CALGARY, Alberta, Aug. 24, 2020 (GLOBE NEWSWIRE) — Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, 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.
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.
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 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.
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