TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, March 6, 2019 /CNW/ - SugarBud Craft Growers
Corp. ("SugarBud" or the "Company") is pleased to
announce the submission of its Affirmation of Readiness and Video
Evidence Package ("Evidence Package") to Health Canada. The
submission of the Evidence Package is the final step, under
SugarBud's control, related to the receipt of a cultivation license
from Health Canada in respect of the Company's cannabis cultivation
facility at Stavely, Alberta (the
"Facility"). The submission of the Evidence Package is a
significant achievement for SugarBud in its objective to become a
leading provider of medicinal and recreational cannabis in
Canada.
President and Chief Executive Officer Craig Kolochuk stated: "We are extremely pleased
to have submitted the required documentation to Health Canada to
produce cannabis. This Evidence Package is a significant milestone
in SugarBud's evolution toward the cultivation of premium,
genetically characterized cannabis at its state-of-the-art vertical
facility. Submission of the Evidence Package within just six months
of commencing construction at Stavely is a fantastic achievement. Many
thanks to Sugarbud's high-functioning team for their great work in
pulling together this purpose-built facility."
Phase 1 of the Facility is comprised of 29,800 total square feet
of floorplate. SugarBud estimates that under a full development
scenario with four layers of flowering canopy, Phase 1 of the
Facility will have up to 37,000 square feet of flowering canopy. At
a metric of 50 grams per square foot of flowering canopy per crop,
and five crops per year, this equates to up to an estimated
9,250,000 grams of dried cannabis flower production per year.
About SugarBud
SugarBud is an Alberta-based
emerging cannabis company engaged in the development, acquisition,
production and distribution of cannabis in Canada.
Forward Looking and Cautionary Statements
This news
release may include forward-looking statements including opinions,
assumptions, estimates, the Company's assessment of future plans
and operations, and, more particularly, statements concerning: the
receipt of a cultivation license from Health Canada and the timing
thereof; the cultivation of cannabis at the Facility; estimates of
cannabis crop yield and frequency in respect of a full development
scenario of Phase 1 of the Facility; the use of top-tier,
characterized cannabis genetics; the development of a broad product
offering, including extracted products; the development of strong
medical and recreational cannabis related brands; the vertical
integration of retail distribution channels and operations; and the
objective to become a leading provider of medicinal and
recreational cannabis in Canada.
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 the Company that include, but are not
limited to, the timely receipt of all required regulatory and
third-party approvals, including cultivation and sales licenses
from Health Canada. Forward-looking statements are subject to a
wide range of risks and uncertainties, and although the Company
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:
regulatory and third party approvals, including receipt of
cultivation and sales licenses from Health Canada, not being
obtained in the manner or timing anticipated; 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 the Company with securities
regulatory authorities. Please refer to the Company's annual
information form ("AIF") for the year ended December 31, 2017 and management's discussion and
analysis ("MD&A") for the three and nine months ended
September 30, 2018 for additional
risk factors relating to the Company. The AIF and MD&A can be
accessed under the Company's profile
on www.sedar.com.
Except as required by applicable laws, the Company 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.
SOURCE SugarBud Craft Growers Corp.