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Sugarbud Reminds Shareholders of Upcoming Annual General Meeting and Provides Additional Details Regarding Proposed Share Consolidation

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  • Sugarbud shareholders are reminded to vote in advance of the proxy cut-off of February 4, 2022, at 9:00 a.m. (Calgary time)

  • Shareholders with questions or require assistance with voting should call Laurel Hill Advisory Group at 1-877-452-7184 or by email at assistance@laurelhill.com

  • Independent proxy advisor, Institutional Shareholder Services, recommends shareholders vote for the proposed share consolidation

CALGARY, Alberta, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDF) ("Sugarbud" or the "Company") reminds shareholders of the upcoming annual general and special meeting (the "Meeting") of shareholders to be held by means of a remote communication via webcast on Tuesday, February 8th, 2022 at 9:00 a.m. (MST) at:

Meeting Details
Meeting Link: https://us06web.zoom.us/j/85374306178?pwd=cWpIUmFGNFF6bENyQThxbWJlUUZUUT09
Meeting ID: 853 7430 6178
Meeting Passcode: 310110

Share Consolidation

At the Meeting, Shareholders will be asked to consider for approval, among other things, a resolution authorizing a consolidation of the common share of the Company ("Shares") on the basis of a ratio of between 50 and 100 pre-consolidation Shares for each one post-consolidation Share (the "Consolidation").

The Consolidation will not change the % ownership each Shareholder has in the Company.

The proposed Consolidation is part of Sugarbud’s overall strategy to drive long-term shareholder value and to increase its profile as the Company continues to grow and evolve.

Reasons for Consolidation

The Consolidation would provide greater flexibility for the Company with respect to future opportunities, including merger and acquisition activity (M&A). Under the rules of the TSX Venture Exchange, in order to issue new equity from treasury, the Company must meet certain minimum trading price requirements, which would be satisfied as a result of the Consolidation.

Furthermore, the Company believes the Consolidation will result in a number of additional potential benefits, including promoting increased liquidity and reducing volatility in the trading of the Shares.

ISS recommend shareholders support the consolidation

Institutional Shareholder Services ("ISS"), a leading independent proxy advisor who provides voting recommendations to institutional shareholders, has recommended that shareholders of Sugarbud vote FOR the special resolution approving the Consolidation.

In reaching its recommendation, ISS noted:

"…Vote FOR this resolution as the stock consolidation should have no direct impact on shareholder value and could enhance the long-term growth prospects of the company by broadening its financing alternatives.”

We strongly encourage your participation in the Meeting this year. The Board of Directors of Sugarbud recommends that shareholders vote FOR all resolutions.

Sugarbud encourages all shareholders to read the information circular (the "Circular") and related materials in respect of the Meeting available on the Company's SEDAR profile at www.sedar.com.

Shareholder Information and Questions

Sugarbud shareholders who have questions about the Circular or require assistance with voting their Shares can contact our proxy solicitation agent, Laurel Hill Advisory Group:

Laurel Hill Advisory Group

North America Toll Free: 1-877-452-7184 Calls Outside North America: 416-304-0211 Email: assistance@laurelhill.com

Sugarbud may utilize the Broadridge Quickvote service to assist eligible beneficial shareholders with voting their shares over the telephone. Beneficial shareholders may be contacted by Laurel Hill to conveniently obtain a vote directly over the telephone.

Voting at the Meeting

In light of public health guidelines related to COVID-19 that continue to restrict indoor gatherings, the Company has decided to host the Meeting solely by means of remote communication. All shareholders are strongly encouraged to vote prior to the Meeting by proxy, as in-person voting at the time of the Meeting will not be possible.

Instructions as to how to vote and attend the Meeting via webcast or teleconference are provided above.

Shareholders are reminded to submit their votes in advance of the proxy cut-off of 9:00 a.m. (Calgary time) on February 4, 2022. Your vote is important, regardless of how many securities you own. Voting can be done via methods below:

Registered Shareholders

Registered shareholders can vote their shares by proxy online at login.odysseytrust.com/pxlogin.

Alternatively, registered shareholders can vote by returning their form of proxy by mail to Odyssey Trust Company, 1230 – 300 5th Avenue SW, Calgary, Alberta, T2P 3C4 Attention: Proxy Department.

Beneficial Shareholders

Beneficial shareholders who hold their shares through a broker or other intermediary, should follow the instructions on the voting instruction form provided to them by their broker or other intermediary in order to vote. Each intermediary may have a different voting process.

About Sugarbud

"Hand-Crafted Cannabis for a New Era"

Sugarbud is a consumer-driven craft cannabis company focused on the cultivation and production of superior, select-batch, craft cannabis products. Our vision and mission are to become a trusted and well-respected consumer brand renowned for providing exceptional high-quality craft cannabis products to legal markets by delighting the most discerning of cannabis consumers.

The Sugarbud Craft Cannabis Collection offers consumers "Hand-Crafted Cannabis for a New Era". The Company is proudly Albertan and is proud to share Western Canada's long tradition of exceptional craft cannabis with the most discerning of enthusiasts. Sugarbud strives to define the intersection of product craftsmanship, quality, and value for consumers in the Canadian craft cannabis space.

Sugarbud Craft Cannabis products are currently available to adult recreational consumers in the Yukon Territory, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec and nationally to registered medical patients through CannMart.com.

We Take Pride.

We Take Our Time.

Experience The Difference.

CONTACTS:

John Kondrosky
Chief Executive Officer
Sugarbud Craft Growers Corp.
Phone: (604) 499-7847
E-mail: johnk@sugarbud.ca

Investor Relations Contact
Chris Moulson
Chief Financial Officer
Sugarbud Craft Growers Corp.
Tel: (778) 388-8700
E-mail: chrism@sugarbud.ca

Websites:
http://www.sugarbud.ca/
http://craftcannabiscollection.ca

Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4

Cautionary Statement Regarding Forward-Looking Information

Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance, including, but not limited to the Meeting and the Consolidation, including the anticipated impact and benefits thereof. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “proposed” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events, including, but not limited to, expectations regarding the benefits of the Consolidation, expectations regarding the Company’s ability to attract new investors and complete financings and acquisitions, expectations and assumptions concerning the timely receipt of all required shareholder approvals, TSXV and regulatory approvals. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Various assumptions or factors are typically applied in drawing conclusions or making the forecast or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.