CALGARY, May 27, 2020 /CNW/ - Sugarbud Craft Growers
Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud") is pleased to
announce that, together with its partner Agro-Greens Natural
Products Ltd. ("Agro-Greens") it has received the first purchase
orders for the Company's Craft Cannabis Collection of products from
National Cannabis Distribution ("NCD") for sale in the Province of
Saskatchewan.
"The launch of our Craft Cannabis Collection in Saskatchewan marks a major commercial
milestone for Sugarbud and a big first step 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. Comprised of some of the
finest and most exclusive strains, the Sugarbud Craft Cannabis
Collection promises to deliver an exceptional experience to even
the most discerning of customers", concluded Mr.
Kondrosky.
The first products to be launched in the Craft Cannabis
Collection will be Sugarbud OG Kush 3.5g Dried Flower and Sugarbud
Cheese 0.5g Pre-Rolls. The Company expects to begin shipping
these products to NCD on June
23rd, 2020 and they will be available for
purchase from authorized Saskatchewan retailers by early July 2020.
Postponement of Filing of Q1 2020 Financials and MD&A Due
to COVID-19 Related Delays
As a result of logistical issues and delays caused by COVID-19,
the Company will postpone the filing of its Q1 2020 financial
statements ("Financial Statements") and accompanying
management's discussion and analysis ("MD&A") for the
quarter ended March 31, 2020, in
reliance on the exemption provided in ASC Blanket Order 51-517
Temporary Exemption from Certain Corporate Finance
Requirements (and similar exemptions provided by the other
Canadian securities regulators). The Company will file the
Financial Statements and MD&A no later than June 12, 2020.
Until the Company has filed the Financials Statements and
MD&A, members of the Company's management and other insiders
are subject to an insider trading black-out policy that reflects
the principles in section 9 of National Policy 11-207
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
There have been no material business developments since the
filing of the Company's annual financial statements and
accompanying management's discussion and analysis for the year
ended December 31, 2019 on
May 22, 2020.
About Sugarbud
Sugarbud is a federally licensed, 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 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/
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 the shipment of the
first commercial batch of cannabis and the launch its first adult
recreational premium dried cannabis 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; the supply agreements and partnerships; the timing of
obtaining necessary approvals required to conduct the contemplated
business of the supply agreements; and the filing of the Financial
Statements and MD&A. 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.
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.