CALGARY,
AB, Aug. 19, 2022 /CNW/ - Sugarbud Craft
Growers Corp. (TSXV: SUGR) (TSXV: SUGR.DB) (TSXV:
SUGR.WR) (TSXV: SUGR.WS) (TSXV: SUGR.WT) (OTCQB: SBUDD)
("Sugarbud" or the "Company") announces today that it has made an
application to the Alberta Securities Commission, as principal
regulator, and its additional regulators, to approve a temporary
management cease trade order ("MCTO") under National Policy 12-203
- Management Cease Trade Orders ("NP 12-203"). If granted,
the MCTO will prohibit the trading in securities of the Company by
its Chief Executive Officer, Chief Financial Officer and certain
other insiders of the Company, so long as the required filings
remain outstanding. The issuance of an MCTO will generally not
affect the ability of persons who are not or have not been
management of the Company to trade in its securities.
The required filings include the Q2 2022 interim financial
statements, the related management's discussion and analysis and
related CEO and CFO certificates, which are due to be filed by
August 29, 2022. Due to staffing
limitations, the Company requires additional time to complete and
submit the required filings. The Company anticipates that, subject
to current conditions remaining unchanged, it will require
approximately four additional weeks to submit the required filings,
and will use its best efforts to complete the process within this
timeframe.
The Company confirms that it will satisfy the provisions of the
alternative information guidelines set out under Sections 9 and 10
of NP 12-203 for so long as it remains in default of the
above-noted filing requirements. The Company further confirms that
there is no other material information relating to its affairs that
has not been generally disclosed. Other than as disclosed herein,
the Company is up to date in its filing obligations.
The Company's additional regulators to whom the MCTO application
was made are: The British Columbia Securities Commission, the
Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities
Commission, the Ontario Securities Commission, the Financial and
Consumer Services Commission (New
Brunswick), the Nova Scotia Securities Commission, the
Office of the Attorney General (Prince
Edward Island) and Securities NL (Financial Services
Regulation Division, Department of Government Services).
About Sugarbud
"Hand-Crafted Cannabis for a New Era"
Sugarbud is a 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.
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.
Sugarbud Craft Cannabis products are currently available to
adult recreational consumers in the Yukon
Territory, British
Columbia, Alberta,
Saskatchewan, Manitoba, Ontario and nationally to registered medical
patients through MendoCannabis.ca.
We Take Pride.
We Take Our Time.
Experience The Difference.
Websites:
http://www.sugarbud.ca/
http://craftcannabiscollection.ca/
The TSXV has not in any way passed upon the merits of and has
neither approved nor disapproved the contents of this news
release.
Cautionary Statement Regarding Forward-Looking Information
Certain statements contained in this press release may constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated",
"proposed" and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on the Company's current
belief or assumptions as to the outcome and timing of such future
events. Such forward-looking information are subject to risks and
uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. In particular, this release contains forward-looking
information relating to the anticipated filing of the Q2 interim
financial statements and the approval of the management cease trade
order by the Alberta Securities Commission. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to the Company. The forward-looking information contained
in this release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
SOURCE Sugarbud Craft Growers Corp.
