Sugarbud Expands National Distribution Reach, Announces Sales Agency Partnership With Velvet Management Inc.
February 16 2021 - 6:00AM
Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS,
SUGR.DB) ("
Sugarbud" or the
"
Company") is pleased to announce that it has
partnered with Velvet Management Inc.
("
Velvet"
) to be
its exclusive national sales and distribution agent for the
Company’s Craft Cannabis Collection.
Pursuant to the partnership, Velvet will be
primarily responsible for store level sales representation, brand
advocacy and budtender education to drive wider distribution of the
Company’s Craft Cannabis Collection in key target markets
nationally.
"Velvet has a rich history representing leading
and iconic luxury brands in the wine and spirits industry as well
as the emerging cannabis sector," stated Sugarbud CEO John
Kondrosky. "As a leading full-service cannabis sales agency with
deep industry knowledge, and an established sales team nationwide,
our collaboration with Velvet will no doubt have a significant
impact on our ability to rapidly accelerate consumer visibility and
consumption of the Sugarbud brand. Increasing our reach and
connection to retailers, budtenders and the end user consumer is a
priority for Sugarbud and critical to our revenue growth
objectives. We are thrilled to be partnering with Velvet to expand
our reach and capabilities in this regard," concluded Mr.
Kondrosky.
Velvet Management President, Vianney Aubrecht
added, "Velvet is excited to be partnering with Sugarbud and
representing their Craft Cannabis Collection. Sugarbud's approach
and commitment to quality - from cultivation, curing and hand
trimming to their glass packing - hits all the metrics necessary
for Velvet to gain national market share in the premium cannabis
category. We look forward to expanding existing national
distribution in the coming months."
The Company’s partnership with Velvet covers its
existing dried cannabis product portfolio and will include future
Cannabis 2.0 products once the Company receives Health Canada
approval permitting the direct sale of cannabis extracts.
The Company currently expects approval for its
amended sales license permitting the direct sale of cannabis
extracts in early Q3 of 2021.
About Sugarbud
Sugarbud is an Alberta-based, consumer-driven
boutique 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.
READ CORPORATE INVESTOR DECK HERE
http://www.sugarbud.ca/
About Velvet Management
Inc.
Velvet Management Inc. is a cannabis agency
providing product sales and distribution to provincial cannabis
boards and private retailers across Canada. Velvet was created by
the largest importer of alcohol in Canada, Groupe Dandurand,
responsible for 6.2 million cases or $1.2 billion in retail sales.
With the largest wine salesforce in Canada they service over 10,000
retail points. Groupe Dandurand has been in operation since 1968,
with 225 employees and with offices in Calgary, Montreal, Toronto,
and Vancouver. Their performance has won them Supplier/Partner of
the Year by the LCBO multiple times.
John Kondrosky Chief
Executive Officer Sugarbud Craft Growers Corp. Phone:
(604) 499-7847 E-mail: johnk@sugarbud.ca
Investor Relations
ContactChris MoulsonChief
Financial OfficerSugarbud Craft Growers Corp.Tel: (778)
388-8700E-mail: chrism@sugarbud.ca
Websites:
http://www.sugarbud.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; product quality; partnerships,
including with Velvet, and the impact of such partnerships,
including wider distribution of the Company’s Craft Cannabis
Collection and increased market share nationally; the development,
production and sale of cannabis derivative products, including vape
cartridges; receipt of an amendment to its sales license to permit
direct sale of cannabis extracts and the timing thereof; future
growth; and the ability to build shareholder value. 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 with
respect to an amended sales license; 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.
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.
SugarBud Craft Growers (TSXV:SUGR.DB)
Historical Stock Chart
From Jun 2024 to Jul 2024
SugarBud Craft Growers (TSXV:SUGR.DB)
Historical Stock Chart
From Jul 2023 to Jul 2024