SugarBud Craft Growers (TSXV:SUGR)
Historical Stock Chart
1 Year : From Dec 2018 to Dec 2019
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.
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.