Sugarbud Enters Canada’s Largest Recreational Cannabis Market, Signs Supply Agreement with Ontario
February 25 2021 - 4:01PM
Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS,
SUGR.DB) ("
Sugarbud" or the
"
Company") is pleased to announce that it has
signed a definitive supply agreement with Ontario Cannabis Retail
Corporation ("
OCRC") for the sale and distribution
of Sugarbud’s Craft Cannabis Collection to private cannabis
retailers in Ontario, and online through the Ontario Cannabis Store
("
OCS") at OCS.ca. The Company is now authorized
to sell Sugarbud branded dried cannabis products directly in the
Provinces of British Columbia, Alberta, Saskatchewan, Ontario and
the Yukon Territory.
The OCS is Ontario’s only legal online retailer
and is responsible for the wholesale distribution of recreational
cannabis products to private retailers in the Province.
"We are delighted that our Craft Cannabis
Collection will now be available to consumers in the Province of
Ontario – Canada’s largest recreational cannabis market," stated
Sugarbud's CEO, John Kondrosky. "The OCS continues to support and
foster a rapidly increasing network of retail stores in an effort
to accelerate consumer access to recreational cannabis. We look
forward to serving the needs of Ontario cannabis consumers with our
exceptional high quality craft cannabis products," added Mr.
Kondrosky.
"Together with our previously announced supply
agreements in BC, Alberta, Saskatchewan and the Yukon, we now have
access to over 80% of Canada’s established retail cannabis
network," concluded Mr. Kondrosky.
Initial purchase orders and shipments of
Sugarbud's Craft Cannabis Collection to the OCS are expected to
occur in March 2021.
About Sugarbud
Sugarbud is an Alberta-based, consumer-driven
boutique 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.
READ CORPORATE INVESTOR DECK HERE
John Kondrosky Chief
Executive Officer Sugarbud Craft Growers Corp. Phone:
(604) 499-7847 E-mail: johnk@sugarbud.ca
Investor Relations
ContactChris MoulsonChief
Financial OfficerSugarbud Craft Growers Corp.Tel: (778)
388-8700E-mail: chrism@sugarbud.ca
Websites:http://www.sugarbud.ca/
Address: Suite 620, 634 - 6th Avenue S.W.,
Calgary, Alberta T2P 0S4
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, including sales,
marketing and distribution opportunities; the Company's ability to
remain operating in accordance with developing public health
efforts to contain COVID-19; product quality; supply arrangements,
including with OCRC and OCS; future purchase orders; future growth;
the ability to fulfill purchase orders; the timing of the
availability of the Company's products in Ontario; and the ability
to build shareholder value. 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, Sugarbud may not obtain the required approvals from
Health Canada, including with respect to an amended sales license;
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; 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
its effect on the broader global economy may 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 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
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