The sale of a mill in Okanagan Falls, which has long been plagued by declining offerings, has been closed despite everything.
The former Weyerhaeuser plant, which was in the past purchased through a hash-producing company, was sold for $6.8 million to an anonymous British Columbia. investment partnership through Sunniva Inc.
“The final touch of the sale of land to Okanagan Falls complements well the disposition of our Canadian assets and marks a vital step in our strategy to enter only the U.S. market and the progression of our assets in California,” Dr. Anthony Holler said. CEO of Sunniva Inc.
The value is significantly less than a 2019 offer that has fallen to $20 million.
A press at Sunniva Inc. Tuedsay indicates that selling $6.8 million will earn them $3.2 million in cash.
Sunniva bought the site for $7 million, but made significant investments in structure assets to build a 759,000-square-foot greenhouse on the 114-acre site.
A filing filed through CannaPharmaRX, one of the previous interested buyers, claimed this spring that Sunniva Inc. and its numbered subsidiary still owed a total of $3.2 million in their mortgage.