Pot stocks may have taken a steep plunge since legalization came into effect in Canada on Oct. 17, but that hasn’t slowed the industry down or prevented companies from listing on stock exchanges at home or abroad.
Alberta-based SugarBud Craft Growers Corp., previously trading as Relentless Resources Ltd., will commence trading on the TSX Venture Exchange under the stock symbol “SUGR” this week.
The move comes as SugarBud — through its wholly owned subsidiary 2114152 Alberta Ltd. — acquired all of the issued and outstanding shares in the capital of Grunewahl Organics Inc., whose subsidiary is a late-stage applicant to become a licensed producer under Health Canada’s Access to Cannabis for Medical Purposes Regulation.
The acquisition was initially approved by unanimous vote at a special meeting of SugarBud shareholders last month.
Following the change of business, SugarBud issued an announcement to shareholders that the company is positioned to execute a new cultivation and retail distribution strategy with 10 million available in cash, no debt, and a $2.1 million liquid equity investment in Inner Spirit Holdings Ltd.
In the announcement, SugarBud’s management outlined a plan for retail distribution of cannabis across Canada via Inner Spirit’s network of Spiritleaf-branded dispensaries.
Craig Kolochuk, President and Chief Executive Officer of SugarBud, issued this statement regarding the news:
“The completion of our listing as a Tier 2 Life Sciences Issuer is an incredible milestone for our company. We would like to thank the TSXV for their diligence and guidance throughout the change of business process, our team for their hard work, and our shareholders for their continued belief in our story.”
Kolochuk went on to say, “We will continue to focus on the construction of our Stavely, Alberta facility to ensure that we are on-time and on-budget, and moving forward we will pursue other high-impact objectives to create value for our stakeholders.”
Further details on SugarBud can be found at the company’s official website here.
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