Cannabis site sold for $20M

The site of a planned cannabis production facility in Okanagan Falls, with partially completed infrastructure, has been scooped up by another cannabis company after it was announced last month that it would be going up for sale. 

Sunniva Inc., whose CEO Dr. Tony Holler also owns Naramata Bench's Poplar Grove and Monster wineries, announced Wednesday morning that they have sold the 740,000 square-foot facility to CannaPharmaRX for $20 million.

Holler had previously said this was the approximate amount his company had sunk into the location to date, including the $7M purchase price. Leaving the Okanagan Falls facility behind is part of a strategy focused below the border. 

"Sunniva is focused on the advancement of our California assets and expanding our sales and distribution infrastructure in the state to support our continued growth in this rapidly evolving market," Holler said in a press release.

CannaPharmaRX CEO Dominic Colvin indicated in the same release that the Okanagan Falls will be part of a broader Canadian strategy, including a facility in Hanover, Ontario.

"[The purchase] sets the stage for the next step in CannaPharmaRx's growth strategy to become a significant player in the Canadian cannabis industry while continuing to strive to maximize shareholder value," Colvin said. 

The facility is on the former site of the Weyerhaeuser mill.

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