SugarBud Craft Growers Corp (OTCMKTS:RLLRF) announced the receipt of the sale license amendment from Health Canada. The company also secured supply accords with British Columbia, Saskatchewan, and Alberta.
Enters adult-use cannabis market
SugarBud entered the adult-use cannabis market in Canada following supply agreements with BC and other provinces. John Kondrosky, CEO of SugarBud, said the company is pleased to announce the first purchase order’s receipt worth $1 million towards the end of 2020.
Eyes positive EBITDA in 2021
In early 2021, SugarBud signed supply accords with the Yukon Territory and Ontario province. The company established steady commercial operations because it is generating revenues every one and a half month. It sets its eyes on achieving positive EBITDA and revenues in 2021.
John further said the company is pleased with the progress it achieved in 2020. The company established a first growth plan going forward in 2021.
Premium quality cannabis to boost revenues
The demand for adult-use cannabis is growing at a John said the company gives highest prio fast pace with consumers giving preference to quality. SugarBud is well-positioned to continue growing despite the volatility it witnessed in the sector. The momentum for recreational cannabis gained in the latter half of 2020 expects the same to continue in 2021.
John said the company gives the highest priority to the consumer preferences in developing and delivering the products. The market data, feedback from consumers and retailers, and its experience confirms that SugarBud is on its path to achieve success.
SugarBud values consumer satisfaction as the key driver for growth and profitability rather than focusing solely on premium products. However, the company is committed to providing high-quality products at affordable rates to consumers considering their busy jobs, diverse hobbies, and interests.
Priorities to boost market share
SugarBud is expanding its footprint to include new provinces like Ontario to increase market share in 2021. It also expands into offering Cannabis 2.0 products like inhalable concentrates and vapes, leveraging its dried flower portfolio.
Signs a deal with Embark Delta
SugarBud inked a contract manufacturing services accord with the subsidiary of Embark Health Inc – Embark Delta Inc. As per the terms of the contract, Embark will provide formulation, extraction, and manufacturing services to develop and supply SugarBud’s solventless extraction products such as 0.5g Pressed Flower Rosin.