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.
SugarBud is an Alberta-based emerging cannabis company engaged in the development, acquisition, production and distribution of cannabis in Canada.
President & Chief Executive Officer
SugarBud Craft Growers Corp.
Phone: (403) 875-5665
E-mail: firstname.lastname@example.org Dan Wilson
SugarBud Craft Growers Corp.
Phone: (403) 874-9862
Investor Relations Contact
Gary Perkins, President
Tekkfund Capital Corp.
Tel: (416) 882-0020
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4