Sugarbud Announces Brand Licensing & Distribution Agreement with Agro-Greens Natural Products, Updates Timing on Entry into Authorized Provincial Retail Sales
CALGARY, Alberta, April 15, 2020 (GLOBE NEWSWIRE) — Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) (“Sugarbud“) is pleased to announce that it has entered into a third-party licensing and distribution agreement (“Agreement”) with Agro-Greens Natural Products Ltd. (“Agro-Greens”) to sell and distribute Sugarbud’s Craft Cannabis Collection to authorized provincial wholesalers and retailers in Alberta, British Columbia and Saskatchewan. The agreement with Agro-Greens is subject to customary regulatory, licensing and new product notification requirements.
Under the terms of the agreement, Sugarbud will process and package its own craft cannabis dried flower products and Agro-Greens will act under a license from Sugarbud as the authorized sales and distribution intermediary between Sugarbud and authorized provincial wholesalers and retailers.The Company’s agreement with Agro-Greens also covers the time between today’s announcement and when Sugarbud expects to receive authorization from Health Canada to sell its craft cannabis dried flower products directly to provincially authorized wholesalers and retailers. As previously reported Sugarbud submitted its license amendment application in February 2020 and expects to receive its sales license in the second half of 2020.Under the terms of this agreement and subject to customary regulatory approvals and new product notifications, Sugarbud now expects to begin shipping its Sugarbud branded craft cannabis dried flower products to authorized provincial wholesalers and retailers within the next 75 – 90 days, significantly earlier than the late Q3 launch date provided in previous guidance.READ: Sugarbud Provides Update on Operations and COVID-19 Preparedness“Our partnership with Agro-Greens is a major step forward in the evolution of our Company and will help maximize the value of Sugarbud products. Together with our previously announced wholesale distribution agreement with National Cannabis Distribution in the Province of Saskatchewan, our partnership with Agro-Greens both solidifies and accelerates our entry into our core focus markets,” stated Sugarbud CEO, John Kondrosky.READ: Sugarbud Announces Wholesale Distribution and Supply Agreement in Saskatchewan with National Cannabis Distribution“Our entry into the adult use recreational cannabis market in Canada is a major catalyst for the company and we couldn’t be more excited to be partnering with Agro-Greens to advance our plans to bring the Sugarbud Craft Cannabis Collection to our target markets and consumers in Alberta, British Columbia and Saskatchewan,” concluded Mr. Kondrosky.“Sugarbud is a good example of the new wave of licensed producers that are coming online now, and we are really excited to help them bring their product to market,” said Jeremy Vokins, Managing Director of Agro-Greens.About SugarbudSugarbud is a federally licensed Alberta based craft cannabis company, focused on the cultivation and production of genetically diverse, high quality, select-batch cannabis products. Our mission is to delight the most discerning cannabis consumer and evolve the way people think about incorporating cannabis into their daily lives.http://www.sugarbud.ca/About Agro-Greens Natural Products Ltd.Located in the Canadian heartland, Agro-Greens Natural Products Ltd. is a family-run Health Canada licensed producer. Proud to follow a long line dedicated to the prairie tradition of agricultural excellence, Agro-greens produces craft-quality, medical cannabis for those suffering from chronic pain and illnesses, acts as a processor for Micro-cultivators, and operates the medical e-commerce platform https://sheltermarket.ca/ in conjunction with Shelter Cannabis.John Kondrosky
Chief Executive Officer
Sugarbud Craft Growers Corp.
Phone: (604) 499-7847
E-mail: [email protected]