CALGARY, April 16, 2020 /CNW/ - Sugarbud Craft Growers
Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud") is pleased to
announce that it has entered into a contract manufacturing and
distribution agreement with Agro-Greens Natural Products Ltd.
("Agro-Greens") to process, package and distribute
Sugarbud's craft cannabis pre-roll products under license to
authorized provincial wholesalers and retailers in Alberta, British
Columbia and Saskatchewan.
The agreement with Agro-Greens is subject to customary regulatory,
licensing and new product notification requirements.
![SugarBud Craft Growers Corp. (CNW Group/SugarBud Craft Growers Corp.) SugarBud Craft Growers Corp. (CNW Group/SugarBud Craft Growers Corp.)](https://mma.prnewswire.com/media/1156563/SugarBud_Craft_Growers_Corp__Sugarbud_Announces_Additional_Contr.jpg)
Under the terms of the agreement Sugarbud will supply the
Agro-Greens facility located in Macklin
Saskatchewan with bulk dried cannabis flower where it will
be processed and packaged into Sugarbud branded craft cannabis
pre-roll products. The Sugarbud branded pre-roll products will also
be sold and distributed under license by Agro-Greens to authorized
provincial wholesalers and retailers. The terms of the agreement
remain subject to customary regulatory and new product notification
requirements. Sugarbud expects the distribution of its craft
cannabis pre-roll products to begin in Q3 2020.
"We are very pleased to be expanding our partnership with
Agro-Greens in this rapidly growing dried cannabis category. The
launch of our craft cannabis pre-roll collection maximizes the
value of each harvest and gives consumers a very convenient
purchasing and consumption option. We look forward to
providing consumers with the opportunity to experience our craft
cannabis pre-roll collection in the very near future," concluded
Sugarbud CEO, John Kondrosky.
READ: Sugarbud Announces Brand Licensing & Distribution
Agreement with Agro-Greens Natural Products, Updates Timing on
Entry into Authorized Provincial Retail Sales
"Agro-Greens is dedicated to bringing the highest quality
products to market," said Jeremy
Vokins, Managing Director of Agro-Greens, "and we are
excited to expand the offerings of Sugarbud with this new line of
pre-rolls."
About Sugarbud
Sugarbud is a federally licensed Alberta based craft cannabis company, focused
on the cultivation and production of genetically diverse, high
quality, select-batch cannabis products. Our mission is to delight
the most discerning cannabis consumer and evolve the way people
think about incorporating cannabis into their daily lives.
http://www.sugarbud.ca/
About Agro-Greens Natural Products Ltd.
Located in the Canadian heartland, Agro-Greens Natural Products
Ltd. is a family-run Health Canada licensed producer. Proud to
follow a long line dedicated to the prairie tradition of
agricultural excellence, Agro-Greens produces craft-quality,
medical cannabis for those suffering from chronic pain and
illnesses, acts as a processor for Micro-cultivators, and operates
the medical e-commerce platform https://sheltermarket.ca/ in
conjunction with Shelter Cannabis.
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 the shipment of the
first commercial batch of cannabis and the launch its first adult
recreational premium dried cannabis products and the timing
thereof; the Company's ability to remain operating in accordance
with developing public health efforts to contain COVID-19; product
quality; the supply agreements and partnerships; and the timing of
obtaining necessary approvals required to conduct the contemplated
business of the supply agreements. 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 approving an amendment to its dried
cannabis sales licence to permit interprovincial sales; 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.
SOURCE SugarBud Craft Growers Corp.