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August 02, 2019 22:25 ET / Source: SugarBud

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postal72   Tuesday, 08/06/19 08:49:40 PM
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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.”

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