Sunniva Inc (OTCMKTS:SNNVF) has released its financial report for Q3 2018 alongside those of the previous 9 months ending September 2018.
The company recorded a loss of $7.369 million from its operations compared to $ 7.332 million recorded during the same period last year. The net loss amounted to $6.781 million versus $6.247 reported in 2017. However, the company’s year to date revenue rose to $13.4 million from last year’s $10.215 million. The total net loss was $17.961 against last year’s $17.953 with a basic loss per individual share at $0.59 versus $0.72 reported in 2017.
According to the report, the company’s year-to-date revenue was up by over 30% compared to that of a year ago. The company through its CEO, Anthony Holler, confirmed that work is in progress to complete the company’s innovative Cannabis Greenhouse in Cathedral City, California.
The company is focusing on its rapid expansion program which is expected to place it as the leading operator in the California cannabis market. The report further reveals that the company’s first Sunniva branded products will hit the market in the first quarter of 2019. This report comes as the company’s existing brands hit Q3 gross revenue and gross margins of about 60%.
The company hopes to leverage its existing California assets to catalyze revenue growth and lower operational costs while producing top-grade cannabis-based products. The company’s CEO revealed plans to spin-out its Canadian assets to create a separate entity from the California operations.
The company on October 2018 completed a successful offering that raised $23 million in a bought deal financing. Proceeds from the financing round will be allocated for construction and operations at the Sunniva Canada Campus and Sunniva California Campus, with the remaining amount funding working capital, according to a press release.