Sugarbud Craft Growers Corp (SUGR)

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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.