CALGARY, Alberta, July 26, 2022 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDD) ("Sugarbud" or the "Company") is pleased to announce that it has received the initial purchase order from Alberta Gaming, Liquor and Cannabis ("AGLC") for the Company’s first Dry Sift Hash Infused 3 x 0.5g multi-pack Pre-Roll format.
Sugarbud "Mixed Greens" 3 x 0.5g Infused Pre-Rolls | Expertly curated and blended, Sugarbud’s Infused Pre-Roll are crafted using only 100% Sugarbud grown dried flower and solventlessly extracted 75-149 micron dry sift hash. "The art of blending requires the selection and combination of unique and different cultivars and dry sift hash while placing a premium on maintaining the harmony and balance between naturally occurring terpenes, flavors, aromas and cannabinoids throughout the entire process. The result is an altogether unique expression of the dried flower experience and is yet another fine example of the Sugarbud "House Style" that consumers have come to expect from the Sugarbud Craft Cannabis Collection," commented Sugarbud President and CEO, John Kondrosky.
"We continue to rapidly diversify and expand the product offering within our Craft Cannabis Collection and are excited about bringing this new hand crafted and convenient pre-roll format to Alberta consumers," concluded Mr. Kondrosky.
The Company will be shipping the initial purchase order to AGLC in late July and expects its 3 x 0.5g Mixed Greens Pre-Rolls to be available for purchase from private cannabis retailers throughout Alberta in early August 2022.
AGLC is responsible for the wholesale distribution of non-medical cannabis products to private retailers in the province.
Corporate Update
Shares for Services Issuance | Further to its news release on June 29, 2022, the Company is pleased to announce that it has received acceptance from the TSX Venture Exchange (the “TSXV”) for the issuance of 665,020 common shares of Sugarbud (the “Common Shares”) to certain arms-length service providers at a deemed price of $0.35 per Common Share to settle debts totaling $232,757. The Common Shares are being issued pursuant to the terms of shares for services agreements entered into with each of the service providers. The Common Shares issued are subject to a four month and one day hold period.
Investment Relations | The Company also announces that it has retained Hybrid Financial Ltd. (“Hybrid”) to provide marketing services to the Company. Hybrid has been engaged to heighten market and brand awareness for Sugarbud and to broaden the Company's reach within the investment community.
Hybrid has agreed to comply with all applicable securities laws and the policies of the TSXV in providing the services to Sugarbud.
The Company has engaged Hybrid for an initial period of 12 months (the “Initial Term”). Under the terms of the agreement the Company will have the option to automatically renew the term for an additional 6 months or terminate the engagement in accordance with the agreement. Hybrid will be paid a monthly fee of $22,500, plus applicable taxes, during the Initial Term.
About Hybrid Financial Ltd.
Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal.
About Sugarbud
"Hand-Crafted Cannabis for a New Era"
Sugarbud is a 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.
The Sugarbud Craft Cannabis Collection offers consumers "Hand-Crafted Cannabis for a New Era". The Company is proudly Albertan and is proud to share Western Canada's long tradition of exceptional craft cannabis with the most discerning of enthusiasts. Sugarbud strives to define the intersection of product craftsmanship, quality, and value for consumers in the Canadian craft cannabis space.
Sugarbud Craft Cannabis products are currently available to adult recreational consumers in the Yukon Territory, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and nationally to registered medical patients through MendoCannabis.ca.
We Take Pride.
We Take Our Time.
Experience The Difference.
CONTACTS:
| 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/
http://craftcannabiscollection.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 and processing, including sales, marketing and distribution opportunities; product quality; the development, production, sale and distribution of Sugarbud's Craft Cannabis Collection, including new product lines and the properties, characteristics and launch timing thereof; the expected timing of retail availability of new products; future growth; and customer satisfaction. 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; ability to ship cannabis products may be lower than expected; 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; the impact of inflation on costs; 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 variant strains of the virus, and its effect on the broader global economy may continue to 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 continue to 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.
