Sunniva Inc. (CSE:SNN) (OTCQB:SNNVF) is getting a lot of attention on the market today! Its stock on both the OTCQB and CSE is trading up around 13%. Many of the cannabis stocks in the US and Canada today are trading red, except Sunniva and a few others.
Today, we'll take a closer look at why the company's shares have suddenly sprouted up on the markets today.
Sunniva Inc. Up 13% After Sales Secured
Sunniva is based out of Vancouver, British Columbia and operates as a vertically integrated medical cannabis company. The company operates out of California and Canada. Sunniva produces medical cannabis, as well as cannabis products. The cannabis company also owns and operates seven medical clinics in Canada. In addition, Sunniva produces and sells around 80 brands of private-label vaporizers in the North American cannabis marketplace.
This morning, the company announced it secured an additional $4 million USD in purchase orders from dispensaries in California. This year, the company has received $11.5 million USD worth of orders, which will be sold in the first four months of 2019.
The cannabis company anticipates its sales revenue to reach around $60 million this year. More specifically, Sunniva Inc. estimates 40–50% of its annual sales will come from its California market.
In January of 2019, the cannabis company started its sales of flower products. In Q1 the company will also be unveiling three new Sunniva brands that will include pre-rolls, vape cartridges, premium concentrates, and flower. The company intends on selling its products in California and Canada
This news seems to have peaked investor interest, as the cannabis stock continues to climb on both the US and Canadian market.
Sunniva Stock Movement
At the time of writing, SNN is trading at $5.25 a share, up +$0.59 (+12.66%) on the CSE. Year-to-date, SNN is up 57%.
On the OTCQB, SNNVF is trading at $3.94 a share, up +$0.43 (+12.25%). Year-to-date, the cannabis stock is up 61% on the OTCQB.
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