nowwhat2
4 years ago
Perhaps some dd req.....Mkt cap reportedly 25 mil
Credits to https://ceo.ca/sugr?5318d1a751bc
NorthernLight786 As per prospectus- As more fully described in the below table, the Corporation intends to use the net proceeds from the Offering
for additional processing and production equipment purchases, facility upgrades, further new product
development, working capital and general corporate purposes, including the national launch of the
Corporation's expanded portfolio of Cannabis 2.0 products. While the Corporation currently intends to use
the net proceeds from the Offering for the purposes set out herein, the ultimate allocation of such proceeds
and the timing of their expenditure will depend upon the prevailing business opportunities and conditions
and unforeseen events which have been amplified since the beginning of the COVID-19 pandemic. The
Corporation will have discretion to use the net proceeds differently than as described herein, if the
Corporation believes it is in its best interests to do so. The amounts and timing of the Corporation's actual
expenditures depend on numerous factors. Pending the use of the proceeds described herein, the
Corporation may hold or invest all or a portion of the proceeds of the Offering in interest bearing bank
accounts and the funds may be added to the working capital of the Corporation. There may be
circumstances where, for sound business reasons, a reallocation of funds may be necessary. See "Risk
Factors".
Principal Purposes(1)
Approximate Use of
Net Proceeds
Cultivation capacity expansion(2) $150,000.00
Processing and production equipment purchases and facility enhancements(3) $450,000.00
Cannabis 2.0 capacity(4) $230,000.00
New product development(5) $350,000.00
Sales, marketing and brand development expenses for 2021(6) $750,000.00
Other G&A expenses, working capital and other general corporate purposes(7) $1,590,186.00
Total $3,520,186.00
Notes:
(1) The principal purposes are described in further detail in “Description of the Business – Production and Services –
Cultivation” of the AIF, as supplemented and updated in the “Operating and Financial Update” section of the Interim
MD&A. The amounts included in this table are approximate estimates based on information available to the
Corporation as of the date hereof and include, where applicable, early stage quotes from third parties for the
anticipated initiatives. Although the Corporation believes its budgeted allocations are reasonable, the actual
amounts expended by the Corporation on such initiatives and the components thereof may be different than what
has been provided herein. The assumptions underlying these estimates include, the cost of labour and services,
the ability to engage the required service providers on a timely basis and limited cost and time overruns. These
assumptions are subject to the same risks applicable to the Corporation, see “Risk Factors”.
(2) Capital expenditures related to acquiring and installing capital assets at Phase 1a of the Facility which will be
incurred by the end of the second quarter of 2021.
(3) In order to increase operational efficiency, the Corporation plans to implement automation of certain manufacturing
processes, purchase processing equipment and make facility enhancements to the Facility, all of which are
anticipated to be put in place by the end of the second quarter of 2021.
@NorthernLight786 (4) Associated with the packaging and labeling equipment necessary to complete the final production of Cannabis 2.0
products in 2021.
(5) Product development initiatives include expanding the Corporation’s Craft Cannabis Collection, including dried
flower offerings, pre-rolls, vape cartridges, flower rosin and other concentrate and edibles offerings.
(6) The main components of sales, marketing and brand development initiatives are digital paid media and in-store
trade marketing. The other components include: search engine optimization, consumer knowledge sessions, social
media management and outreach, budtender education sessions, email campaigns and retail data access fees.
(7) Includes salary and benefits, professional fees including legal, auditing and tax, costs associated with public listing,
regulatory, investor relations and public relations, business and corporate development, travel expenses, office
rent, operating and information technology costs, director compensation and director's and officer's insurance
premiums. The Corporation expects that this amount will be used to fund these expenses for a period of
approximately 12 to 18 months. The Corporation expects to incur additional expenses of this nature over this period
which is anticipated to be funded from existing working capital and anticipated revenues from early pre-commercial
product sales.
Gone Postal
4 years ago
Sugarbud Announces Supply Agreement with British Columbia Liquor Distribution Branch
October 26, 2020 07:00 ET | Source: Sugarbud Craft Growers Corp.
CALGARY, Alberta, Oct. 26, 2020 (GLOBE NEWSWIRE) -- 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 British Columbia Liquor Distribution Branch ("BCLDB") for the sale and distribution of Sugarbud’s Craft Cannabis Collection to private and public cannabis retailers in British Columbia. Sugarbud is now authorized to sell its products directly throughout Western Canada in British Columbia, Alberta and Saskatchewan.
BCLDB is responsible for the wholesale distribution of non-medical cannabis to private retailers and is the public retailer of non-medical cannabis throughout the province, under the brand BC Cannabis Stores.
“We are delighted that Sugarbud's Craft Cannabis Collection will now be available in British Columbia and across Western Canada,” stated Sugarbud's CEO, John Kondrosky. “With well over 800 private and public retail locations now operating across BC, Alberta and Saskatchewan, we now have access to Canada’s largest retail cannabis network and consumer access to legal cannabis,” concluded Mr. Kondrosky.
Initial purchase orders and shipments of Sugarbud's Craft Cannabis Collection to the BCLDB are expected to occur in November 2020.
About Sugarbud
Sugarbud is an Alberta-based, consumer-driven 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. http://www.sugarbud.ca/
John Kondrosky
Chief Executive Officer
Sugarbud Craft Growers Corp.
Phone: (604) 499-7847
Gone Postal
5 years ago
PRESS RELEASE
Sugarbud Announces Completion of Rights Offering
By
Published: Dec 27, 2019 7:00 a.m. ET
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CALGARY, Dec. 27, 2019 (Canada NewsWire via COMTEX) -- Sugarbud Craft Growers Corp. (SUGR)(SUGR.WT) ("Sugarbud") is pleased to announce the completion of its previously announced rights offering (the "Rights Offering") to holders ("Shareholders") of common shares of Sugarbud ("Common Shares"). Under the Rights Offering, Shareholders subscribed for and purchased an aggregate of 16,272,075 units (each, a "Unit"), at a price of $0.055 per Unit, resulting in gross proceeds to Sugarbud of $894,964. Each Unit consists of one Common Share and one Common Share purchase warrant (each, a "Warrant"). The Warrants are governed by a warrant indenture agreement between Sugarbud and Computershare Trust Company of Canada (the "Indenture"). In accordance with, and subject to the terms and conditions of, the Indenture, each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.10 until December 20, 2021, subject to early expiry in the event that the 5-day volume weighted average trading price of the Common Shares equals or exceeds $0.125.
Following the completion of the Rights Offering, Sugarbud has 393,668,532 Common Shares outstanding.
Sugarbud will use the proceeds of the Rights Offering to further develop its high capacity state-of-the-art vertical cannabis cultivation facility in Stavely, Alberta and for general working capital purposes.
"We are grateful for the support shown by our shareholders during the rights offering and look forward to a very exciting and productive 2020 as we begin to rapidly scale up our commercial efforts," stated Sugarbud CEO, John Kondrosky. "We continue to execute well against a very disciplined capital spending and commercial plan that remains focused on maximizing value through the near-term expansion of cultivation capacity and production of exceptional dry cannabis flower products which we expect will begin to generate sustainable positive cash flow by late Q3 2020," Mr. Kondrosky added.
Sugarbud also announces that, pursuant to the terms and conditions of its stock option plan, it has cancelled a total of 6,750,000 Options granted to certain directors of Sugarbud. The cancelled Options were voluntarily surrendered by the holders thereof for no consideration. The exercise prices of the cancelled Options ranged from $0.10875 to $0.185 per Common Share.
Gone Postal
5 years ago
Sugarbud Announces Financial & Operating Results for Third Quarter 2019 and Intention to be Cash Flow Positive in Third Quarter of 2020
Sugarbud Craft Growers Corp. (CNW Group/SugarBud Craft Growers Corp.)
NEWS PROVIDED BY
SugarBud Craft Growers Corp.
Nov 28, 2019, 20:37 ET
CALGARY, Nov. 28, 2019 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.RT) ("Sugarbud" or the "Company") is pleased to announce the filing of its unaudited condensed consolidated interim financial statements ("Financial Statements") for the three and nine months ended September 30, 2019 ("Q3 2019") and related management's discussion and analysis ("MD&A"), which are available on SEDAR at www.sedar.com and on Sugarbud's website at www.sugarbud.ca.
"Q3 2019 was a productive and pivotal period for Sugarbud," stated John Kondrosky, Sugarbud CEO. "In addition to receiving our cultivation, processing and medical licenses from Health Canada, we completed the transfer and receipt of our starting material under our declaration to Health Canada and began cultivation activities in our purpose built 29,800 square-foot facility in Stavely, Alberta which, at full production, currently has an estimated annual production design capacity of between 9.9 and 11.7 million grams."
"We are pleased with the quality and variety of the cultivars we have received and while we held back production a little longer than we would have liked in order to complete our incoming quality inspections, we remain on track to deliver a strong first harvest, which we now expect will occur in early Q1," continued Mr. Kondrosky.
During the quarter the company also announced two cornerstone supply agreements that combined represent 1,700,000 grams of committed dried cannabis supply in 2020 or approximately 72% of the total estimated initial production capacity of Sugarbud's two fully licensed cultivation rooms in 2020. At full production capacity, these two rooms have a design capacity to produce an estimated 3.3 to 3.9 million grams annually.
"In addition to a clear line of sight to first revenue, we continue to take meaningful steps to strengthen our balance sheet and control operating expenses as we focus on scaling up our business. We have identified and are executing against a very controlled and balanced capital expansion plan that supports sustainable growth and maximizes return on investment," Mr. Kondrosky added.
The Company has several facility buildout options which it can deploy, however the current strategy; which is focused on achieving near term capacity expansion and generating sustainable positive cash flow by late Q3 2020, will see Phase 1a expanded primarily through additional HVAC in cultivation rooms 1 and 2 which are already licensed. The capital budget required to complete this expansion is estimated to be approximately $2.5 million and the Company is working towards financing a significant portion of this through previously announced equipment leasing arrangements.
The company also recently announced the close of a $925,000 private placement, of which management and board members took up 47%, and the launch of a $5 million rights offering.
Pursuant to the Rights Offering, each holder ("Eligible Holder") of Common Shares as of the Record Date that is a resident in any province of territory of Canada (other than Québec) (the "Eligible Jurisdictions") will receive one transferable right (each, a "Right") for every Common Share held. Every four Rights will entitle the holder to purchase one Unit at a price of $0.0550 until 4:00 p.m. (Calgary time) on the expiry date of December 20, 2019 (the "Expiry Date"), after which all outstanding Rights will terminate. Each Unit will be comprised of one Common Share and one Warrant. The Warrants issued pursuant to the Rights Offering will be on the same terms as those issued pursuant to the Private Placement, including early expiry upon the VWAP equaling or exceeding $0.125. Subscribers of Units under the Private Placement will have a right to participate in the Rights Offering with respect to any Common Shares acquired pursuant to the Private Placement.
There will be no additional subscription privilege and no standby commitment in respect of the Rights Offering. The completion of the Rights Offering will not be subject to Sugarbud receiving any minimum amount of subscriptions from Eligible Holders.
Gone Postal
5 years ago
Sugarbud Announces Private Placement, Non-Dilutive Capital Equipment Financing and Rights Offering
SugarBud Craft Growers Corp. (CNW Group/SugarBud Craft Growers Corp.)
NEWS PROVIDED BY
SugarBud Craft Growers Corp.
Nov 15, 2019, 07:00 ET
/NOT FOR DISTRIBUTION OR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./
CALGARY, Nov. 15, 2019 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) ("Sugarbud") is pleased to announce a non-brokered private placement (the "Private Placement") for gross proceeds of $925,000 and the execution of an agreement in respect of non-dilutive equipment financing arrangements (the "Capital Equipment Financing"). Sugarbud is also pleased to announce a rights offering (the "Rights Offering") to holders of common shares ("Common Shares") of Sugarbud as of November 25, 2019 (the "Record Date") for proceeds of up to approximately $5.2 million.
"Despite very challenging market conditions, we continue to make good progress with our overall capital financing efforts to fuel our expansion and strengthen our balance sheet, stated Sugarbud CEO, John Kondrosky. We remain mindful of overall shareholder value and continue to approach our capital funding requirements in a measured and balanced manner. Combined with a strong insider lead Private Placement, significant non-dilutive Capital Equipment Financing and the planned Rights Offering, Sugarbud is well positioned to drive meaningful progress and sustainable growth heading into 2020", added Mr. Kondrosky.
Pursuant to the Private Placement, Sugarbud will issue 18,500,000 units ("Units") of Sugarbud at a price of $0.05 per Unit, for total proceeds of $925,000. Each Unit will be comprised of one Common Share and one Common Share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.10 for a period of two years from the date of issuance, subject to early expiry in the event that the 5-day volume weighted average trading price of the Common Shares ("VWAP") equals or exceeds $0.125.
The Common Shares and Warrants will be subject to a four month hold period under applicable securities laws in Canada. The Private Placement is fully subscribed and committed and is expected to close on or before November 18, 2019, subject to customary closing conditions, including the approval of the TSX Venture Exchange (the "TSXV").
Due to the participation of directors, officers and other insiders of Sugarbud, who are related parties of Sugarbud pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the Private Placement will constitute a "related party transaction" within the meaning of MI 61-101. In its consideration and approval of the Private Placement, the board of directors of Sugarbud determined that the Private Placement was exempt from the formal valuation and minority approval requirements of MI 61-101 on the basis that the fair market value of the Private Placement to related parties did not exceed 25% of the market capitalization of Sugarbud, in accordance with Sections 5.5 and 5.7 of MI 61-101.
Pursuant to the Capital Equipment Financing, Sugarbud has the opportunity to utilize equipment financing to advance the final build out and full scale-up of two existing cultivation rooms and one new room. Under the terms of the agreement, Grand HVAC will provide Sugarbud with $0.4 million in immediate vendor lease back funds for capital equipment already deployed at the Company's cultivation facility in Stavely, Alberta (the "Stavely Facility"). The agreement has a six-year term and includes the option to buyout the equipment. The Capital Equipment Financing allows the Company to better utilize the collateral value associated with its Stavely Facility.
The Company is pursuing similar financing terms for the acquisition of additional HVAC, lighting and racking equipment associated with the final scale-up of the two licensed cultivation rooms Phase 1a and the first new cultivation room within Phase 1b. Such lease financing would allow the Company to fund approximately 75% ($2.2 million) of the $3.0 million estimated costs associated with the buildout.
Upon completion of this near-term capital expansion plan, Sugarbud estimates that it will have a dried cannabis production design capacity of approximately 4,150,550 – 5,836,800 grams annually. Sugarbud expects the final scale up of Phase 1a to be complete prior to starting their second harvest cycle in early Q1 2020 and the additional cultivation room in Phase 1b to be complete and fully licensed by Q3 of 2020.
Please click here to access and view an updated version of the Company's corporate presentation.
Pursuant to the Rights Offering, each holder ("Eligible Holder") of Common Shares as of the Record Date that is a resident in any province of territory of Canada (other than Québec) (the "Eligible Jurisdictions") will receive one transferable right (each, a "Right") for every Common Share held. Every four Rights will entitle the holder to purchase one Unit at a price of $0.0550 until 4:00 p.m. (Calgary time) on the expiry date of December 20, 2019 (the "Expiry Date"), after which all outstanding Rights will terminate. Each Unit will be comprised of one Common Share and one Warrant. The Warrants issued pursuant to the Rights Offering will be on the same terms as those issued pursuant to the Private Placement, including early expiry upon the VWAP equaling or exceeding $0.125. Subscribers of Units under the Private Placement will have a right to participate in the Rights Offering with respect to any Common Shares acquired pursuant to the Private Placement.
There will be no additional subscription privilege and no standby commitment in respect of the Rights Offering. The completion of the Rights Offering will not be subject to Sugarbud receiving any minimum amount of subscriptions from Eligible Holders.
The Rights Offering will be made in the Eligible Jurisdictions and in such other jurisdictions where Sugarbud is eligible to make such offering. Details of the Rights Offering will be described in the rights offering circular (the "Rights Offering Circular"), which will be filed on Sugarbud's profile on the SEDAR website on the Record Date.
Subject to the receipt of final approval from the TSXV, the Common Shares are expected to commence trading on the TSXV on an ex-Rights basis at the opening of business on November 22, 2019. This means that Common Shares purchased on or following November 22, 2019 will not be entitled to receive Rights under the Rights Offering. At that time, the Rights are expected to be posted for trading on a "when issued" basis on the TSXV under the symbol "SUGR.RT". Trading of the Rights is expected to continue until 10:00 a.m. (Calgary time) on the Expiry Date.
All shareholders of Sugarbud as of the Record Date will be offered Rights. Accordingly, up to 94,349,114 Common Shares and up to 94,349,114 Warrants will be subscribed for under the Rights Offering. Only Eligible Holders will be issued and forwarded certificates representing the number of Rights they are entitled to ("Rights Certificates").
Registered shareholders wishing to exercise their Rights must forward the completed Rights Certificates along with the applicable funds to the depositary for the Rights Offering, Computershare Trust Company of Canada, by 4:00 p.m. on the Expiry Date. Shareholders who own their Common Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.
The Rights Offering notice will be delivered to all shareholders of Sugarbud as of the Record Date. Rights Certificates will not be issued and forwarded to holders of Common Shares not resident in the Eligible Jurisdictions.
Completion of the Rights Offering is subject to receiving all necessary regulatory approvals, including, but not limited to, final approval from the TSXV.
Sugarbud will raise gross proceeds of up to approximately $5.2 million pursuant to the sale of Common Shares and Warrants under the Rights Offering, assuming 100% participation. Sugarbud will use the proceeds of the Private Placement, Capital Equipment Financing and Rights Offering to further develop its high capacity state-of-the-art vertical cannabis cultivation facility in Stavely, Alberta and for general working capital purposes.
Gone Postal
5 years ago
CALGARY, Alberta, Sept. 03, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (TSXV: SUGR, SUGR.WT) ("SugarBud" or the "Company") is pleased to announce that it has received cultivation, processing and medical sales licenses (the “Licenses”) from Health Canada in respect to “Phase 1A” of the Company’s fully constructed, state-of-the-art 29,800 square-foot vertical cannabis cultivation facility in Stavely, Alberta.
Operating Update
The newly licensed “Phase 1A” area of the Stavely facility includes two dedicated flower rooms and all the necessary auxiliary rooms to support an estimated annual cultivation design capacity of approximately 3,300,000 – 3,890,000 grams per year at full scale production. SugarBud will immediately commence cultivation and expects to complete its initial two harvests in December 2019, after which SugarBud intends to submit an application to Health Canada to amend the Licenses to permit cultivation in the remaining six flower rooms in Phase 1 of the facility. At full operational levels, with four layers of flowering canopy, the estimated total cultivation design capacity for Phase 1 is expected to be approximately 13,230,000 – 15,565,000 grams per year. SugarBud expects to begin construction on Phase 2 of the facility in 2020. At full scale the facility is expected to occupy approximately 98,000 square-feet of floor space encompassing core production activities such as cultivation, extraction, processing, genetic breeding, research and development, product development, packaging and distribution. Upon completion of Phase 2, SugarBud estimates that the Stavely facility will have a total cultivation design capacity of approximately 33,075,000 - 38,912,000 grams of premium cannabis annually. Phase 1 is estimated to cost approximately $22.2 million with four layers of flowering canopy. Of this amount, approximately $11.7 million remains to be deployed to complete Phase 1 of the facility. The Company must access additional capital funding to complete Phase 1 through a combination of debt, equity and convertible securities. The Company will commence construction of Phase 2 when capital permits.
Mr. John Kondrosky, Chief Executive Officer of SugarBud, stated: “Receipt of our Licenses from Health Canada is a pivotal milestone for the Company and a major catalyst for our business. I would like to personally thank each and every member of the SugarBud team, including our consultants, for their diligence, effort and commitment over the past year. It was a tremendous effort by everyone involved. As a premium product provider, focused on quality, product leadership and customer satisfaction, we believe that the heart and soul of everything we do starts with what we grow. We cannot wait to officially launch that mission and deliver on that promise. I would like to take this opportunity to thank our investors and shareholders for their ongoing support as we continue to execute on our high-impact business plan.”
Corporate Update
SugarBud is pleased to announce the appointment of Mr. Bradley K. Giblin CA, CFA as Vice President of Finance and Chief Financial Officer of the Company effective September 9th, 2019. Mr. Giblin has more than 18 years of experience in finance, business development, corporate strategy and accounting roles. Mr. Giblin holds Chartered Professional Accountant (CPA CA) and Chartered Financial Analyst (CFA) designations. Prior to SugarBud, Mr. Giblin was Chief Financial Officer of Mount Bastion Oil and Gas Corp., a high growth energy company that was acquired by Surge Energy Inc. for $320 million, a 2x return on investment in a two-year timeframe. Mr. Giblin also led a successful IPO of Maha Energy Inc. on the First North Nasdaq market in Sweden, as well as performing other high impact roles as Chief Financial Officer in publicly traded, start-up companies. Mr. John Kondrosky stated: "Brad brings tremendous experience and leadership to a critical role for SugarBud and I am very pleased to welcome him to our team.”
SugarBud would like to announce that Mr. Craig Kolochuk, co-founder, President and a Director of the Company, has for personal reasons, stepped down as President and a Director effective today. However, Mr. Kolochuk will continue to contribute to the organization as a Special Advisor to the Company on matters of business development, corporate strategy and mergers and acquisitions. Mr. Kondrosky will assume the role of President in the interim.
“Craig has done a phenomenal job in his time at SugarBud following the February 2018 recapitalization of the Company overseeing the construction of the Stavely facility and preparing SugarBud for licensing. I look forward to working closely with Craig in his new capacity to advance SugarBud's vision and mission as we enter a new and critical phase of our growth,” said Mr. Kondrosky.
Mr. Dan Wilson, Chairman of the Board of Directors of SugarBud, stated: "The management team of SugarBud, led by Craig Kolochuk, have been instrumental in positioning the Company to receive its Licenses from Health Canada. SugarBud will continue to benefit from Craig's experience in building high-growth, publicly traded companies.”
About SugarBud
SugarBud is a federally licensed Alberta-based publicly traded cannabis company focused on the cultivation and production of high-quality premium cannabis, and product leadership through the development, production and distribution of value-added cannabis products in Canada.
John Kondrosky
Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (604) 499-7847
E-mail: johnk@sugarbud.ca Dan Wilson
Interim Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 874-9862
E-mail: danw@su
Gone Postal
5 years ago
August 02, 2019 22:25 ET | Source: SugarBud Craft Growers Corp.
CALGARY, Alberta, Aug. 02, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (TSXV:SUGR, SUGR.WT) ("SugarBud" or the "Company") is pleased to provide a comprehensive update on the progress of the Stavely, AB facility construction, licensing status and corporate developments, including management changes.
Construction and Licensing Update
Stavely, AB Facility
Construction of Phase 1a of our 30,000-square-foot Stavely indoor facility is now substantially complete and fully occupied. Phase 1a includes 2 dedicated flower rooms with a combined annual cultivation design capacity of between 3,300 – 3,890 kg per year. Regulatory approval for Phase 1a is expected to occur in Q3 2019. Our operating team in Stavely is currently engaged in the final site preparations necessary to support our initial scale up cultivation activities following receipt of our license.
“We are pleased with the progress that our operational and regulatory teams are making in preparation for our initial scale up activities. The teams continue to execute against our plan very well and we remain confident that we are on track to receive our initial cultivation license in Q3 of this year,” said John Kondrosky, Chief Executive Officer of SugarBud.
SugarBud is also in the process of finalizing plans to complete the final fit out and licensing of the remaining 6 flower rooms at the Stavely Facility. Phase 1b and 1c encompass 3 additional flower rooms each, which will further expand the facility's cultivation design capacity by an additional 9,930 – 11,674 kg. At full operational levels the total facility cultivation design capacity for Phase 1 is expected to be between 13,230 – 15,565 kg per year.
Primary construction of these additional 6 rooms is complete and the remaining fit out will encompass the final installation of our vertical racking, irrigation, HVAC, environmental control and lighting systems. SugarBud plans to submit the license amendments for Phase 1b and 1c in early Q1 of 2020.
Corporate Update
Jeff Swainson, SugarBud's Chief Financial Officer, has made a personal decision to step down from his position effective as of today. SugarBud's Chairman, Dan Wilson, will assume the role of interim CFO. John Kondrosky, stated, "We are incredibly grateful for the leadership and many contributions Jeff has made to the success of SugarBud up to this point and we wish Jeff nothing but the best in his future endeavors.”
Mr. Joseph Dietrich has resigned as a director of SugarBud as of today but will continue to contribute to the organization as a Special Advisor. Chairman, Dan Wilson, stated “We would like to take this opportunity to thank Joseph for all of his hard work and contributions to SugarBud as a member of the Board of Directors, and look forward to working with Joseph in his new capacity to advance the 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 more than 20 years of experience in the premium and craft segments of the highly regulated and competitive brewing industry. Prior to joining SugarBud, Mr. Lawrence was the Senior Vice President of Operations for the PEI Brewing Company. "As we continue to build and expand our team, we look for passionate and driven individuals that embody the SugarBud values and commitment to high-quality products and services," said John Kondrosky, Chief Executive Officer of SugarBud. "Operating efficiencies and discipline are critical to the success of SugarBud, and Bob’s demonstrated leadership and experience will most certainly have an immediate and positive impact on our operating results moving forward.”
Gone Postal
5 years ago
SugarBud Completes Corporate Rebrand and Launch of New Website and Announces Attendance at The Lift & Co. Cannabis Expo June 7-9, 2019
SugarBud Craft Growers Corp. (CNW Group/SugarBud Craft Growers Corp.)
NEWS PROVIDED BY
SugarBud Craft Growers Corp.
Jun 06, 2019, 07:00 ET
TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, June 6, 2019 /CNW/ - SugarBud Craft Growers Corp. ("SugarBud" or the "Company") is pleased to announce the launch of its new brand identity and website, www.sugarbud.ca. This comprehensive rebrand elevates SugarBud and provides an identity as an emerging cannabis company into the Canadian marketplace.
The new logo is clean and modern and aligns with SugarBud's relentless commitment to quality. From the connoisseur to the curious, SugarBud plans to change the cannabis narrative.
SugarBud Logo (CNW Group/SugarBud Craft Growers Corp.)
SugarBud Logo (CNW Group/SugarBud Craft Growers Corp.)
SugarBud's new website features user access to updated investor information, including news releases, stock information, an in-depth look at what SugarBud and its team has accomplished in the last 18 months, and most importantly, what SugarBud plans to accomplish in the future. The new website will ultimately allow for the distribution of medical cannabis upon the receipt of sales license from Health Canada.
"The new SugarBud cube logo pays homage to the original craft logo which has been invaluable to SugarBud's identity in the market. We are proud of where we have come from as an Alberta cannabis company and are even more excited about where we are headed as a Canadian craft grower. In the near-term we are looking forward to the imminent receipt of our cultivation license from Health Canada, and thereafter the production, processing and distribution of ultra-premium bud," stated SugarBud's President and Chief Executive Officer, Craig Kolochuk.
SugarBud would like to thank Flipp Advertising Inc. for all their assistance in elevating SugarBud's brand to new heights.
SugarBud will showcase its new brand at the Lift & Co. Cannabis Expo June 7-9th, in Toronto, at booth 2209. Please come by our new booth for a visit!
About SugarBud
SugarBud is an Alberta-based publicly traded cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.
Gone Postal
5 years ago
SugarBud Announces Non-Dilutive Credit Facility and the Cancellation of Previously Announced Alumina Partners LLC Equity Facility
V.SUGR | 1 hour ago
TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, Alberta, June 05, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) announces that its subsidiary, 1800905 Alberta Ltd., as borrower, has entered into a secured non-dilutive credit facility with Pillar Capital Corp. (“Pillar”) for up to CDN $5,000,000 (the "Credit Facility").
The proceeds of the Credit Facility will be used by SugarBud to support working capital requirements and to continue to equip Phase 1 of its 29,800 square foot Stavely, Alberta indoor cannabis cultivation facility (“Phase 1 Stavely Facility”). The Phase 1 Stavely Facility is expected to be capable of approximately 13,926,000 to 16,384,000 grams of annual dried cannabis production per year once fully equipped and operational.
Craig Kolochuk, SugarBud’s President and Chief Executive Officer stated: “This non-dilutive credit facility allows us to continue the diligent execution of our business plan prior to the receipt of our cultivation license from Health Canada, which we view as a major milestone and catalyst. We expect to obtain our cultivation license imminently, as we received confirmation of readiness from Health Canada on April 18, 2019 and we submitted our affirmation of readiness package prior thereto.”
It is SugarBud’s intention to replace this Credit Facility with a larger credit facility from another senior financial institution (the “Senior Facility”) upon receipt of SugarBud’s cultivation license from Health Canada. SugarBud is currently in negotiations with a leading credit union based in Alberta (the “Credit Union”) regarding the Senior Facility. It is expected that the Senior Facility will either be held by the Credit Union alone, or in a syndicate led by the Credit Union.
The Credit Facility is guaranteed by SugarBud and its wholly owned subsidiary Trichome Holdings Corp. The first $2 million of the Credit Facility is available for drawdown at SugarBud’s discretion, with draws thereafter subject to approval by Pillar. The Credit Facility bears interest at 12.5% per annum, calculated monthly on the daily balance outstanding. In connection with the Credit Facility, SugarBud will issue 1,000,000 common share purchase warrants to Pillar. Each warrant will entitle Pillar to purchase one common share of SugarBud at a price of $0.16 for a period of five years. The warrants will be subject to a four month hold period.
The Credit Facility and the issuance of warrants to Pillar are subject to final approval of the TSX Venture Exchange.
The Company also announces that it has cancelled, at its discretion, the previously announced equity facility with Alumina Partners LLC. SugarBud would like to thank Alumina Partners LLC for their support through the Company’s growth to date.
About SugarBud
SugarBud is an Alberta-based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca
Jeff Swainson
Chief Financial Officer
SugarBud Craft Growers Corp.
Phone: (403) 796-3640
E-mail: jeffs@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403-532-4466
Fax: 587-955-9668
Read more at https://stockhouse.com/companies/bullboard?symbol=v.sugr&postid=29799423#z6diHJtaY4oF3vc1.99
Gone Postal
5 years ago
May 29, 2019 07:00 ET | Source: SugarBud Craft Growers Corp.
TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, Alberta, May 29, 2019 (GLOBE NEWSWIRE) -- 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.
Craig Kolochuk
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: craigk@sugarbud.ca Dan Wilson
Chairman
SugarBud Craft Growers Corp.
Phone: (403) 874-9862
E-mail: danw@sugarbud.ca
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
E-mail: garyperkins@rogers.com
Website: http://www.sugarbud.ca/
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Telephone: 403-532-4466
Fax: 587-955-9668
Gone Postal
6 years ago
https://finance.yahoo.com/news/sugarbud-receives-confirmation-readiness-letter-110000609.html
SugarBud Receives Confirmation of Readiness Letter From Health Canada in Respect of Cannabis Cultivation Facility
GlobeNewswireApril 23, 2019, 5:00 AM MDT
TSX-Venture Exchange: SUGR, SUGR.WT
CALGARY, Alberta, April 23, 2019 (GLOBE NEWSWIRE) -- SugarBud Craft Growers Corp. (“SugarBud” or the “Company”) is pleased to announce that it has received a Confirmation of Readiness Letter (“COR Letter”) from Health Canada in respect of its cannabis cultivation facility in Stavely, Alberta (the “Facility”). The COR Letter requests SugarBud’s affirmative response that it has met Health Canada’s license application requirements. The “Confirmation of Readiness” stage is the final stage in the application process.
On March 6, 2019, SugarBud announced the submission of its Affirmation of Readiness and Video Evidence Package (“Evidence Package”) to Health Canada. The Evidence Package was meant to demonstrate to Health Canada that the Facility is fully functional and compliant under the Cannabis Act and Regulations. Upon SugarBud’s demonstration to Health Canada that its Facility is fully functional and compliant under the Cannabis Act and Regulations, the Company will be granted its cultivation license, at which point it will be permitted to cultivate cannabis.
Craig Kolochuk, President and Chief Executive Officer of SugarBud, stated: “Receiving our COR Letter is a major milestone for SugarBud in becoming a licensed producer of cannabis. We are currently in dialogue with Health Canada and promptly addressing any final questions and comments. We’ve submitted our Evidence Package and we are confident that our Facility is world class and compliant with the Cannabis Act and Regulations.”
Phase 1 of the Facility is comprised of 29,800 total square feet of floorplate. SugarBud estimates that under a full development scenario with four layers of flowering canopy, Phase 1 of the Facility will have up to 37,000 square feet of flowering canopy. At a metric of approximately 50 grams per square foot of flowering canopy per crop, and five crops per year, this equates to up to an estimated 9,250,000 grams of dried cannabis flower production per year.
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