TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, May 29, 2019 /CNW/ - SugarBud Craft Growers
Corp. ("SugarBud" or the "Company") is pleased to
announce the appointment of Mr. John
Kondrosky as Chief Executive Officer and a director of the
Company, effective June 14, 2019.
Mr. Kondrosky is an accomplished senior executive with over 25
years of experience leading complex global cannabis and medical
life sciences organizations in the United
States and Canada. Mr.
Kondrosky most recently served as Chief Operating Officer of
Zenabis Global Ltd. ("Zenabis"), one of Canada's largest licensed producers of medical
and adult use cannabis, from April
2018 until May 2019. During
his tenure with Zenabis, Mr. Kondrosky was responsible for the
rapid scale up and ongoing operational readiness of the indoor
facilities to support a successful market entry into the legal
adult recreational market in Canada. Zenabis currently
operates three indoor cannabis cultivation facilities encompassing
over 660,000 square feet and a combined cultivation design capacity
of over 53,000 kgs per year.
Mr. Kondrosky also maintains CTLS security clearance as mandated
by Health Canada as part of the Cannabis Act. Prior to his
time at Zenabis, Mr. Kondrosky served as Vice President and
General Manager of Pharmascience Inc., one of Canada's largest generic drug manufacturers.
Mr. Kondrosky has also held senior executive roles with DENTSPLY
Sirona and C.R. Bard/Becton
Dickinson. Mr. Kondrosky brings to SugarBud very relevant
organizational leadership and operating experience within highly
regulated market environments as well as proven success in general
management, commercial strategy, global market development, R&D
and new product development.
Following Mr. Kondrosky's appointment on June 14, 2019, Mr. Craig
Kolochuk, SugarBud's current President and Chief Executive
Officer, will continue as President, devoting his time to business
development, mergers and acquisitions, production supply and
SugarBud's global presence.
Mr. Dan Wilson, SugarBud's
Chairman of the Board, stated: "The management team of SugarBud,
led by Craig Kolochuk, has done an
incredible job in the one-year period following the
recapitalization of the Company, as evidenced by the recent
submission of its Affirmation of Readiness and Video Evidence
Package to Health Canada. John's depth of experience will
complement the existing team's strengths and provide additional
guidance on the path to becoming a leading provider of medicinal
and recreational cannabis in Canada."
Mr. Kondrosky stated: "I am excited and honored to be joining
SugarBud as CEO and look forward to working closely with Craig and
the entire team to accelerate our operational model and expand
shareholder value. Under Craig's leadership the Company has
occupied its 29,800 square foot cannabis cultivation facility in
Stavely, Alberta, preparing
SugarBud for market entry and positioning SugarBud as a future
leader in the cannabis space."
The Company also announces that, pursuant to the terms and
conditions of its stock option plan, it has granted 3,100,000 stock
options to purchase common shares of the Company to Mr. Kondrosky.
The options expire five years from the date of grant and are
exercisable at a price of $0.16 per
common share. The options vest as to one third on the grant date
and one third on each of the first and second anniversaries of the
grant date.
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
changes to the management team and board of the Company. 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 TSXV approval. 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 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; 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 year ended
December 31, 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.