Business
North Bud Farms Provides Update on U.S. and Quebec Subsidiaries
North Bud Farms Provides Update on U.S. and Quebec Subsidiaries.
About this update from North Bud Farms Inc
[{"type":"text","content":"\n TORONTO, May 06, 2020 (GLOBE NEWSWIRE) -- North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (\"NORTHBUD\" or the \"Company\") is pleased to provide shareholders with the following corporate update: Quebec Cultivation Facility Easing of Covid-19 Restrictions The Quebec government recently announced that, effective May 11, 2020, it will begin easing its Covid-19 related restrictions on business operations in the province. Subject to the implementation of said easing measures, NORTHBUD intends to commence scaling its Quebec production accordingly, and has advised its suppliers that it will be ready to receive starting materials quickly upon implementation of the easing measures. Outdoor Cultivation Licence Application Status With respect to the Company’s previously disclosed intention to apply for an amendment to its existing cultivation licence at its Quebec facility to allow for outdoor cultivation, the Company is pleased to announce that it has submitted to Health Canada all required materials and documentation for the aforementioned licence amendment, and it now awaits the issuance of a licence to allow for a proposed 1 million square feet of outdoor production.  “With the underlying fundamentals and low-cost capacity of our Quebec facility, especially with the expected addition of outdoor capacity, we believe this facility has the potential to add value and we continue to explore collaborations with companies who have established distribution channels and who are relying on the volatile wholesale market to fulfill their cultivation needs,” said Ryan Brown, the Company’s Executive Chairman and Interim CEO.  “Management is encouraged by the amount of interest being shown for potential collaborations and will update shareholders when there are any material developments on this front.” To date the Company has signed a letter of intent to supply product to a licensed distributor, and is actively negotiating additional supply contracts with other parties.  Securing these supply agreements is expected to provide the Company with further insight into revenue potential and operating capital required for its Quebec facility.  While the Company has initiated operations at its Quebec facility, currently the Company does not have sufficient working capital and financial resources to ...