CALGARY, Alta., October 18, 2022 /CNW/ – As previously announced, the September 26, 2022Sugarbud Craft Growers Corp. (TSXV: SUGR) (TSXV: SUGR.DB) (TSXV: SUGR.WR) (TSXV: SUGR.WS) (TSXV: SUGR.WT) (OTCQB: SBUDD), and its subsidiaries (collectively “Sugar“) has begun a restructuring process by filing notices of intention to make a proposal (the “NOI procedures“) under the Bankruptcy and Insolvency Act (Canada), as amended (the “BIA“). Alvarez & Marsal Canada Inc. (“A M“) was appointed trustee of the proposal.
Sugarbud announces today that, pursuant to an order issued by the Court of King’s Bench of alberta on October 18, 2022 (there “Order“), its notice of intention proceedings were continued under the Companies Creditors Arrangement Act (there “CCAA“), A&M transitioning from its role as proposal trustee to CCAA monitor. Sugarbud will continue its efforts to restructure its debt and conduct its sale and investment solicitation process under CCAA protection. interim financing obtained by Sugarbud under the notice of intention is extended under the CCAA The initial stay of proceedings under the CCAA will expire on December 10, 2022 and can be renewed thereafter.
A copy of the Order is available at: www.alvarezandmarsal.com/sugarbud.
Sugarbud is a consumer-focused craft cannabis company focused on growing and producing premium quality craft cannabis products, in curated batches. Federally licensed for Cannabis 1.0 and Cannabis 2.0, Sugarbud operates out of a 29,800 square foot wholly owned cultivation and processing facility in Stavely, AB. Our vision and mission is to become a trusted and respected consumer brand renowned for delivering exceptional, high-quality craft cannabis products to legal markets by delighting the most discerning cannabis consumers.
Websites: http://www.sugarbud.ca/ http://craftcannabiscollection.ca/
Certain statements contained in this press release constitute forward-looking statements and forward-looking financial information. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements or forward-looking financial information. The use of the words “anticipates”, “should”, “may”, “expects”, “expects”, “believes” and other words of a similar nature are intended to identify forward-looking statements or forward-looking financial information. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in these forward-looking statements or, if applicable, the forward-looking financial information. decision of the competent judicial authorities having jurisdiction over the insolvency proceedings of Sugarbud, the restructuring of Sugarbud’s debts under the CCAA and the expiration/renewal of the stay of proceedings under the CCAA Although Sugarbud believes that these statements are reasonable, no assurance can be given that such expectations will prove to be correct and such forward-looking statements and forward-looking financial information included in this press release should not be relied upon unduly. A number of important factors could cause actual results to differ materially from those set forth in the forward-looking statements, including, but not limited to: the continued viability of Sugarbuds as a going concern; the risk that Sugarbud will not become profitable; A&M’s ability to complete a transaction under the terms of the Order; expansion and development plans currently contemplated may cease or change; cannabis production may be lower than anticipated; the ability to ship cannabis products may be lower than expected; demand for Sugarbud’s products, assets or property may be less than anticipated, the results of production and sales activities; results of scientific research; changes in input prices and costs; demand for products; failure of counterparties to perform their contractual obligations; failure to maintain consumer brand recognition and customer loyalty; reliance on relationships with wholesalers and retailers for product distribution and failure to maintain strategic business relationships; intense competition, including from illicit sources; uncertainty and continued market changes; product liability litigation; reliance on information technology; infringement of intellectual property; non-benefit of partnerships; the sensitivity of end customers to increased sales taxes and economic conditions; non-compliance with certain regulations; departure of key executives or inability to attract and retain talent; federal and provincial government actions and initiatives and changes in government actions; initiatives and policies and their execution and impact; the ability to implement business strategies; the state of domestic capital markets; the ability to obtain financing; changes in general market conditions; industry conditions and events; the size of the medical marijuana market and the recreational marijuana market; government regulations; including future legislative and regulatory developments regarding medical and recreational marijuana; construction delays; risks inherent in agricultural activity, such as insects, plant diseases and similar agricultural risks that can significantly impact the size and quality of the harvest of cannabis crops; competition from other industry participants; and other factors more fully described from time to time in reports and filings made by Sugarbud with security regulatory authorities.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements due to current economic conditions and other factors, many of which are beyond Sugarbud’s control. Although Sugarbud believes these statements to be reasonable, no assurance can be given that such expectations will prove to be correct and undue reliance should not be placed on any forward-looking statements included in this press release. The forward-looking statements contained in this press release represent Sugarbud’s expectations as of the date hereof and are subject to change after such date. Sugarbud disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities regulations.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Sugarbud Craft Growers Corp.
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