SugarBud Broadcasts Receipt of Cultivation, Processing and Medical Gross sales Licenses from Well being Canada and Supplies Operational and Company Updates

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CALGARY, Alberta, Sept. 03, 2019 (GLOBE NEWSWIRE) — SugarBud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) (“SugarBud” or the “Firm“) is happy to announce that it has acquired cultivation, processing and medical gross sales licenses (the “Licenses”) from Well being Canada in respect to “Section 1A” of the Firm’s absolutely constructed, state-of-the-art 29,800 square-foot vertical cannabis cultivation facility in Stavely, Alberta.

Working Replace

The newly licensed “Section 1A” space of the Stavely facility contains two devoted flower rooms and all the required auxiliary rooms to assist an estimated annual cultivation design capability of roughly 3,300,000 – 3,890,000 grams per yr at full scale manufacturing. SugarBud will instantly begin cultivation and expects to finish its preliminary two harvests in December 2019, after which SugarBud intends to submit an utility to Well being Canada to amend the Licenses to allow cultivation within the remaining six flower rooms in Section 1 of the power. At full operational ranges, with 4 layers of flowering cover, the estimated complete cultivation design capability for Section 1 is predicted to be roughly 13,230,000 – 15,565,000 grams per yr. SugarBud expects to start building on Section 2 of the power in 2020. At full scale the power is predicted to occupy roughly 98,000 square-feet of flooring house encompassing core manufacturing actions comparable to cultivation, extraction, processing, genetic breeding, analysis and improvement, product improvement, packaging and distribution.  Upon completion of Section 2, SugarBud estimates that the Stavely facility can have a complete cultivation design capability of roughly 33,075,000 – 38,912,000 grams of premium cannabis yearly. Section 1 is estimated to value roughly $22.2 million with 4 layers of flowering cover. Of this quantity, roughly $11.7 million stays to be deployed to finish Section 1 of the power. The Firm should entry extra capital funding to finish Section 1 by a mixture of debt, fairness and convertible securities. The Firm will begin building of Section 2 when capital permits.

Mr. John Kondrosky, Chief Govt Officer of SugarBud, said: “Receipt of our Licenses from Well being Canada is a pivotal milestone for the Firm and a serious catalyst for our enterprise. I want to personally thank each member of the SugarBud crew, together with our consultants, for his or her diligence, effort and dedication over the previous yr. It was an incredible effort by everybody concerned. As a premium product supplier, targeted on high quality, product management and buyer satisfaction, we imagine that the guts and soul of every part we do begins with what we develop. We can’t wait to formally launch that mission and ship on that promise. I want to take this chance to thank our buyers and shareholders for his or her ongoing assist as we proceed to execute on our high-impact marketing strategy.”

Company Replace

SugarBud is happy to announce the appointment of Mr. Bradley Ok. Giblin CA, CFA as Vice President of Finance and Chief Monetary Officer of the Firm efficient September 9th, 2019. Mr. Giblin has greater than 18 years of expertise in finance, enterprise improvement, company technique and accounting roles. Mr. Giblin holds Chartered Skilled Accountant (CPA CA) and Chartered Monetary Analyst (CFA) designations. Previous to SugarBud, Mr. Giblin was Chief Monetary Officer of Mount Bastion Oil and Fuel Corp., a excessive progress power firm that was acquired by Surge Vitality Inc. for $320 million, a 2x return on funding in a two-year timeframe. Mr. Giblin additionally led a profitable IPO of Maha Vitality Inc. on the First North Nasdaq market in Sweden, in addition to performing different excessive impression roles as Chief Monetary Officer in publicly traded, start-up corporations. Mr. John Kondrosky said: “Brad brings great expertise and management to a essential position for SugarBud and I’m very happy to welcome him to our crew.”

SugarBud want to announce that Mr. Craig Kolochuk, co-founder, President and a Director of the Firm, has for private causes, stepped down as President and a Director efficient right now. Nonetheless, Mr. Kolochuk will proceed to contribute to the group as a Particular Advisor to the Firm on issues of enterprise improvement, company technique and mergers and acquisitions. Mr. Kondrosky will assume the position of President within the interim.

“Craig has completed an exceptional job in his time at SugarBud following the February 2018 recapitalization of the Firm overseeing the development of the Stavely facility and getting ready SugarBud for licensing. I sit up for working intently with Craig in his new capability to advance SugarBud’s imaginative and prescient and mission as we enter a brand new and important section of our progress,” mentioned Mr. Kondrosky.

Mr. Dan Wilson, Chairman of the Board of Administrators of SugarBud, said: “The administration crew of SugarBud, led by Craig Kolochuk, have been instrumental in positioning the Firm to obtain its Licenses from Well being Canada. SugarBud will proceed to learn from Craig’s expertise in constructing high-growth, publicly traded corporations.”

About SugarBud

SugarBud is a federally licensed Alberta-based publicly traded cannabis firm targeted on the cultivation and manufacturing of high-quality premium cannabis, and product management by the event, manufacturing and distribution of value-added cannabis merchandise in Canada.

Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: [email protected]

Web site: http://www.sugarbud.ca/

Deal with: Suite 620, 634 – sixth Avenue S.W., Calgary, Alberta T2P 0S4
Phone: 403-532-4466
Fax: 587-955-9668

Ahead Wanting and Cautionary Statements

This information launch incorporates forward-looking statements. Extra significantly, and with out limitation, this information launch incorporates statements regarding: the Firm’s evaluation of future plans and operations; cannabis cultivation within the Firm’s newly licensed “Section 1A” space; the anticipated submission of a license modification utility; building of extra flower rooms and the size thereof; value of building and sources and availability of funds; estimates concerning cannabis crop capability, yield and frequency in respect of the preliminary section of the power and subsequent phases; product high quality; cultivation tools and applied sciences, together with vertical rising; administration adjustments; and working efficiencies. When used on this doc, the phrases “will,” “anticipate,” “imagine,” “estimate,” “anticipate,” “intent,” “might,” “challenge,” “ought to,” and related expressions are supposed to be among the many statements that determine forward-looking statements. The forward-looking statements are based on the idea of expectations and assumptions made by the Firm. Ahead-looking statements are topic to a variety of dangers and uncertainties, and though the Firm believes that the expectations represented by such forward-looking statements are cheap, there might be no assurance that such expectations can be realized. Any variety of necessary elements might trigger precise outcomes to vary materially from these within the forward-looking statements together with, however not restricted to: at present contemplated enlargement and improvement plans might stop or in any other case change; manufacturing of cannabis could also be decrease than anticipated, SugarBud might not get hold of the required approvals from Well being Canada, demand for SugarBud’s merchandise could also be decrease than  anticipated; the power to implement company methods; the state of home capital markets; the power to acquire financing; adjustments usually market situations; business situations and occasions; the dimensions of the medical marijuana market and the leisure marijuana market; authorities laws, together with future legislative and regulatory developments involving medical and leisure marijuana; building delays; dangers inherent within the agricultural enterprise, comparable to bugs, plant illnesses and related agricultural dangers which may have a big impression on the dimensions and high quality of the harvest of cannabis crops; competitors from different business members; and different elements extra absolutely described every now and then within the studies and filings made by the Firm with securities regulatory authorities. Please consult with the Firm’s annual data type (“AIF”) for the yr ended December 31, 2017 and administration’s dialogue and evaluation (“MD&A”) for the three and 6 months ended June 30, 2019 for added danger elements referring to the Firm. The AIF and MD&A might be accessed underneath the Firm’s profile on www.sedar.com.

This information launch incorporates future-oriented monetary data and monetary outlook data (collectively, “FOFI”) about SugarBud’s potential outcomes of operations, future cannabis manufacturing capability, yield and working efficiencies, all of that are topic to the identical assumptions, danger elements, limitations, and {qualifications} as set forth within the above paragraphs. FOFI contained on this doc was authorised by administration as of the date of this doc and was offered for the aim of offering additional details about SugarBud’s future enterprise operations. SugarBud disclaims any intention or obligation to replace or revise any FOFI contained on this doc, whether or not on account of new data, future occasions or in any other case, until required pursuant to relevant regulation. Readers are cautioned that the FOFI contained on this doc shouldn’t be used for functions apart from for which it’s disclosed herein.

Besides as required by relevant legal guidelines, the Firm doesn’t undertake any obligation to publicly replace or revise any forward-looking statements.

Neither the TSXV nor its regulation companies supplier (as that time period is outlined within the insurance policies of the TSXV) accepts duty for the adequacy or accuracy of this launch.

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