soon as the physical structure is completed. And this is the largest, most advanced cannabis production facility in California; anywhere outside of Canada, in fact. Yes, there have been construction delays of up to 6 months, but in the real world these things happen and it does nothing to detract from the overall opportunity. Actually, it could be argued that now is a better time to go live because it is only now that the State's enforcement efforts are really picking up. It's in this kind of tightening legal environment that Sunniva's compliance and quality-at-scale approach provide the best leverage and bargaining power. In any case, let's not fault Sunniva for the extended timeline - they are not a construction company and there was nothing they could do to speed things up. They don't even own the Cathedral City campus - Barker Pacific Group does and there were multiple contractors involved. Ultimately, the reality is that building greenhouses this big and this sophisticated is complicated, expensive and it takes time, which is why so few companies have been able or will be able to do it and why it's such a great thing to be a Sunniva shareholder now, when the most vulnerable time in the company's lifecycle is very nearly behind us and the stock price does not reflect it yet.
Second, Canada. NHS is successful and medical cannabis shows no signs of going away. In Ok Falls, the company received all of the permits and grading and foundation work are complete. The greenhouse is ready to be built as soon as Canaccord finish their systematic review of all of Sunniva's strategic alternatives for financing the site. They have options now. They can choose, and I am confident they will make the best choice. These assets are valuable and their value is not really reflected in the stock price, and that's another reason why it's such a tremendous buy. This issue, too, will be resolved within the next few weeks and I am sure the outcome will be positive for the stock.
As a sidenote, do you remember the common gripe about Sunniva in Canada, that they are late to the party? Well, the party is a mess. If the current distribution problems and market volatility tell us anything, it's that the Company's patient, wait-and-see approach makes sense. They're building a company for years to come, not for the next market rally. As frustrating as it is us investors, our CEO and our President and very experienced and know what they are doing.
Now, about that Canopy agreement and the risk that Canopy will cancel it. To me, this is not a real concern. Canopy needs a consistent supply of high-quality, high-quantity cannabis like never before. It is absolutely irrelevant that Canadian and international markets may or may not be oversupplied. Canopy requires clean product for mass market beverages and other applications, and that's what Sunniva can reliably deliver. This is the reason why they signed the agreement in the first place. Nothing has changed, except maybe that their need is greater than before following the massive Constellation investment. Moreover, things are moving in the US faster than anyone expected, and Sunniva would offer the very best gateway into the nation's largest State. So canopy has every reason to seek a close relationship with Sunniva.
One last thing. That Oakland Vision acquisition? Based on the investigative work of some of our colleagues in the Discord chat group, Sunniva is planning something similar for Canada: we expect the company will soon acquire a newly-built processing facility and two cultivation greenhouses in Summerland, BC not far from Ok Falls. We speculate that these will come complete with a License, thus fulfilling the terms of the Canopy deal. Still unsure about this one, but it looks like Sunniva could have some aces up its sleeve in addition to a phenomenal set of cards already on the table.