Business
North Bud Farms Provides Corporate Update
North Bud Farms Provides Corporate Update.
About this update from North Bud Farms Inc
[{"type":"text","content":"\n TORONTO, April 28, 2020 (GLOBE NEWSWIRE) -- North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (\"NORTHBUD\" or the \"Company\") provides shareholders with the following corporate update: Financing Further to the Company’s press releases of January 27, 2020 and February 14, 2020, the Company continues to pursue the capital required to fund ongoing and proposed corporate initiatives.  Recent volatility in the overall public markets coupled with the reduction in market capitalization of cannabis companies that began last fall has exacerbated already difficult conditions in which management continues to pursue debt funding solutions secured by the Company’s Quebec-based licensed cannabis cultivation facility. The Company recently obtained a third-party appraisal as to the use and value of its facility at $6,000,000. This represents a potential of $3,200,000 in unencumbered equity that could be leveraged to provide the capital needed to maximize operations at the facility. The Board and executive management remain committed to seeking out all options to secure the additional working capital required to further the Company’s corporate objectives in a manner that will maximize long-term value for all NORTHBUD stakeholders.    Corporate Operations and Restructuring Due to government imposed COVID-19 restrictions, effective March 13, 2020, the Company has been operating under a compliant work-from-home protocol. To date the Company has not reduced staffing and all employees remain engaged in a full-time capacity. The Company will continue to monitor these government-imposed protocols and adjust operations accordingly. NORTHBUD announces that effective immediately Sean Homuth, the Company’s CEO, will be taking a medical leave of absence from the Company.  During his medical leave, Sean will unfortunately not be able to be involved with the Company.  The Board has appointed Ryan Brown, Executive Chairman and a founder of the Company, as the Interim CEO and, effective immediately, Ryan will assume all of Sean’s duties and responsibilities during his leave of absence.     “I would like to thank Sean for his efforts in helping the Company navigate these challenging times.  The entire NORTHBUD family wishes him well during his leave for a speedy recovery, and we ...