CALGARY, Alberta, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.DB, SUGR.WR, SUGR.WS, SUGR.WT) (OTCQB: SBUDF) ("Sugarbud" or the "Company") announces that it will be consolidating all of its issued and outstanding common shares (the “Common Shares”) on the basis of a ratio of one hundred pre-consolidation Common Shares for one post-consolidation Common Share (the “Share Consolidation”) effective Friday, February 18, 2022. Following the Share Consolidation, the Company will have a total of 5,699,796 common shares in issue (the “Consolidated Shares”). The Share Consolidation will not change current value or the % ownership each Shareholder has in the Company.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

The Consolidated Shares will trade from the morning of February 18, 2022 under the following ISIN and CUSIP codes:

ISIN: CA8650013094
CUSIP: 865001309

Following the Share Consolidation, the number of outstanding common share purchase warrants, options, or other convertible securities of the Company, including the Listed Warrants (as defined below) and one class of debentures listed on the TSX-V (the “Listed Debentures”), will not be altered; however, the exercise prices and number of shares issuable on the exercise of any warrants, options, or other convertible securities of the Company will be automatically proportionally adjusted on the basis of the 100:1 consolidation ratio. The Listed Warrants and the Listed Debentures will continue to trade under their existing CUSIPs.

Common Share purchase warrants issued by the Company in connection with the Company’s March 16, 2021 public offering of units (the “2021 Warrants”), the Company’s June 24, 2020 public offering of units (the “2020 Warrants”), and the Company’s March 21, 2018 private placement and September 20, 2018 rights offering (the “2018 Warrants”, collectively with the 2021 Warrants and 2020 Warrants, the “Listed Warrants”), respectively, are listed for trading on the TSX Venture Exchange (“TSX-V”). The 2021 Warrants, the 2020 Warrants and the 2018 Warrants trade under stock symbols SUGR.WR, SUGR.WS and SUGR.WT, respectively. The Listed Debentures trade under stock symbol SUGR.DB. As a result of the Share Consolidation (i) the 2021 Warrants will be adjusted in accordance with the terms of the warrant indenture dated March 16, 2021 such that one hundred 2021 Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of $8.00, (ii) the 2020 Warrants will be adjusted in accordance with the terms of the warrant indenture dated June 24, 2020 such that one hundred 2020 Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of $5.00, and (iii) the 2018 Warrants will be adjusted in accordance with the terms of the warrant indenture dated October 23, 2018 such that one hundred 2018 Warrants will now be exercisable for one post-consolidation Common Share following the payment of an adjusted exercise price of $10.00; and (iv) the Listed Debentures will be adjusted in accordance with the terms of the debenture indenture dated June 24, 2020 such that the conversion price for each post-consolidation Common Share to be issued upon the conversion of the Listed Debentures shall be equal to $10.00.

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 and nationally to registered medical patients through MendoCannabis.ca. Sugarbud products are also distributed in the Province of Quebec through ROSE LifeScience Inc.'s ("ROSE") ELEKT Cannabis brand, pursuant to a Sales, Marketing, Supply and Distribution Agreement between ROSE and the Company.