On Thursday,
Sugarbud Craft Growers Corp. (TSX-V: SUGR, OTC: RLLRF, Forum) provided a corporate operating update and commented on its outlook for 2021.
The Company expects that the growth and momentum the recreational cannabis sector saw building in the latter half of 2020 will continue in 2021.
Sugarbud’s Chief Executive Officer, John Kondrosky called 2020 a pivotal and productive period for the Company’s overall scale up and growth plans.
“In addition to receiving our amended sales license for dried cannabis in Q3 2020, the Company formally entered the adult-use recreational cannabis market in earnest in Q4 2020 – after securing important supply agreements with the Provinces of Saskatchewan, Alberta and British Columbia. In the final weeks of the year, we received our first $1.0 million in purchase orders.”
He noted supply agreements that were signed with the Province of Ontario and the Yukon Territory, providing a clear line of sight on revenue generating supply and harvests now occurring once every month and a half at its Stavely cultivation facility, the Company has firmly established steady state commercial operations and is now operating at a level sufficient to meet the Company's positive revenue and EBITDA objectives for 2021.
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The Alberta-based, consumer-driven boutique craft cannabis Company recently received an initial purchase order for the Company’s
Craft Cannabis products and will begin shipping to the British Columbia Liquor Distribution Branch in early March 2021 and should be available to purchase online via the BC Cannabis Store soon after.
CEO Kondrosky stated, “British Columbia continues to rapidly expand consumer access to legal cannabis, and we look forward to being a part of this exciting and dynamic market.”
FULL DISCLOSURE: Sugarbud Craft Growers Corp. is a client of Stockhouse Publishing.