TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, April 23, 2019 /CNW/ - SugarBud Craft Growers
Corp. ("SugarBud" or the "Company") is pleased to
announce that it has received a Confirmation of Readiness Letter
("COR Letter") from Health Canada in respect of its cannabis
cultivation facility in Stavely,
Alberta (the "Facility"). The COR Letter requests
SugarBud's affirmative response that it has met Health Canada's
license application requirements. The "Confirmation of Readiness"
stage is the final stage in the application
process.
On March 6, 2019, SugarBud
announced the submission of its Affirmation of Readiness and Video
Evidence Package ("Evidence Package") to Health Canada. The
Evidence Package was meant to demonstrate to Health Canada that the
Facility is fully functional and compliant under the Cannabis Act
and Regulations. Upon SugarBud's demonstration to Health Canada
that its Facility is fully functional and compliant under the
Cannabis Act and Regulations, the Company will be granted its
cultivation license, at which point it will be permitted to
cultivate cannabis.
Craig Kolochuk, President and
Chief Executive Officer of SugarBud, stated: "Receiving our COR
Letter is a major milestone for SugarBud in becoming a licensed
producer of cannabis. We are currently in dialogue with Health
Canada and promptly addressing any final questions and comments.
We've submitted our Evidence Package and we are confident that our
Facility is world class and compliant with the Cannabis Act and
Regulations."
Phase 1 of the Facility is comprised of 29,800 total square feet
of floorplate. SugarBud estimates that under a full development
scenario with four layers of flowering canopy, Phase 1 of the
Facility will have up to 37,000 square feet of flowering canopy. At
a metric of approximately 50 grams per square foot of flowering
canopy per crop, and five crops per year, this equates to up to an
estimated 9,250,000 grams of dried cannabis flower production per
year.
About SugarBud
SugarBud is an Alberta-based
emerging cannabis company engaged in the development, acquisition,
production and distribution of cannabis in Canada.
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
receipt of a cultivation license from Health Canada and the timing
thereof; the cultivation of cannabis at the Facility; and estimates
of cannabis crop yield and frequency in respect of a full
development scenario of Phase 1 of the Facility. 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, including
cultivation and sales licenses from Health Canada. 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; 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 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.
SOURCE SugarBud Craft Growers Corp.