• Sugarbud Craft Growers (TSXV:SUGR) has completed its first cannabis harvest, with a second crop well underway
  • The company expects to ship its first revenue-generating batch of cannabis in 2020’s second quarter
  • Sugarbud has adopted a number of preventative measures to protect its customers and employees from COVID-19
  • Despite the volatile market, the company plans to launch its products in 2020’s third quarter
  • Sugarbud’s share price is up 20 per cent, and currently trading at 3 cents per share

Cannabis company Sugarbud Craft Growers (TSXV:SUGR) has successfully completed its first harvest, and has a second crop well underway.

The company completed the first harvest on March 2, 2020, and has nearly finished the drying and curing process.

Sugarbud’s CEO, John Kondrosky, called the successful first harvest a major milestone for the company. 

“We are all very pleased with the quality and outcomes of our first crop, along with the operating level and performance of our facility overall.

The crop’s preliminary potency and terpene testing is in line with our commitment to bring high-quality dried cannabis to Canadian consumers,” he said. 

Sugarbud’s second cannabis crop is already growing, and should be ready for harvesting in early June, 2020. 

At this time, the company hopes to ship its first revenue-generating commercial batch early in 2020’s second quarter.

As the economy feels the sting of the COVID-19 pandemic, companies everywhere have begun implementing preventative measures to protect employees and customers. 

Sugarbud has followed suit, by encouraging staff to practice social distancing, and to work remotely. The company has also enhanced its health and safety protocols across its entire operating environment. 

Sugarbud will continue monitoring the situation as it unfolds, and will continue following advice from the government and public health authorities. 

Despite current volative markets, the company plans to launch its first adult recreational dried cannabis products, in 2020’s third quarter. The company recently submitted its amended dried cannabis sales license application to Health Canada. Once approved, this will allow Sugarbud to sell to authorised provincial wholesalers and retailers. 

“We are backed by a clear vision, a disciplined financial and operating model, and a strong, experienced management team. We will continue to focus on what we can control, execute our plan, and hit the milestones we laid out for the company,” John concluded. 

Sugarbud’s share price is up 20 per cent, and trading at 3 cents per share, as of 1:12pm EST.

More From The Market Online

The Market Online’s Weekly Cannabis Report – April 19, 2024

Cannabis news this week: Canopy Growth shareholders overwhelmingly voted to approve a new class of exchangeable shares.

Buzz on the Bullboards: Challenges amid inflation and geopolitical tensions

Canadian and U.S. stock markets grapple with a host of challenges, from surging inflation data to escalating tensions in the Middle East.

Xebra Brands receives second CBD approval by Mexican authority

Xebra Brands (CSE:XBRA) announces it has received its second COFEPRIS approval for CBD product authorization in Mexico.
Canopy Growth - CEO, David Klein.

Canopy Growth shareholders approve Canopy USA asset strategy

After rearranging its capital structure, Canopy Growth (TSX:WEED) will be closer to establishing a U.S.-based multi-state operator.