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Sugarbud Announces Financial & Operating Results for Third Quarter 2019 and Intention to be Cash Flow Positive in Third Quarter of 2020
Sugarbud Announces Financial & Operating Results for Third Quarter 2019 and Intention ...
About this update from Sucro Limited
[{"type":"text","content":"\n\n\n\nSugarbud Announces Financial & Operating Results for Third Quarter 2019 and Intention to be Cash Flow Positive in Third Quarter of 2020\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSugarbud Announces Financial & Operating Results for Third Quarter 2019 and Intention to be Cash Flow Positive in Third Quarter of 2020\nCanada NewsWire\nCALGARY, Nov. 28, 2019\n\n\n\nCALGARY, Nov. 28, 2019 /CNW/ - Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.RT) (\"Sugarbud\" or the \"Company\") is pleased to announce the filing of its unaudited condensed consolidated interim financial statements (\"Financial Statements\") for the three and nine months ended September 30, 2019 (\"Q3 2019\") and related management's discussion and analysis (\"MD&A\"), which are available on SEDAR at www.sedar.com and on Sugarbud's website at www.sugarbud.ca. \n\n \n \n\n \n\"Q3 2019 was a productive and pivotal period for Sugarbud,\" stated John Kondrosky, Sugarbud CEO. \"In addition to receiving our cultivation, processing and medical licenses from Health Canada, we completed the transfer and receipt of our starting material under our declaration to Health Canada and began cultivation activities in our purpose built 29,800 square-foot facility in Stavely, Alberta which, at full production, currently has an estimated annual production design capacity of between 9.9 and 11.7 million grams.\"\n\"We are pleased with the quality and variety of the cultivars we have received and while we held back production a little longer than we would have liked in order to complete our incoming quality inspections, we remain on track to deliver a strong first harvest, which we now expect will occur in early Q1,\" continued Mr. Kondrosky.\nDuring the quarter the company also announced two cornerstone supply agreements that combined represent 1,700,000 grams of committed dried cannabis supply in 2020 or approximately 72% of the total estimated initial production capacity of Sugarbud's two fully licensed cultivation rooms in 2020. At full production capacity, the...