CALGARY, Alberta, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.DB) ("Sugarbud" or the "Company") is pleased to announce that it has signed a supply agreement (the "Agreement") with CannMart Inc. ("CannMart"), a subsidiary of Namaste Technologies Inc. ("Namaste") (TSXV: N), to provide access to the Company's Craft Cannabis Collection to registered medical patients nationwide via CannMart's online medical cannabis sales platform. The Company has also refiled its Management Discussion & Analysis ("MD&A") for the period ended September 30, 2020.
Supply Agreement
Under the terms of the Agreement, Sugarbud will provide CannMart with a wide selection of its Craft Cannabis Collection of products, including premium dried flower and pre-rolls for direct sale to registered medical patients nationwide. The Agreement is subject to customary regulatory, licensing and new product notification requirements.
"We are very pleased to be partnering with CannMart to provide registered medical patients across the country with access to our Craft Cannabis Collection," stated Sugarbud CEO, John Kondrosky. "Up until now our exceptional line of Craft Cannabis products were not available to registered medical patients. Our partnership with CannMart leverages our existing production and immediately expands our reach to medical patients nationwide - while at the same time allowing Sugarbud to maintain the Company's primary focus and allocation of commercial resources on scaling up our core recreational cannabis business," concluded Mr. Kondrosky
"We are pleased to welcome Sugarbud to CannMart.com which will leverage the VendorLink platform as many new companies are increasingly seeing the added value Namaste's innovative technology can bring to their organization," said Chad Agate, CTO and VP of Marketplace of Namaste Technologies. "We look forward to working closely with our new partner to expand their reach to Canadian cannabis consumers."
Amended MD&A
The Company has refiled its MD&A for the period ended September 30, 2020 (the "Amended MD&A"). The Amended MD&A provides additional disclosures related to the three and nine months ended September 30, 2020 and 2021 guidance, including with respect to use of proceeds from the prospectus financing completed in June 2020.
About Sugarbud
Sugarbud is an Alberta-based, consumer-driven boutique 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.
READ CORPORATE INVESTOR DECK HERE
About CannMart
CannMart is a wholly owned subsidiary of Namaste Technologies Inc. (TSXV: N) a leading platform for cannabis products, accessories, and education.
| John Kondrosky Chief Executive Officer Sugarbud Craft Growers Corp. Phone: (604) 499-7847 E-mail: johnk@sugarbud.ca Investor Relations Contact Chris Moulson Chief Financial Officer Sugarbud Craft Growers Corp. Tel: (778) 388-8700 E-mail: chrism@sugarbud.ca |
Websites:
http://www.sugarbud.ca/
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; the Company's ability to remain operating in accordance with developing public health efforts to contain COVID-19; product quality; partnerships, including with CannMart; the development, production and sale of cannabis derivative products, including vape cartridges; applying for an amendment to its sales license to permit direct sale of cannabis extracts; future growth; 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, including with respect to an amended sales license; 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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