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

  • Sugarbud shareholders are reminded to vote by the proxy deadline of February 4, 2022 at 9:00 a.m. (Calgary time)

  • Shareholders who have questions or need assistance voting should call Laurel Hill Advisory Group at 1-877-452-7184 or email [email protected]

  • Independent Proxy Advisor, Institutional Shareholder Services, Recommends Shareholders Vote for Proposed Share Consolidation

CALGARY, Alberta, Jan. 28, 2022 (GLOBE NEWSWIRE) — Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDF) (“Sugar“or the”Companyy”) reminds shareholders of the upcoming annual and extraordinary general meeting (the “Meeting“) of the shareholders which will be held by means of remote communication via webcast on Tuesday, February 8and, 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
Secret meeting code: 310110

Consolidation of shares

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

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

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

Reasons for Consolidation

Consolidation would provide greater flexibility to the Company regarding future opportunities, including merger and acquisition (M&A) activities. Under the rules of the TSX Venture Exchange, in order to issue new shares from treasury, the Company must meet certain minimum trading price requirements, which would be met following consolidation.

In addition, the Company believes that the Consolidation will result in a number of additional potential benefits, including the promotion of increased liquidity and reduced volatility in the trading of the Shares.

ISS recommends shareholders support consolidation

Institutional Shareholder Service (“ISS“), a leading independent proxy advisor who provides voting recommendations to institutional shareholders, recommended that Sugarbud shareholders vote FOR the special resolution approving the Combination.

In arriving at its recommendation, ISS noted:

“…Vote FOR this resolution as the reverse stock split is not expected to have a direct impact on shareholder value and may improve the company’s long-term growth prospects by expanding its financing alternatives.”

We strongly encourage you to attend the Assembly this year. Sugarbud’s Board of Directors recommends that shareholders vote FOR all resolutions.

Sugarbud encourages all shareholders to read the information circular (the “Circular“) and related materials regarding the meeting available on the Company’s SEDAR profile at www.sedar.com.

Information and questions from shareholders

Sugarbud shareholders who have questions about the circular or need help 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: [email protected]

Sugarbud may use the Broadridge Quickvote service to assist eligible beneficial shareholders in voting their shares by telephone. Beneficial shareholders can be contacted by Laurel Hill to easily obtain a vote directly by telephone.

Vote at the Assembly

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

Instructions on how to vote and attend the Meeting by webcast or teleconference are provided above.

Shareholders are reminded to submit their votes by the proxy deadline of 9:00 a.m. (Calgary time) on February 4, 2022. Your vote is important, regardless of how many shares you hold. Voting can be done via the methods below:

Registered shareholders

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

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

Beneficiary 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

“Craft Cannabis for a New Era”

Sugarbud is a consumer-focused craft cannabis company focused on growing and producing premium quality craft cannabis products, in select batches. Our vision and mission is to become a trusted and respected consumer brand renowned for delivering exceptional, high-quality craft cannabis products to legal markets by delighting the most discerning cannabis consumers.

The Sugarbud Craft Cannabis collection offers consumers “crafted cannabis for a new era”. The company is proudly Albertan and proud to share Western Canada’s long tradition of exceptional craft cannabis with the most discerning enthusiasts. Sugarbud strives to define the intersection of craftsmanship, quality and product 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 for registered medical patients via CannMart.com.

We are proud.

We take our time.

Discover the difference.

CONTACTS:

Jean Kondrosky
Chief executive officer
Sugarbud Craft Growers Corp.
Phone: (604) 499-7847
Email: [email protected]

Investor Relations
Chris Moulson
Financial director
Sugarbud Craft Growers Corp.
Tel: (778) 388-8700
Email: [email protected]

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

Address: Suite 620, 634 – 6th Avenue SW, Calgary, Alberta T2P 0S4

Caution 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 impact and anticipated benefits thereof. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “project”, “estimate”, “propose” and expressions and similar 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 about the outcome and timing of such future events, including, but not s 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 regarding the timely receipt of all required approvals shareholders, the TSXV and regulatory authorities. This 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 generally applied in drawing conclusions or making the forecasts or projections set forth in forward-looking information. These 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 undertakes no obligation 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. Due to 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.

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