Photo: Contributed
The former site of the Weyerhaeuser mill in Okanagan Falls is back on the market.
Sunniva Inc. announced last month it was suspending plans for a 740,000-square-foot cannabis production facility on the site in order to focus on California operations.
The “suspension” left the project in an appearance of limbo, but company CEO and Penticton resident Dr. Tony Holler has now clarified plans for the site moving forward.
In an interview with cannabis business newsletter “Let’s Toke Business,” Holler said Sunniva is actively looking to sell the property along with its chain of medicinal cannabis dispensaries.
“So our objective is to sell the Canadian assets and use the money to expand our California operations,” he said, explaining the company has spent about $20 million dollars on the now-dead Okanagan Falls project, including the $7 million purchase price, design, architecture and engineering.
Holler told “Let’s Toke Business” they are “into discussions” with potential buyers and “you won’t have long to wait” for news of a potential sale.
It’s hoped the Okanagan Falls property and chain of dispensaries will be sold off—together or separately—by the end of the year.
“We’ve been working on this for a while, and we do have interested parties,” he said in the interview.
Holler is also the owner of the Poplar Grove and Monster wineries on the Naramata Bench. He is the former CEO of ID Biomedical, a vaccine maker that sold to GlaxoSmithKline in 2005 for $1.7 billion.
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