Sugarbud Announces First Product Shipments to Saskatchewan and Provides Operating Update
CALGARY, Alberta, July 27, 2020 (GLOBE NEWSWIRE) — Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS) (“Sugarbud“) is pleased to announce that, together with its partner Agro-Greens Natural Products Ltd., it has commenced the first shipment of the Company’s Craft Cannabis Collection of products to National Cannabis Distribution for sale in the Province of Saskatchewan.
“The launch of our Craft Cannabis Collection in Saskatchewan is a pivotal commercial milestone for Sugarbud and yet another major step forward on our path towards sustainable revenue and profit generation,” stated John Kondrosky, CEO of Sugarbud. “We believe that the market for superior, higher potency, terpene rich cannabis remains underserved and continues to grow as consumers become more informed about the choices they make,” added Mr. Kondrosky.The first products to be launched in Saskatchewan will be OG Kush and Wedding Cake 3.5 g Dried Flower. The Company expects that its products will be available in select stores across the province this week. The Company also expects to launch its line of craft cannabis pre-roll products in August. For more information about the Company’s Craft Cannabis Collection, please click here.https://www.globenewswire.com/NewsRoom/AttachmentNg/6807742a-f43c-4b0a-afa8-5c8ced4a8695Operating Update
Sugarbud is also pleased to announce that it has completed the initial expansion of its second cultivation room and expects to have an additional 2,000 plants under flower at its facility in Stavely, Alberta by mid/late August. “We continue to execute very well against our operational and capacity expansion priorities while at the same time ensuring that we do not lose any traction on product quality and consistency. We are very pleased with our progress in Stavely and believe that our current cultivation capacity is very much in line with our commercial expectations for the balance of the year and 2021,” continued Mr. Kondrosky.About SugarbudSugarbud is an Alberta-based consumer driven craft cannabis company; focused on the cultivation and production of superior, select-batch, craft cannabis products. Our vision and mission are to become a trusted and well-respected consumer brand – renowned for providing exceptional high-quality craft cannabis products to legal markets by delighting the most discerning of cannabis consumers.http://www.sugarbud.ca/Website: http://www.sugarbud.ca/
Address: Suite 620, 634 – 6th Avenue S.W., Calgary, Alberta T2P 0S4
Forward Looking and Cautionary StatementsThis news release contains forward-looking statements. More particularly, and without limitation, this news release contains statements concerning: Sugarbud’s assessment of future plans, operations and cannabis cultivation, including the shipment of the first commercial batch of cannabis, the launch its first adult recreational premium dried cannabis products and pre-roll products and the timing thereof; the Company’s ability to remain operating in accordance with developing public health efforts to contain COVID-19; product quality; supply agreements and partnerships; and the timing of obtaining necessary approvals required to conduct the contemplated business of the supply agreements. When used in this document, the words “will,” “anticipate,” “believe,” “estimate,” “expect,” “intent,” “may,” “project,” “should,” and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Sugarbud. Forward-looking statements are subject to a wide range of risks and uncertainties, and although Sugarbud believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: currently contemplated expansion and development plans may cease or otherwise change; production of cannabis may be lower than expected, Sugarbud may not obtain the required approvals from Health Canada, including approving an amendment to its dried cannabis sales licence to permit interprovincial sales; demand for Sugarbud’s products may be lower than anticipated; results of production and sale activities; results of scientific research; changes in prices and costs of inputs; demand for labour; demand for products; failure of counter-parties to perform contractual obligations; failure to maintain consumer brand recognition and loyalty of customers; reliance on relationships with wholesalers and retailers for distribution of products and failure to maintain strategic business relationships; intense competition, including from illicit sources; uncertainty and continued evolution of markets; product liability litigation; reliance on information technology; infringement on intellectual property; failure to benefit from partnerships; sensitivity of end-customers to increased sales taxes and economic conditions; failure to comply with certain regulations; departure of key management personnel or inability to attract and retain talent; actions and initiatives of federal and provincial governments and changes to government actions, initiatives and policies and the execution and impact thereof; the ability to implement corporate strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations, including future legislative and regulatory developments involving medical and recreational marijuana; construction delays; risks inherent in the agricultural business, such as insects, plant diseases and similar agricultural risks which can have a significant impact on the size and quality of the harvest of cannabis crops; competition from other industry participants; and other factors more fully described from time to time in the reports and filings made by Sugarbud with securities regulatory authorities. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remain unknown, rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity, and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to Sugarbud’s most recent annual information form and management’s discussion and analysis for additional risk factors relating to Sugarbud, which can be accessed under Sugarbud’s profile on www.sedar.com. Except as required by applicable laws, Sugarbud does not undertake any obligation to publicly update or revise any forward-looking statements.This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Sugarbud’s operations, cannabis sales, cannabis production and production capacity, revenue, profit and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about Sugarbud’s future business operations. Sugarbud disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein.Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.