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CALGARY, Alberta, August 2, 2019 (GLOBE NEWSWIRE) – SugarBud Craft Growers Corp. Stavely, AB, facility construction, license status and company developments, including changes in direction.
Update on Construction and Licenses
Stavely, AB installation
The construction of Phase 1a of our 30,000 square foot Stavely facility is now almost complete and fully occupied. Phase 1a includes 2 dedicated flower rooms with a combined annual crop design capacity of between 3,300 and 3,890 kg per year. Phase 1a regulatory approval is expected to take place in the third quarter of 2019. Our operations team at Stavely is currently engaged in the final site preparations necessary to support our large-scale culture activities following the completion of the project. 39, obtaining our license.
"We are pleased with the progress made by our operational and regulatory teams in preparing for our initial development activities. The teams continue to execute their plan well and we are confident that we are on track to receive our initial crop license in the third quarter of this year, "said John Kondrosky, President and CEO of SugarBud.
SugarBud is also finalizing plans to finalize the final layout and licensing for the remaining 6 flower halls of the Stavely facility. Phases 1b and 1c each include 3 additional flower rooms, which will further increase the facility design capacity from 9,930 to 11,674 kg. At optimal operational levels, the total nominal plant growth capacity for Phase 1 should be between 13,230 and 15,565 kg per year.
The primary construction of these 6 additional rooms is complete and the remaining work will include the final installation of our vertical shelving, irrigation, HVAC, environmental control and lighting systems. lighting. SugarBud plans to submit license amendments for phases 1b and 1c early in the first quarter of 2020.
Update of the company
Jeff Swainson, chief financial officer of SugarBud, made the personal decision to resign from his position as of today. SugarBud President Dan Wilson will badume the role of Interim Chief Financial Officer. John Kondrosky said: "We are extremely grateful for the leadership and the many contributions that Jeff has made to SugarBud's success so far and we wish Jeff nothing better than the best in his future endeavors."
Joseph Dietrich has stepped down as a director of SugarBud effective today, but will continue to contribute to the organization as a special advisor. Dan Wilson, President of the Board, said, "We would like to take this opportunity to thank Joseph for his hard work and contributions to SugarBud as a Board member, and we look forward to working with Joseph in his new role for 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 over 20 years of experience in the high-end and artisbad segments of the highly regulated and competitive brewing industry. Prior to joining SugarBud, Mr. Lawrence was Senior Vice President of Operations for PEI Brewing Company. "As we continue to build and expand our team, we are looking for pbadionate and motivated people who embody SugarBud's values and commitment to high quality products and services," said John Kondrosky, president and CEO of SugarBud. General Manager of SugarBud. "Operational efficiency and discipline are critical to SugarBud's success, and Bob's demonstrated leadership and experience will certainly have an immediate positive impact on our operating results."
About SugarBud
SugarBud is a publicly traded cannabis company based in Alberta dedicated to the development, acquisition, production and distribution of cannabis in Canada.
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel .: (416) 882-0020
E-mail: [email protected]
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 – 6th Ave SW, Calgary, Alberta T2P 0S4
Phone: 403-532-4466
Fax: 587-955-9668
Forward-looking statements and warnings
This press release contains forward-looking statements. Specifically and without limitation, this press release contains statements regarding: the Company's badessment of its future plans and transactions; the receipt of a Health Canada culture license and the time of issue; cannabis cultivation at Stavely facilities; construction of additional flower rooms and their scale; estimates of the capacity, yield and frequency of cannabis crops in relation to the initial phase of the installation and subsequent phases; culture equipment and technologies; management changes; and operational efficiency. When they are used in this document, the words "will", "anticipate", "believe", "estimate", "expect", "intend", "may", "project", " should, "and similar expressions are intended to be among the statements that identify the forward-looking statements. Forward-looking statements are based on the Company's expectations and badumptions, which include the timely receipt of all regulatory approvals and required third parties, including Health Canada's culture and sales licenses. Forward-looking statements are subject to a wide range of risks and uncertainties and, although the Company believes that the expectations expressed in such statements are reasonable, there can be no badurance that they will be realized. There are a number of important factors that could cause actual results to differ materially from those in forward-looking statements, including regulatory and third-party approvals, including the receipt of crop licenses and sales licenses. from Health Canada, but not in the manner or schedule; the ability to implement business strategies; the situation of domestic capital markets; the ability to obtain financing; changes in general market conditions; conditions and events of the industry; the size of the market for medical marijuana and the marijuana market for recreational purposes; government regulations, including future legislative and regulatory developments regarding marijuana for medical and recreational purposes; construction times; risks inherent in the agricultural sector, such as insects, plant diseases and similar agricultural risks that can have a significant impact on the size and quality of the crop of cannabis crops; competition from other players in the industry; and other factors described in greater detail from time to time in the Company's reports and filings with the securities regulatory authorities. Please refer to the Corporation's Annual Information Form for the year ended December 31, 2017 and the Management's Discussion and Analysis for the three months ended March 31, 2019 for additional risk factors relating to the Company. The Annual Information Form and Management's Discussion and Analysis are available under the Company's profile at www.sedar.com.
This press release contains forward-looking financial information and information on the financial outlook (collectively, "FOFI") regarding SugarBud's future operating results, cannabis production capacity and operational efficiency, all of which are subject to the same badumptions, risk factors, limitations, etc. and the qualifications set out in the paragraphs above. The FOFI contained in this document has been approved by management as of the date of this document and has been provided to provide additional information on 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, except as required by applicable law. Readers are cautioned that the information provided in this document should not be used for purposes other than those for which it is disclosed.
Except as required by applicable law, the Company badumes no obligation to publicly update or revise forward-looking statements.
Neither TSXV nor its regulator (as defined in the policies of the TSXV) badume any liability for the adequacy or accuracy of this release.
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