TSX-Venture Exchange: SUGR, SUGR.WT

CALGARY, Alberta, Jan. 31, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) is pleased to announce that it has entered into a strategic relationship with Phylos Bioscience Inc. (“Phylos”) for the characterization and analysis of SugarBud’s future cannabis strains (the “Genetic Library”). With the declaration afforded to SugarBud as a late-stage applicant under Health Canada’s Cannabis Regulations, the Company has line of sight to a Genetic Library of over 400 top-tier strains, including the latest “designer” hybrid strains and foundational landrace strains.   

Craig Kolochuk, President and Chief Executive Officer of SugarBud, stated: “Phylos has extensive knowledge of the global cannabis market and the rapidly evolving needs of medical and recreational cannabis users. Phylos will analyze chemotype, phenotype, and genotype data sourced from SugarBud’s Genetic Library, which will provide insights that could include genetic profiles, potential yields, terpene levels, THC and CBD content, plant sizes, and vegetation and flowering times. This data will not only assist SugarBud in determining the optimal cannabis strains for production from an economic standpoint, it will also ensure that SugarBud’s customers are provided with a diverse product offering and certainty regarding the cannabis that they are consuming.”

About Phylos Bioscience Inc.

Phylos is the world’s leading provider of cannabis genomics. Using modern molecular genetics and computational biology, Phylos is driving the development and improvement of hemp and drug varieties for optimal performance across diverse agricultural environments. The Phylos world-class team supports research and development, breeding partnerships with global partners, and cultivation businesses worldwide with a comprehensive suite of genetic testing solutions.

About SugarBud

SugarBud is an Alberta-based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.

For further information regarding this news release, please contact:

Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
  
  Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Phylos Bioscience Inc. Contact
Paige Hewlett, Vice President, Marketing
Phylos Bioscience Inc.
Phone: (503) 206-6599
E-mail: phewlett@phylosbioscience.com


Website: http://www.sugarbud.ca/  

Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403-532-4466
Fax: 587-955-9668

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 strategic relationship with Phylos, SugarBud’s Genetic Library and the characterization and analysis thereof. 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. 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; 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.