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The sale of a mill site in Okanagan Falls long plagued by offers falling through has finally closed.
The old Weyerhaeuser Mill location, previously intended for purchase by a cannabis production company, has been sold for $6.8M to an unnamed B.C. investment company by Sunniva Inc.
"Finalizing the sale of the land in Okanagan Falls effectively completes the disposition of our Canadian assets and marks a milestone in our strategy to focus solely to the U.S. market and the development of our California assets," said Dr. Anthony Holler, CEO of Sunniva Inc.
The price tag is considerably lower than a 2019 offer that fell through of $20M.
A press release from Sunniva Inc. Tuedsay indicates the $6.8M sale will net them $3.2M in cash proceeds.
Sunniva originally purchased the site for $7M, but made significant investments in construction assets to build a 759,000 square-foot greenhouse on the 114-acre site.
A court filing from CannaPharmaRX, one of the previous interested buyers, this spring alleged that Sunniva Inc. and its numbered subsidiary still owed a total of $3.2M on their mortgage.
