CALGARY, Dec. 5, 2019 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.RT) ("Sugarbud") is pleased to announce that it has entered into a strategic plant genotyping and tissue culture agreement with Segra Biogenesis Corp., a wholly owned subsidiary of Segra International Corp. ("Segra").
Under the terms of the agreement, which include royalties tied to production success, Segra will provide Sugarbud with exclusive and proprietary cannabis cultivars as well as tissue culture technology and services for the preservation, regeneration, and production of key cultivars already held by Sugarbud. Plant tissue culture, also known as plant micropropagation, is an advanced scientific technique utilized in many commercial agricultural applications to mass-produce plants with desirable traits. Using micropropagation, large volumes of sterile, healthy, disease-free, and genetically identical plantlets can be rapidly produced. Plant tissue culture eliminates systemic diseases in starting materials that can negatively impact yields and chemotype expression, while at the same time dramatically reducing the space required to maintain viable stock plants and produce healthy and uniform plants year-round.
"The genetic diversity, reliability and integrity of our cultivars is one of the cornerstones of our high-quality premium cannabis value proposition and our product leadership strategy," stated Sugarbud CEO, John Kondrosky. "We believe that a reliable customer experience from batch-to-batch is an essential part of maintaining consumer confidence and trust in our brand."
"Sugarbud is committed to quality and we are very excited to be partnering with Segra to ensure the quality and integrity of our cultivars. The benefits of tissue culture for the cannabis industry and consumers alike are significant and we look forward to collaborating closely with Segra to ensure that our customers experience only high-quality premium cannabis," continued Mr. Kondrosky.
"The words premium and quality are thrown around often in this industry, however Sugarbud's early adoption of tissue culture proves they are taking the necessary steps to ensure quality at the highest level," stated Segra CEO, Todd McMurray. "It is this level of dedication and commitment to quality that builds lasting brands."
Sugarbud is a federally licensed Alberta-based publicly traded cannabis company focused on the cultivation and production of high-quality premium cannabis, and product leadership through the development, production and distribution of value-added cannabis products in Canada.
Segra is an agriculture technology company offering innovative services that accelerate the advancement of the cannabis industry to better serve society. The company's plant tissue culture and genomics technologies, coupled with a vast business ecosystem, empower its clients to drive financial performance and mitigate risk, while exploring the next frontiers of optimized cultivation practices for the rapidly evolving medical, recreational, and hemp markets. Segra is developing industrial-scale facilities to produce disease-free, robust, and DNA fingerprinted cannabis plantlets for licensed producers globally. To support this vision, Segra has assembled a world-class team of specialists in the fields of agronomy, molecular genetics, plant tissue culture, and regulatory compliance. Segra currently has agreements with many leading global cannabis producers, including the Canadian licensed producers HEXO Corp., Agripharm Corp., and The Supreme Cannabis Company Inc.
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, preservation and regeneration; product quality; and the genotyping and tissue culture agreement with Segra, including the benefits thereof. 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: failure of counter-parties to perform contractual obligations; failure to benefit from partnerships; ; changes in prices and costs of inputs; demand for products; 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. 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 onwww.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.
SOURCE Sugarbud Craft Growers Corp.
For further information: John Kondrosky, Chief Executive Officer, Sugarbud Craft Growers Corp., Phone: (604) 499-7847, E-mail: [email protected]; Investor Relations Contact: Gary Perkins, President, Tekkfund Capital Corp., Tel: (416) 882-0020, E-mail: [email protected], Website: http://www.sugarbud.ca/; Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4