Sugarbud Craft Growers Corp. (TSXV: SUGR) has signed a toll manufacturing agreement with Adastra Labs Holdings Ltd. (CSE: XTRX), in addition to appointing a new Chief Financial Officer to its executive team. In addition, the company has also provided a brief operational update.
As per the toll manufacturing agreement, a minimum of 1,200,000 grams of cannabis flower and trim will be processed by Adastra for Sugarbud. The manufacturing for Sugarbud will begin on June 1, 2020, for a duration of one year.
Sugarbud’s current Chief Financial Officer and Vice President of Finance, Brad Giblin, has stepped down from his position and has been replaced by Chris Moulson effective February 11, 2020. Chris Moulson has previously held the position of Chief Financial Officer with Polaris Seismic International, and has substantial experience in corporate law, finance, and business development among other fields.
With regards to Sugarbud’s operational update, the company is expecting its first harvest in the beginning of March 2020, and is anticipating to introduce its adult-use cannabis products to the market in the latter part of the third quarter 2020. In addition, the company plans to issue an amendment regarding its Medical Sales license in February 2020 in order to sell adult-use cannabis products to retailers in various provinces.
Adastra Labs Holdings Ltd is a British Columbia-based cannabis producer, focusing on analytical testing and processing.
Sugarbud Craft Growers Corp is an Alberta-based cannabis cultivator and producer, and is currently trading at $0.06 on the TSX Venture.
Information for this analysis was found via Sedar and Sugarbud Craft Growers Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.