GREY:SNNVF - Post by User
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TELEMARKERon Jun 05, 2019 12:10pm
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stockwatch
stockwatch Cannabis Summary for May 31, 2019
2019-05-31 21:28 ET - Market Summary
by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index lost 16.26 points to 752.33 Friday. Sunniva Inc.(SNN) gained 14 cents to $4.15 on 166,200 shares. The company released its financial results for the first quarter of 2019 after the market closed yesterday. Sunniva lost $3.45-million on revenue of $14.18-million in the first quarter of 2019. It was a marked improvement from Sunniva's fourth quarter of 2018, in which it lost $11.09-million on revenue of $5.35-million. The company had cash of just $1.6-million as of May 30, 2019.
In its 2018 results news release, Sunniva declared that it would not spin out Canada subsidiary Natural Health Services (NHS, operator of medical cannabis clinics) and its 126-acre Okanagan Falls property into a separate public company. Sunniva suspended its plans to develop a campus on the Okanagan Falls property and instead turned its attention to the United States. The company is looking to sell these Canadian assets, which could help with its cash flow, but it has not provided an update on a potential sale yet. Sunniva originally purchased the property for $7-million.