SugarBud Craft Growers Corp. (TSXV:SUGR,
SUGR.WT) ("SugarBud" or the "Company") is pleased to
provide a comprehensive update on the progress of the Stavely, AB
facility construction, licensing status and corporate developments,
including management changes.
Construction and Licensing Update
Stavely, AB Facility
Construction of Phase 1a of our 30,000-square-foot Stavely
indoor facility is now substantially complete and fully occupied.
Phase 1a includes 2 dedicated flower rooms with a combined annual
cultivation design capacity of between 3,300 – 3,890 kg per year.
Regulatory approval for Phase 1a is expected to occur in Q3 2019.
Our operating team in Stavely is currently engaged in the final
site preparations necessary to support our initial scale up
cultivation activities following receipt of our license.
“We are pleased with the progress that our operational and
regulatory teams are making in preparation for our initial scale up
activities. The teams continue to execute against our plan very
well and we remain confident that we are on track to receive our
initial cultivation license in Q3 of this year,” said John
Kondrosky, Chief Executive Officer of SugarBud.
SugarBud is also in the process of finalizing plans to complete
the final fit out and licensing of the remaining 6 flower rooms at
the Stavely Facility. Phase 1b and 1c encompass 3 additional flower
rooms each, which will further expand the facility's cultivation
design capacity by an additional 9,930 – 11,674 kg. At full
operational levels the total facility cultivation design capacity
for Phase 1 is expected to be between 13,230 – 15,565 kg per
year.
Primary construction of these additional 6 rooms is complete and
the remaining fit out will encompass the final installation of our
vertical racking, irrigation, HVAC, environmental control and
lighting systems. SugarBud plans to submit the license amendments
for Phase 1b and 1c in early Q1 of 2020.
Corporate Update
Jeff Swainson, SugarBud's Chief Financial Officer, has made a
personal decision to step down from his position effective as of
today. SugarBud's Chairman, Dan Wilson, will assume the role of
interim CFO. John Kondrosky, stated, "We are incredibly grateful
for the leadership and many contributions Jeff has made to the
success of SugarBud up to this point and we wish Jeff nothing but
the best in his future endeavors.”
Mr. Joseph Dietrich has resigned as a director of SugarBud as of
today but will continue to contribute to the organization as a
Special Advisor. Chairman, Dan Wilson, stated “We would like to
take this opportunity to thank Joseph for all of his hard work and
contributions to SugarBud as a member of the Board of Directors,
and look forward to working with Joseph in his new capacity to
advance the SugarBud vision and mission.”
SugarBud is pleased to announce that Bob Lawrence has joined
SugarBud as Vice President of Operations.
Mr. Lawrence joins SugarBud with more than 20 years of
experience in the premium and craft segments of the highly
regulated and competitive brewing industry. Prior to joining
SugarBud, Mr. Lawrence was the Senior Vice President of Operations
for the PEI Brewing Company. "As we continue to build and expand
our team, we look for passionate and driven individuals that embody
the SugarBud values and commitment to high-quality products and
services," said John Kondrosky, Chief Executive Officer of
SugarBud. "Operating efficiencies and discipline are critical to
the success of SugarBud, and Bob’s demonstrated leadership and
experience will most certainly have an immediate and positive
impact on our operating results moving forward.”
About SugarBud
SugarBud is an Alberta-based publicly traded
cannabis company engaged in the development, acquisition,
production and distribution of cannabis in Canada.
John Kondrosky Chief Executive Officer SugarBud
Craft Growers Corp. Phone: (604) 499-7847 E-mail:
johnk@sugarbud.ca |
Dan Wilson Chief Financial Officer SugarBud Craft
Growers Corp. Phone: (403) 874-9862 E-mail:
danw@sugarbud.ca |
Investor Relations ContactGary
Perkins, PresidentTekkfund Capital Corp.Tel: (416)
882-0020E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 - 6th Avenue S.W.,
Calgary, Alberta T2P 0S4 Telephone: 403-532-4466 Fax:
587-955-9668
Forward Looking and Cautionary
Statements
This news release contains forward-looking
statements. More particularly, and without limitation, this news
release contains statements concerning: the Company’s assessment of
future plans and operations; the receipt of a cultivation license
from Health Canada and the timing thereof; the cultivation of
cannabis at the Stavely facility; construction of additional flower
rooms and the scale thereof; estimates regarding cannabis crop
capacity, yield and frequency in respect of the initial phase of
the facility and subsequent phases; cultivation equipment and
technologies; management changes; and operating efficiencies. 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 months ended
March 31, 2019 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.
This news release contains future-oriented
financial information and financial outlook information
(collectively, “FOFI”) about SugarBud’s prospective results of
operations, future cannabis production capacity and operating
efficiencies, all of which are subject to the same assumptions,
risk factors, limitations, and qualifications as set forth in the
above paragraphs. FOFI contained in this document was approved by
management as of the date of this document and was provided for the
purpose of providing further information about SugarBud’s future
business operations. SugarBud disclaims any intention or obligation
to update or revise any FOFI contained in this document, whether as
a result of new information, future events or otherwise, unless
required pursuant to applicable law. Readers are cautioned that the
FOFI contained in this document should not be used for purposes
other than for which it is disclosed herein.
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.
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