North Bud Farms Provides a Corporate Update

Published: February 18, 2020

North Bud Farms Provides a Corporate Update

North Bud Farms Inc. provides shareholders with the following corporate update:

Status of Cultivation Licence Application for Cannabis Production Facility in Low, Quebec

As previously announced, the Company was informed on a conference call with the regulators in late January of one outstanding item that was required before the Company could be issued its cultivation licence. The Company is pleased to update shareholders that it has addressed this outstanding issue and has provided Health Canada with the required information requested. The Company is now awaiting the issuance of its standard cultivation licence.

Board of Directors Change

Dr. Teresa DeLuca has advised the Company of her desire to step down from the Board of Directors effective immediately in order to focus on her other professional obligations.

“Dr. DeLuca served on the Board since the Company’s initial listing in 2018 and we would like to thank her for her service and wish her well in her future endeavors,” said Ryan Brown, Executive Chairman of NORTHBUD.

North Bud Farms Inc., through its U.S. subsidiary Bonfire Brands USA, has acquired cannabis production facilities in California and in Nevada. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada property is located on 3.2-acres of land which was acquired through the acquisition of Nevada Botanical Science, Inc. a world class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation which holds medical and adult use licenses for cultivation, extraction and distribution. Through its wholly owned Canadian subsidiary, GrowPros MMP Inc., the company is pursuing a license under The Cannabis Act, to cultivate in its state-of-the-art purpose-built cannabis production facility located on 135-acres of Agricultural Land in Low, Quebec, Canada.