Sugarbud Craft Growers Corp. announced that the Company recorded its first positive EBITDA result in Q4, 2020 and the filing of its audited consolidated annual financial statements (“Financial Statements”), related management’s discussion and analysis (“MD&A”) and annual information form (“AIF”) for the year ended December 31, 2020, which are available on SEDAR at www.sedar.com and on Sugarbud’s website at www.sugarbud.ca.
“2020 was a pivotal and exciting year for Sugarbud as we completed our first full year of operations as a craft cannabis producer – culminating with our first positive EBITDA result of $89,998 in Q4, 2020 and our fourth consecutive quarter of EBITDA growth. Despite an exceptionally challenging environment, we made meaningful and substantial progress against our primary operational and commercial objectives in a very short period of time. Much of 2020 was focused on establishing a firm foundation of operational excellence, developing our innovative and diverse product portfolio, successfully launching our Craft Cannabis Collection and expanding our reach to consumers in key markets such as Alberta, British Columbia and Saskatchewan,” stated John Kondrosky, President and CEO of Sugarbud.
Key Operating Highlights for 2020
- Successfully produced 547,904g of premium craft cannabis over 5 harvests
- Obtained an amended sales license permitting the direct sale of dried cannabis to authorized provincial/territory retailers/distributors and registered medical patients
- Launched the Sugarbud Craft Cannabis Collection of exceptional dried flower and pre-roll products
- Established provincial supply agreements with Alberta, British Columbia and Saskatchewan
- Received our first $1MM in purchase orders in Q4 2020
- Recorded net revenue for the company in Q4 2020 of $412,964
- Achieved an average net selling price per gram of $6.74
- Delivered positive EBITDA in Q4 2020 of $89,998 – Sugarbud’s fourth consecutive quarter of EBITDA growth
- Improved full year over year EBITDA by $3.8MM vs 2019.
“We made great strides in establishing our reach to core target consumer groups in 2020 and solidifying the Sugarbud brand as a leading brand in the craft cannabis space. Our year end results indicate that we remain on the right strategic path and are a clear testament to our disciplined and focused approach to cost management, operational excellence and more fundamentally – our focus on exceptional consumer driven craft cannabis products. We believe that our ongoing focus and execution against our stated strategy has positioned Sugarbud for a very strong 2021,” concluded Mr. Kondrosky.
Sugarbud is an Alberta-based, consumer-driven boutique 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. For more information: http://www.sugarbud.ca/