Sugarbud Provides Update on Operations and COVID-19 Preparedness
CALGARY, March 23, 2020 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud") is pleased to report that it has completed its first harvest on March 2nd, 2020 and is now in the process of completing the final stages of the post-harvest dry and cure activities. "The success of our first harvest marks a major milestone for Sugarbud and we are all very pleased with the quality and outcomes of our first crop along with the operating level and performance of our facility overall," stated Mr. Kondrosky. "The preliminary potency and terpene testing on this first crop is very much in line with our expectations and commitment to bring exceptional high quality premium dried cannabis to Canadian consumers," added Mr. Kondrosky. Sugarbud is now well underway on its second crop and the Company expects to complete its second harvest in early June 2020. As part of two previously announced supply agreements, the Company expects to ship its first revenue generating commercial batch of premium dried cannabis in early Q2.
READ: Sugarbud Facility Operating Update Presentation-March 2020
Sugarbud is also pleased to confirm that it has submitted its amended dried cannabis sales license application to permit interprovincial adult recreational sales to authorized provincial wholesalers and retailers to Health Canada and the Company expects to launch its first adult recreational premium dried cannabis products in late Q3 2020.
"Backed by a clear vision, a disciplined financial and operating model and a strong experienced management team, we continue to focus on what we can control, execute against our plan and hit the milestones we have laid out for the Company," concluded Mr. Kondrosky.
COVID-19 Preparedness
Sugarbud is closely monitoring the latest developments regarding the progression of COVID-19 and will continue to follow the direction of federal, provincial and municipal governments, and public health authorities to ensure that it does what it can to slow the spread of the COVID-19 coronavirus. These steps include the adoption of remote work practices, active social distancing and enhanced health and safety protocols across its entire operating environment.
About Sugarbud
Sugarbud is a federally licensed Alberta based craft cannabis company, focused on the cultivation and production of genetically diverse, high quality, select-batch, ultra-premium cannabis products.
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; and the timing of obtaining necessary approvals required to conduct the contemplated business of the supply agreements. 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.
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