Sugarbud Craft Growers Corp. (TSXV:SUGR, SUGR.WT, SUGR.WS, SUGR.DB)
("
Sugarbud" or the "
Company") is
pleased to announce that it has entered into a contract
manufacturing services agreement (the "
Agreement")
with Embark Delta Inc. ("
Embark"), a wholly owned
subsidiary of Embark Health Inc., for the development and supply of
the Company’s solventless cannabis extract products.
Under the terms of the Agreement, Embark will
provide Sugarbud with extraction, formulation and production
services for the initial development and ongoing supply of the
Company’s solventless extraction products. The first product to be
developed and launched under this agreement will be a 0.5g Pressed
Flower Rosin. The Agreement with Embark is subject to customary
regulatory, licensing and new product notification
requirements.
"We are very pleased to be collaborating with
the very talented and experienced team over at Embark to develop
and launch our first solventless cannabis extract product," stated
Sugarbud CEO John Kondrosky. "Rather than deconstructing,
distilling and then reconstructing the primary essence of the
incoming dried flower, solventless extraction places a premium on
maintaining the naturally occurring terpenes, flavors, aromas and
cannabinoids throughout the entire process, ensuring that consumers
will fully experience the essence of the original dried flower as
nature intended. Sugarbud’s solventless concentrates are another
example of a natural and logical extension of our inhaled product
strategy that will further leverage and embody the quality,
consistency, flavor profiles and aromas found in our exceptional
craft cannabis flower," concluded Mr. Kondrosky.
New cannabis derivative products and formats
such as vape cartridges and concentrates are a rapidly growing
segment of the Canadian adult-use recreational market and Sugarbud
expects that its rapidly expanding Cannabis 2.0 portfolio
high-quality products will become a significant catalyst for future
growth.
"We are confident that our partnership with
Embark will equip Sugarbud to deliver high quality products to
consumers with the safety, integrity and exceptional outcomes they
demand and deserve," concluded Mr. Kondrosky.
"Embark works with master cultivators and
suppliers of unwavering quality standards. Our solventless
extraction team’s experience and expertise is a blend of tradition,
artistry and technological innovation,” stated Dr. Luc C. Duchesne,
Embark’s CEO. “We are pleased to support Sugarbud with our
best-in-class, pure, craft flower rosin for the adult-use market in
Canada," continued Dr. Duchesne.
Sugarbud now expects to launch its concentrate
products nationally in early Q2 2021 as part of its previously
announced Supply Agreement with CannMart Inc.
READ: Sugarbud Accelerates Cannabis 2.0 Product
Launch Via Purchase and Supply Agreement with CannMart Inc. and
Completes Development of Additive-Free, 100% Cannabis Full-Spectrum
Vape Cartridges
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.
The Sugarbud Craft Cannabis Collection offers
consumers "Hand-Crafted Cannabis for a New Era". The Company is
proudly Albertan and is proud to share Western Canada's long
tradition of exceptional craft cannabis with the most discerning of
enthusiasts. Sugarbud strives to define the intersection of product
craftsmanship, quality, and value for consumers in the Canadian
craft cannabis space.
John Kondrosky Chief Executive
Officer Sugarbud Craft Growers Corp. Phone: (604) 499-7847
E-mail: johnk@sugarbud.caInvestor
Relations ContactChris
MoulsonChief Financial OfficerSugarbud
Craft Growers Corp.Tel: (778) 388-8700E-mail:
chrism@sugarbud.ca |
Websites:http://www.sugarbud.ca/
About Embark Health
Embark Health Inc. is an emerging leader in
cannabis extraction; with a focus on the formulation and production
of advanced 2.0 products for the contract manufacturing and
adult-use markets. Embark continues to be at the forefront of the
production of solventless concentrate products; including Bubble
Hash, Traditional Pressed Hash, Rosin and Dry Sift. With the
acquisition of Embark Nano Inc. (formerly, Axiomm Technologies
Ltd.) Embark is also launching a suite of next generation Cannabis
2.0 products. The acquired portfolio of products and formulations
support the mass production and distribution of advanced 2.0
products including cannabis-infused beverages, topicals, edibles
and water-soluble powders. For more information, please visit
www.embarknano.com.
Embark's mandate is to pursue best in class
production processes resulting in premium quality commercial and
consumer extraction products. Embark is dedicated to unleashing the
full potential of the cannabis plant through scientific approaches
to extraction and the production of quality products to enhance
everyday life. For more information, please
visit www.embarkhealthinc.com.
Dr. Luc C. DuchesneChief
Executive OfficerEmbark Health Inc.Phone:
(613) 878 6552E-mail:
luc.duchesne@embarkhealthinc.com
Investor Relations
Contact:Nichola ThompsonChief
Financial OfficerEmbark Health Inc.Phone: (519)
671-6936E-mail:
nichola.thompson@embarkhealthinc.com
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; partnerships,
including with Embark; the development, production and sale of
cannabis extract products, including flower rosin and the timing
thereof; future growth, including with respect to Cannabis 2.0
products; 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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