Sugarbud Finalizes Development of Additive-Free, Full-Spectrum Vape Cartridges with Heritage Cannabis and Announces Filing of Q2 2020 Financials

Sugarbud Finalizes Development of Additive-Free, Full-Spectrum Vape Cartridges with Heritage Cannabis and Announces Filing of Q2 2020 Financials

CALGARY, Alberta, Aug. 27, 2020 (GLOBE NEWSWIRE) — Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.DB) (“Sugarbud” or the “Company“) is pleased to announce that, as part of the previously announced contract manufacturing agreement (the “Agreement“), it has formally started the final development and qualification of its additive-free, full-spectrum vape cartridges with Heritage Cannabis Holdings Corp. (CSE: CANN) (“Heritage“).Under the terms of the Agreement, Heritage will continue to provide Sugarbud with extraction, formulation and production services for the development of its pre-filled vape cartridges utilizing proprietary, additive-free formulations.“Our high quality, additive-free, full-spectrum vape products contain dried cannabis as the sole ingredient and are a natural and logical extension of our inhaled product strategy. Sugarbud vape products will leverage and embody the quality, consistency, flavour profiles and aromas found in our exceptional craft cannabis flower,” stated Mr. Kondrosky, CEO of Sugarbud.New cannabis derivative products and formats such as vape cartridges and pens are a rapidly growing segment of the Canadian adult-use recreational market and Sugarbud expects that its high-quality, additive-free vape products will become a significant catalyst for future growth.“We are confident that our partnership with Heritage will equip Sugarbud to deliver high quality products to consumers with the safety, integrity and exceptional outcomes they demand,” concluded Mr. Kondrosky.“We are very pleased to be working with Sugarbud on the production of full-spectrum vape cartridge products to support its cannabis 2.0 strategy,” commented Clint Sharples, CEO of Heritage. “As Sugarbud’s manufacturing partner, Heritage will produce high-demand, full-spectrum cannabis oil products using no harmful additives, flavours or carrier oils, and will maintain consistency in the strain profile between Sugarbud’s craft cannabis and the final products.”The Company expects to apply to Health Canada for an amendment to its sales license to permit the direct sale of cannabis extracts in early Q4 of 2020.Filing of Q2 2020 FinancialsSugarbud is also pleased to announce the filing of its Q2 2020 unaudited condensed consolidated interim financial statements (“Financial Statements”) for the three months ended June 30, 2020 and related management’s discussion and analysis (“MD&A”). Sugarbud’s Financial Statements and related MD&A are available on SEDAR at www.sedar.com and on Sugarbud’s website at www.sugarbud.ca“The successful closing of the non-dilutive First Calgary facility and the fully-subscribed Convertible Debenture offering not only significantly improved Sugarbud’s working capital position, but is a clear vote of confidence in the Company’s management and its focused strategy on producing premium select-batch cannabis products,” stated Chris Moulson, CFO of Sugarbud. “Together with our established lease financing relationship, these financings put Sugarbud on track to deliver on its stated operational and commercial scale-up plans,” concluded Mr. Moulson.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/About HeritageHeritage Cannabis Holdings Corp. is a vertically integrated cannabis company that owns two Health Canada approved licenced producers, Voyage Cannabis Corp. and CannaCure Corp., both of which also have industrial hemp licenses. Additionally, Voyage recently received its sales license from Health Canada, and Heritage will be launching its own products in the BC, AB, and MB markets in summer 2020, with other provinces to follow. Working under its licenses, Heritage has two additional subsidiaries, Purefarma Solutions, that provides extraction services, and a Medical Services Division which is focused on cannabis based medical solutions. Heritage as the parent company, provides the synergies and resources for its subsidiaries to advance its medical and adult use products and services both domestically and internationally.http://www.heritagecann.com/
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