Cannabis
Sunniva Inc. Announces Sale Of Natural Health Services, Ltd To The Clinic Network Canada, Inc. For CAD $9 Million
Sunniva Inc. (“Sunniva”) (CSE:SNN, OTCQB:SNNVF) and The Clinic Network Canada, Inc. (“TCNC”) are pleased to announce that they have entered into a share purchase agreement dated September10, 2019, pursuant to which Sunniva has agreed to sell Natural Health Services, Ltd. ( “NHS”) to TCNC, one of Canada’s largest provider of ‘out-of-hospital’ chronic pain management services, for CAD $9.0 million (the “Purchase Price”) subject to customary working capital adjustments at Closing. The Purchase Price will be paid by way of CAD $4.5 million in cash and CAD $4.5 million of security consideration through the issuance of 4,500,000 preferred shares of TCNC. Closing is anticipated to occur in the fourth quarter of 2019.
NHS operates 7 medical cannabis clinics in Alberta, Saskatchewan, Manitoba and Ontario with dedicated physicians with an additional 10 clinics participating in its Affiliate clinic programs across Canada.
TCNC offers a comprehensive range of interdisciplinary medical services, as well as medical devices and products – including medical cannabis – for patients suffering from chronic pain. TCNC currently provides its services and products through a network of 12 community-based clinics in Alberta, Manitoba, Ontario, and Quebec.
“The sale of NHS to TCNC will complete the previously announced disposition of our Canadian operating assets and is in line with our previously announced strategy of focusing on the advancement of our California assets and expanding our sales and distribution infrastructure with in the state,” said Dr. Anthony Holler, CEO of Sunniva Inc. “We believe that the adoption of medical cannabis into the mainstream treatments for chronic pain and the combined TCNC platform represents a very good fit for the NHS assets. The cash proceeds from this sale will be directed towards the completion of the Cathedral City facility and the ongoing development of our cannabis brands in California.”
“We are excited to have reached an agreement to purchase Natural Health Services from Sunniva,” Mike Steele, CEO of Cura-Can Health Corp. stated. “We have been actively expanding our chronic pain clinic network and the NHS clinics not only expands our presence across Canada, it strengthens our service and product offerings for Canadian patients living with chronic pain. We believe that this acquisition will allow us to integrate TCNC’s industry leading, specialist driven pain and harm reduction services and products to all Canadians suffering from Chronic pain, while continuing to strive to maximize shareholder value.”
For more information on Sunniva or Natural Health Services please visit www.sunniva.com.
For more information on The Clinic Network Canada please visit www.theclinicnetwork.ca.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Sunniva Inc.
Cannabis
Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety
Cannabis
Bay Area Social Equity Operator Launches the Purple Raina Balm Wand 1:1, an Inclusive Multipurpose Cannabis Topical
Cannabis
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
-
Cannabis2 weeks ago
Sannabis, Inc. (OTC: USPS) Unveils Innovative NO LICK! Terpene Spray for Cannabis Products to Enhance CBD and THC to Achieve the Entourage Effect
-
Cannabis2 weeks ago
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
-
Innocan1 week ago
Innocan Pharma Initiates FDA Approval Process for Liposome Injection Therapy for Chronic Pain
-
Curaleaf1 week ago
Curaleaf Completes Acquisition of Northern Green Canada
-
Cannabis1 week ago
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
-
SCHWAZZE2 days ago
Schwazze Sets First Quarter 2024 Conference Call for May 15, 2024 at 5:00 p.m. ET
-
Cannabis1 day ago
Technological Advancements in Breathalyzers Drive Market Growth and Enhance Road Safety
-
Humboldt21 hours ago
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace