Sugarbud Announces Filing of Q3 2020 Financial and Operating Results
November 30 2020 - 9:05PM
Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS,
SUGR.DB) ("
Sugarbud") is pleased to announce the
filing of its Q3 2020 unaudited condensed consolidated interim
financial statements (“
Financial Statements”) for
the three and nine months ended September 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.
“In Q3 2020, Sugarbud achieved numerous key
milestones in our commercial scale-up and growth plans,” stated
Sugarbud CEO John Kondrosky. “In addition to receiving our amended
sales license for dried cannabis - which we view as a critical
enabling catalyst for growth - the Company also secured supply
agreements with the Provinces of Saskatchewan and Alberta.”
“Furthermore, in early Q4 we signed a supply
agreement with the Province of British Columbia – giving Sugarbud
access to the entire Western Canadian retail distribution network.
Q3 also saw Sugarbud shipping its first orders.”
“With a significant uptick in purchase orders
since the end of the quarter, we are very pleased with our progress
to date and believe that we have established a strong commercial
foundation for future growth heading into 2021,” concluded Mr.
Kondrosky.
About
Sugarbud
Sugarbud 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/
John Kondrosky Chief
Executive Officer Sugarbud Craft Growers Corp. Phone:
(604) 499-7847 E-mail:
johnk@sugarbud.caInvestor Relations
ContactChris MoulsonChief
Financial OfficerSugarbud Craft Growers Corp.Tel: (778)
388-8700E-mail: chrism@sugarbud.ca
Websites:
http://www.sugarbud.ca/http://craftcannabiscollection.ca
Address: Suite 620, 634 - 6th Avenue S.W.,
Calgary, Alberta T2P 0S4
Forward Looking and Cautionary Statements
This 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 sales,
marketing and distribution opportunities; the Company's ability to
remain operating in accordance with developing public health
efforts to contain COVID-19. 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; ability to ship cannabis products may be lower than
expected; 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 continue to 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 continue to 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.
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.
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