Sugarbud Expands National Distribution Reach, Announces Sales Agency Partnership With Velvet Management Inc.
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CALGARY, Alberta, Feb. 16, 2021 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.DB) ("Sugarbud" or the "Company") is pleased to announce that it has partnered with Velvet Management Inc. ("Velvet") to be its exclusive national sales and distribution agent for the Company’s Craft Cannabis Collection.
Pursuant to the partnership, Velvet will be primarily responsible for store level sales representation, brand advocacy and budtender education to drive wider distribution of the Company’s Craft Cannabis Collection in key target markets nationally.
"Velvet has a rich history representing leading and iconic luxury brands in the wine and spirits industry as well as the emerging cannabis sector," stated Sugarbud CEO John Kondrosky. "As a leading full-service cannabis sales agency with deep industry knowledge, and an established sales team nationwide, our collaboration with Velvet will no doubt have a significant impact on our ability to rapidly accelerate consumer visibility and consumption of the Sugarbud brand. Increasing our reach and connection to retailers, budtenders and the end user consumer is a priority for Sugarbud and critical to our revenue growth objectives. We are thrilled to be partnering with Velvet to expand our reach and capabilities in this regard," concluded Mr. Kondrosky.
Velvet Management President, Vianney Aubrecht added, "Velvet is excited to be partnering with Sugarbud and representing their Craft Cannabis Collection. Sugarbud's approach and commitment to quality - from cultivation, curing and hand trimming to their glass packing - hits all the metrics necessary for Velvet to gain national market share in the premium cannabis category. We look forward to expanding existing national distribution in the coming months."
The Company’s partnership with Velvet covers its existing dried cannabis product portfolio and will include future Cannabis 2.0 products once the Company receives Health Canada approval permitting the direct sale of cannabis extracts.
The Company currently expects approval for its amended sales license permitting the direct sale of cannabis extracts in early Q3 of 2021.
Sugarbud is an Alberta-based, consumer-driven boutique 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.
About Velvet Management Inc.
Velvet Management Inc. is a cannabis agency providing product sales and distribution to provincial cannabis boards and private retailers across Canada. Velvet was created by the largest importer of alcohol in Canada, Groupe Dandurand, responsible for 6.2 million cases or $1.2 billion in retail sales. With the largest wine salesforce in Canada they service over 10,000 retail points. Groupe Dandurand has been in operation since 1968, with 225 employees and with offices in Calgary, Montreal, Toronto, and Vancouver. Their performance has won them Supplier/Partner of the Year by the LCBO multiple times.
Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4
Forward Looking and Cautionary Statements
This news release contains forward-looking statements. More particularly, and without limitation, this news release contains statements concerning: Sugarbud's assessment of future plans, operations and cannabis cultivation, including sales, marketing and distribution opportunities; the Company's ability to remain operating in accordance with developing public health efforts to contain COVID-19; product quality; partnerships, including with Velvet, and the impact of such partnerships, including wider distribution of the Company’s Craft Cannabis Collection and increased market share nationally; the development, production and sale of cannabis derivative products, including vape cartridges; receipt of an amendment to its sales license to permit direct sale of cannabis extracts and the timing thereof; future growth; and the ability to build shareholder value. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements. The forward-looking statements are founded on the basis of expectations and assumptions made by Sugarbud. Forward-looking statements are subject to a wide range of risks and uncertainties, and although Sugarbud believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to: currently contemplated expansion and development plans may cease or otherwise change; production of cannabis may be lower than expected, Sugarbud may not obtain the required approvals from Health Canada, including with respect to an amended sales license; demand for Sugarbud's products may be lower than anticipated; results of production and sale activities; results of scientific research; changes in prices and costs of inputs; demand for labour; demand for products; failure of counter-parties to perform contractual obligations; failure to maintain consumer brand recognition and loyalty of customers; reliance on relationships with wholesalers and retailers for distribution of products and failure to maintain strategic business relationships; intense competition, including from illicit sources; uncertainty and continued evolution of markets; product liability litigation; reliance on information technology; infringement on intellectual property; failure to benefit from partnerships; sensitivity of end-customers to increased sales taxes and economic conditions; failure to comply with certain regulations; departure of key management personnel or inability to attract and retain talent; actions and initiatives of federal and provincial governments and changes to government actions, initiatives and policies and the execution and impact thereof; the ability to implement corporate 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 involving medical and recreational marijuana; construction delays; risks inherent in the agricultural business, such as insects, plant diseases and similar agricultural risks which can have a significant impact on 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 the reports and filings made by Sugarbud with securities regulatory authorities. In addition, the Company cautions that current global uncertainty with respect to the spread of the COVID-19 virus and its effect on the broader global economy may have a significant negative effect on the Company. While the precise impact of the COVID-19 virus on the Company remain unknown, rapid spread of the COVID-19 virus may have a material adverse effect on global economic activity, and can result in volatility and disruption to global supply chains, operations, mobility of people and the financial markets, which could affect interest rates, credit ratings, credit risk, inflation, business, financial conditions, results of operations and other factors relevant to the Company. Please refer to Sugarbud's most recent annual information form and management's discussion and analysis for additional risk factors relating to Sugarbud, which can be accessed under Sugarbud's profile on www.sedar.com. Except as required by applicable laws, Sugarbud does not undertake any obligation to publicly update or revise any forward-looking statements.
Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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