Sunniva (CSE:SNN) announced its financial results for the third quarter of 2018.
As quoted in the press release:
“We continue to make progress towards completion of Phase 1, the first 325,000 square feet, of our purpose built, high-technology cannabis greenhouse in Cathedral City, California. While we have remained committed to advancing our operations in order to play a leadership role in the California cannabis market as we launch our first Sunniva branded products in the first quarter of 2019, we have maintained solid performance of our existing operations with $3.8 million in revenue and gross margins of 56 [percent] in the third quarter. We have now generated year to date revenue of $13.4 million, a 30 percent increase over this same period last year,” said Anthony Holler, Chief Executive Officer of Sunniva.
Results of Operations – Three Months Ended September 30, 2018
For the three and nine months ended September 30, 2018, the Company generated $3.7 million and $13.4 million in revenue, respectively. NHS contributed $2.5 million and $8.4 million, Full-Scale Distributors, LLC (“FSD”) contributed $1.1 million and $4.9 million, and CP Logistics, LLC contributed $0.1 million over these same periods. Net loss for the three and nine months ended September 30, 2018 was $6.8 million and $18.0 million as compared to $6.3 million and $18.0 million during the three and nine months ended September 30, 2017.