CALGARY, AB, Aug. 24, 2020 /CNW/ - Sugarbud Craft Growers
Corp. (TSXV: SUGR) (TSXV: SUGR.WT) (TSXV: SUGR.WS) (TSXV: SUGR.DB)
("Sugarbud") is pleased to announce it has received approval
from Health Canada for its amended sales license (the "Sales
License") permitting the sale of dried cannabis products. Sugarbud
is now able to directly sell its portfolio of exceptional craft
cannabis products to all authorized provincial and territorial
distributors/retailers as well as registered medical
patients.
"Today's announcement represents yet another pivotal milestone
for Sugarbud as we continue to scale up our commercial activities
and build overall shareholder value for the Company," stated
Sugarbud CEO, John Kondrosky. "Our
amended Sales License now gives us the ability to take direct
control of our own sales and marketing activities and further
accelerate and expand the distribution of our core Craft Cannabis
Dried Flower and Pre-Roll products into new target provinces - such
as Alberta and British Columbia," continued Mr.
Kondrosky.
The Company estimates that less than 30% of all active federally
approved license holders possess a sales license permitting the
sale of dried cannabis to authorized provincial and
territorial distributors/retailers as well as registered medical
patients. "Receipt of our amended Sales License is
significant and was the result of a successful comprehensive
inspection process. It is a testament to our day-to-day operational
readiness and unwavering commitment to compliance as much
as it is to the hard work, dedication and passion that our
employees continue to demonstrate each and every day," concluded
Mr. Kondrosky.
Sugarbud products are currently available in the province of
Saskatchewan under the terms and
conditions of the previously announced licensing and distribution
agreement with Agro-Greens Natural Products Ltd.
READ: Sugarbud Announces Brand Licensing & Distribution
Agreement with Agro-Greens Natural Products
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/
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 permitted under the Sales License; 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 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; 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.