Connect with us

BUSINESS

Sunniva Inc. (OTCMKTS:SNNVF) Sued For Alleged Misrepresentation Of Purchase Agreement for Natural Health Services

Published

on

Cura-Can Health Corp has named Sunniva Inc. (OTCMKTS: SNNVF) in a lawsuit it filed related to the restated and amended stock purchase agreement of December 16th, 2019. According to the share purchase agreement, Sunniva had approved the sale of its wholly-owned subsidiary, Natural Health Services Ltd., to Cura-Can.

Sunniva says it will fight the Cura-Can’s lawsuit

The companies closed the deal on December 18th, but now Cura-Can is seeking compensation in the lawsuit concerning the alleged misrepresentations made by Sunniva in the purchase agreement. This includes damages with respect to the ongoing probe in connection to Natural Health Services’ previously disclosed privacy breach that occurred between December 2018 and January last year.

Cura-Can filed the lawsuits with Alberta’s Court of Queen’s Bench on February 20th, 2020. Sunniva has, however, indicated that it is planning to fight the claim. When the deal closed on December 18th following delays and restated terms, Sunniva received $8.75 million for the subsidiary. But the sale comprised $0.25 million in cash while the rest of the amount for the deal was paid through the issuance of 7 million common shares of Cura-Can.

Cura-Can revised purchase agreement of Sunniva’s subsidiary

Initially, Sunniva was to sell its subsidiary Natural Health Services to The Clinic Network Canada, but after review of the agreement, the sale was to be made to TCNC’s parent company Cura-Can. Although the change seemed insignificant, it nonetheless changed whose shares Sunniva shareholders were to receive following the finalization of the transaction. However, the agreement was heavily revised relative to what Sunniva anticipated according to the initial terms of the transaction.

Also, originally the sale consideration, which was to be around $9 million in cash and TCNC common shares, was changed. The cash strapped company initially was to receive $4.5 million in cash and TCNC common shares, but following the change of the transaction, it received $0.25 million in cash and 7 million Cura-can common shares. The amount Sunniva received was little and could not do enough to pay off its outstanding debts.

Continue Reading
Advertisement

BUSINESS

Orchid Ventures Inc. (OTCMKTS:ORVRF) Signs Licensing Agreement Of Licensing Orchid Brand In Various States

Published

on

Orchid Ventures Inc. (OTCMKTS:ORVRF) has announced the signing of a License Agreement for licensing its Oregon-based Orchid Essential Brand.

Orchid Ventures to sell Orchid Essential s distribution license in Oregon

As part of the transaction, the company will sell the OLCC distribution license issued to the Orchid Essentials facility located in Clackamas, Oregon. It includes the sale of rights for expansion to Oklahoma and Colorado but under a different agreement at a later date. The company buying the license will conduct its business under Orchid LLC, but ownership will be under Tine Trading Company, LLC.

An experienced management team leads the companies for a portfolio of vertically integrated, multi-state companies boasting of more than 10 years in manufacturing, cultivation as well as in retail dispensaries. Most importantly, the new leadership brings more than 30 years in the supply chain, manufacturing, and sales experience in the CPG and Food Service industry.

Following the signing of the agreement, it is expected that Orechid LLC will assume distribution and operational responsibilities in the state of Oregon within 45 days. In the coming month, Orchid will complete a development plan for production and introduction of Orchid Essential products in other states.

Orchid to receive $630,000 for the acquisition of Orchid Essentials

Tine Trading Company will pay Orchid a sum of $630,000 to purchase Orchid’s revenue and inventory at an Oregon facility as well as expansion rights to Oklahoma and Colorado. The payment will also include the opportunity of securing license rights for Orchid Essentials on other states. Orchid will receive license fees on the Orchid Essential sales for a ten-year term from Orechid, which will also acquire all packaging and vaporizer hardware through PurTec Delivery as part of the licensing deal.

Orchid CEO Corey Mangold indicated that this is a massive move in changing the Orchid Essentials’ business strategy l to a licensing model. He added that the chance to partner with Tine will give the company a way of establishing its licensing terms and infrastructure to expand their brand platform.

Continue Reading

BUSINESS

Mountain High Acquisitions Corp (OTCMKTS:MYHI) Completes Acquisition of GPS Associates

Published

on

Mountain High Acquisitions Corp (OTCMKTS:MYHI) has announced the completion of the acquisition of California-based GPS Associates Inc. GPS is a company that engages in the manufacture, formulation as well as distribution of CBD hemp products to its Santa Ana-based cGMP facility.

GPS produces various CBD formulations

The company comprises of top professionals that include herbalists, botanists, and chemists that are dedicated to combining premium organic CBD with other synergistic organic herbs to produce the high-quality pure product. GPS ensures that their products are tested to ascertain their purity and potency through third-party laboratories.

The CBD market is full of potential, and analysts indicate that by 2024 it will hit $20 billion sales. This is because there are several CBD applications in the market from various segments such as health products, cosmetics, pet products, pharmaceuticals, food, and beverages, as well as skincare.

Acquisition of GPS to help Mountain High succeed in CBD space

The company’s CEO Alan Smith indicated that there is massive potential in the CBD industry. He added that they expect demand for CBD products to increase, especially due to the stresses resulting from the coronavirus pandemic, thus creating accelerated growth.

For the company to be successful in the space, it has to have the right staff in terms of expertise, experience, and capital for differentiation, diversification, and distribution of products. Smith added that he is optimistic that the business combination with GPS will offer that winning formula in the fast-growing industry.

GPS’s fast-expanding product portfolio is distributed online, and the retail brand name of Zen Drops. It is also distributed via white label customers across the country. Paul Gaudreau, the CEO of GPS, stated that they believe in combining the power of organic herbs and hemp CBD in their formulations can optimize results. He added that the GPS team is currently developing new formulations as well as delivery systems. Gaudreau said that with the backing of Mountain High Acquisitions, they expect to diversify their product portfolio and enhance distribution.

Continue Reading

BUSINESS

Medical Marijuana Inc. (OTCMKTS:MJNA) Subsidiary Kannaway launches Fitness Program And Also Names New Co-CEOs For HempMeds

Published

on

Medical Marijuana Inc. (OTCMKTS:MJNA) has announced that its subsidiary Kannaway has unveiled a CBD fitness program dubbed Evolve.

Kannaway launches Evolve fitness program

This is a massive move owing to the potential that the global fitness sector holds. A report by the International Health Racquet and Sportsclub Association in 2019 indicated that the industry is valued at around $100 million. Medical Marijuana CEO Stuart Titus indicated that they are delighted to enter the fitness market through their Evolve fitness program. He added that this shows the ability of Kannaway to evaluate customer needs and then bring them innovative products and services.

The company said that the Evolve program will run for eight weeks, and it was established through collaboration between a nutrition coach and Dan Miller, the Kananway spokesperson. It aims to help customers understand CBD’s significance in enhancing fitness through a blend of nutrition advice, CBD products, and workouts.

Those signing for the program will get the Evolve Product Bundle that comprises fitness tools and supplements. The bundle works together with Miller’s fitness program, and it includes a bottle of Kannaway’s Pure CBD Liquid, Bottle Shaker, Tape Measure, a Fitness Guide, Tracking sheet, and 3 Kannaway Power Protein.

Medical marijuana announced co-CEOs for HempMeds

Recently Medical Marijuana’s subsidiary HempMeds announced the appointment of Raul Elizalde and Caroline Heinz as co-CEOs of the company. Stuart indicated that he was impressed with the kind of dedication and drive the two have showcased throughout their professional years. He added that in 2018 and 2019, the company witnessed an explosion of sales in Latin America more so in Mexico and Brazil. The CEO of Medical Marijuana indicated that he is optimistic that Caroline and Raul will add more experience to the HempMeds global brand.

Caroline and Raul will continue spearheading HempMed’s daily operations in Latin America as well as overseeing global operations, sales, and marketing. The company has a presence in all states in the US, where medical marijuana is legal as well as 40 countries globally.

Continue Reading



Trending Stories