SugarBud Craft Growers Corp (OTCMKTS:RLLRF) has signed a third-party distribution and licensing accord with Agro-Greens Natural Products Ltd. As per the terms of the pact, Agro-Greens will sell and distribute SugarBud’s craft cannabis collections to authorized retailers and wholesalers in Saskatchewan, British Columbia, and Alberta. The deal is subject to satisfying licensing, customary regulatory, and new product notification requirements.
Craft cannabis dried flower products
SugarBud processes and packages craft cannabis dried flower products at its facility. It will issue a license to Agro-Greens to sell and distribute its craft cannabis dried flower products to the authorized regional wholesalers and retailers. SugarBud already applied for an amended license in February 2020 and expects to receive Health Canada’s authorization in H2 2020 to commence the sale of craft cannabis dried flower products to the retailers and wholesalers in BC, Alberta, and Saskatchewan. The company expects to begin shipments in the next three months.
Strengthens entry into the core focus markets
John Kondrosky, Chief Executive Officer of SugarBud, said the pact with Agro-Greens is a major milestone in the evolution of SugarBud. The deal will help the company to maximize the value of its high-quality products. He further said the previous accord signed with National Cannabis Distribution for the distribution of its products in Saskatchewan and the current agreement with Agro-Greens strengthens and expedites its entry into the core markets.
John said the entry into the Canadian adult-use cannabis market is vital for the company. It is pleased to enter into a pact with Agro-Greens to expedite its plans to introduce its craft cannabis dried flower products to the consumers in Alberta, Saskatchewan, and British Colombia. Commenting on the deal, Managing Director of Agro-Greens, Jeremy Vokins, said the company is excited to support the new wave of licensed producers like SugarBud to introduce their products.
Postpones filing of annual financial statements
SugarBud will postpone the filing of annual financial statements for the year 2019 because of the delays caused by the coronavirus crisis. It will also delay submission of management’s discussion and analysis for 2019 using the exemptions offered in the blanket order 51-517. However, the company will complete MD&A and annual financial statements on or before June 1, 2020.