SUGARBUD CRAFT GROWERS CORP. ANNOUNCES APPLICATION FOR MANAGEMENT CEASE TRADE ORDER

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.

John Kondrosky, Chief Executive Officer, Sugarbud Craft Growers Corp., Phone: [phone], E-mail: [email protected]