Sunniva Loses CFO, Says CannaPharmaRx Deal Still On

Sunniva Inc. (CSE: SNN) (OTCQB: SNNVF) said it is still working with CannaPharmaRx regarding the sale of Sunniva Medical Inc. to CannaPharmaRx and believe that the deal will be completed.

In addition to that news, the company has lost its Chief Financial Officer. Dave Lyle, Chief Financial Officer has resigned as an officer, effective November 1st, for personal reasons. In the interim, Sunniva’s Global Controller, David Weinmann, has been appointed as the temporary CFO. The company statement said that Mr. Weinmann has a Bachelor of Science in Accountancy from San Diego State University. Prior to joining Sunniva, he worked for Thermo Fisher Scientific, Inc., Accriva Diagnostics, and Ambit Biosciences.  He has spent the past few years consulting for companies within the start-up, transition, and transaction phase, this includes, ACEA Biosciences, Inc., Ametek, Inc., and Robo3D Limited.

“On behalf of the Board of Directors and our employees, I would like to thank Dave Lyle for his contributions to Sunniva,” said CEO Anthony Holler. “David Weinmann has been an integral part of the building of the Finance group California and overseeing the development and implementation of the financial planning and accounting functions as we transitioned to the Carlsbad office. With Mr. Weinmann’s outstanding leadership skills and his finance and accounting experience supported by the team Sunniva has built over the past six months we have every confidence in David’s ability to succeed in this role.”

2019 Struggles

In April, Sunniva said that construction of the phase one 325,000 square foot California Campus in Cathedral City has experienced delays and is now expected to be operational in late Q3 2019. Sunniva attributed the delay on additional leasehold improvements required to increase the efficiency of the greenhouse and slower than expected construction progress.

n a statement, the company noted, “In Canada, we continue to expand our Natural Health Services operations with new leadership from Dr. Mark Kimmins. We have suspended operations on our Okanagan Falls property (the “Sunniva Canada Campus”) as we focus efforts on US operations, and we continue to review strategic initiatives in respect of our Canadian assets.”

In September, Sunniva Inc. announced that it has entered into an agreement to sell its subsidiary Natural Health Services, Ltd.  (NHS) to The Clinic Network Canada, Inc. (TCNC) for C$9 million. Half of the purchase price will be paid in cash, while the other half will be paid through the issuance of 4.5 million shares of TCNC. The closing of the sale could not have come at a better time for Sunniva, as yesterday,  NHS was named in a class-action lawsuit in connection with a previously reported privacy breach of the Electronic Medical Record system used by NHS.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


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