Sugarbud Craft Growers Corp (SUGR)

[postal72]

SUGARBUD ANNOUNCES CLOSING OF THE DISPOSITION OF ITS OIL AND GAS ASSETS AND BECOMES A PURE-PLAY CANADIAN CANNABIS COMPANY
Home / Cannabis / SugarBud Announces Closing of the Disposition of its Oil and Gas Assets and Becomes a Pure-Play Canadian Cannabis Company

SugarBud Announces Closing of the Disposition of its Oil and Gas Assets and Becomes a Pure-Play Canadian Cannabis Company

02 Apr KarlRYG Cannabis, Marijuana, Medical, News
CALGARY, April 2, 2019 – SugarBud Craft Growers Corp. (“SugarBud” or the “Company“) is pleased to announce that it has closed the sale of the Company’s oil and gas assets (the “Dispositions“) with several arm’s length purchasers (the “Purchasers“) pursuant to which the Purchasers have acquired all of the Company’s oil and gas assets for gross proceeds of approximately $1.75 million in cash.

The series of Dispositions eliminates approximately $4.1 million of asset retirement obligations associated with the assets and significantly strengthens the Company’s balance sheet. SugarBud has no debt or abandonment liabilities and does not anticipate requiring any additional financing prior to receipt of its Cultivation License from Health Canada.

About SugarBud

SugarBud is an Alberta-based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.