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North Bud Farms Provides a Corporate Update

TORONTO, Feb. 14, 2020 (GLOBE NEWSWIRE) -- North Bud Farms Inc. (CSE:NBUD) (NOBDF) ("NORTHBUD" or the "Company") provides shareholders with the following corporate update:

Status of Cultivation Licence Application for Cannabis Production Facility in Low, Quebec

As previously announced, the Company was informed on a conference call with the regulators in late January of one outstanding item that was required before the Company could be issued its cultivation licence. The Company is pleased to update shareholders that it has addressed this outstanding issue and has provided Health Canada with the required information requested. The Company is now awaiting the issuance of its standard cultivation licence.

Board of Directors Change

Dr. Teresa DeLuca has advised the Company of her desire to step down from the Board of Directors effective immediately in order to focus on her other professional obligations. 

“Dr. DeLuca served on the Board since the Company’s initial listing in 2018 and we would like to thank her for her service and wish her well in her future endeavors,” said Ryan Brown, Executive Chairman of NORTHBUD. 

About North Bud Farms Inc.
North Bud Farms Inc., through its U.S. subsidiary Bonfire Brands USA, has acquired cannabis production facilities in California and in Nevada. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada property is located on 3.2-acres of land which was acquired through the acquisition of Nevada Botanical Science, Inc. a world class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation which holds medical and adult use licenses for cultivation, extraction and distribution. Through its wholly owned Canadian subsidiary, GrowPros MMP Inc., the company is pursuing a license under The Cannabis Act, to cultivate in its state-of-the-art purpose-built cannabis production facility located on 135-acres of Agricultural Land in Low, Quebec, Canada.

For more information visit: www.northbud.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation.  Forward-looking statements, including, but not limited to, those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management.

Forward-looking statements, including, but not limited to, those regarding the success of the Company’s licence application in Quebec and the Company’s transition into a revenue generating operational phase of development are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
investors@northbud.com