SUGARBUD CRAFT GROWERS CORP. ANNOUNCES UPDATE ON FILING OF SECOND QUARTER RESULTS

CALGARY, AB, Sept. 9, 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") provides an update with respect to the management cease trade order (the "MCTO") issued by the Alberta Securities Commission on August 30, 2022. The MCTO was issued in connection with the delayed filing of Sugarbud's Q2 2022 interim financial statements, the related management's discussion and analysis and related CEO and CFO certificates, which were due to be filed by August 29, 2022 (collectively, the "Filings"). The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.

The delay in completing the Filings is the result of staffing limitations faced by the Company, which have resulted in additional time being required to prepare the Filings. The Company continues to work diligently on completing these, and expects to complete the Filings by September 30, 2022. This is within the previously-estimated four-week extension period, and the Company will use its best efforts to complete the process within this timeframe.

The Company is providing this status update in accordance with the provisions of the Alternative Information Guidelines set out in National Policy 12-203-Management Cease Trade Orders. The Company confirms that as of the date of this news release, the only material change to the information contained in the announcement issued on August 19, 2022 relates to the resignation of John Kondrosky as President, Chief Executive Officer, and Director, the resignation of Janice Comeau as a Director, and the appointment of Dan Wilson as President and CEO, which was announced in a news release filed on August 22, 2022.  The Company confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed.

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.   

SOURCE Sugarbud Craft Growers Corp.

Dan Wilson, President, Chief Executive Officer and Chairman, Sugarbud Craft Growers Corp., Phone: [phone], E-mail: [email protected]