Agoracom Blog Home

Archive for the ‘North Bud Farms Inc’ Category

North Bud Farms $NBUD.ca Provides Corporate Update $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 8:49 PM on Tuesday, June 2nd, 2020
  • Signed a definitive agreement to sell all the shares of its U.S. subsidiary, Bonfire Brands USA, Inc.
  • Under the terms of the transaction, the acquiring party is responsible for and guarantees all of BBUSA’s past and future liabilities and capital requirements, including all of the outstanding intercompany debts owed to NORTHBUD up to a maximum of CDN$2 million
  • The acquiror will retain rights to the name “Bonfire Brands” and the Company will no longer proceed with the change of name and symbol that was approved at the last shareholder meeting

TORONTO, June 02, 2020 — North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company“) provides shareholders with the following corporate update:

U.S. Operations

The Company is pleased to announce that it has signed a definitive agreement to sell all the shares of its U.S. subsidiary, Bonfire Brands USA, Inc. (“BBUSA”), to an entity controlled by Mr. Justin Braune, the President of BBUSA.  The transaction constitutes a related-party transaction as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the shares of BBUSA sold to the acquiror does not exceed 25% of the Company’s market capitalization.  This determination is based upon the fact that the value of the net assets of BBUSA is negligible as the assets acquired were, and continue to be, highly leveraged.  In light of the current market conditions, it is no longer economically viable for the Company to continue to try to sustain and develop these assets.

Under the terms of the transaction, the acquiring party is responsible for and guarantees all of BBUSA’s past and future liabilities and capital requirements, including all of the outstanding intercompany debts owed to NORTHBUD up to a maximum of CDN$2 million.  The acquiror will retain rights to the name “Bonfire Brands” and the Company will no longer proceed with the change of name and symbol that was approved at the last shareholder meeting. 

“We are pleased with the successful completion of this deal to divest our U.S. holdings as it will significantly improve the Company’s balance sheet and available cash flow, a key Company objective in light of the difficult economic climate brought on by Covid-19,” said Ryan Brown, NORTHBUD’s Executive Chairman and Interim CEO.  “The structure of this transaction represents the achievement of the Company’s previously-announced plan to remove its direct exposure to the U.S. cannabis sector in order to eliminate the increasing administrative and capital costs associated with such holdings.”

Failure-to-File Cease Trade Order Issued
The following is an update on the previously announced management cease trade order (the “MCTO“) issued by the Ontario Securities Commission on March 31, 2020.  The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended November 30, 2019 (collectively, the “Required Filings“) before the prescribed deadline of March 30, 2020.  

Sequence of Events
As previously disclosed, the Company completed two material U.S.-based acquisitions in November 2019, weeks prior to its year-end, thus obliging the Company to include purchase price accounting and post-acquisition activity for both acquired companies into its consolidated financial statements for the financial year ended November 30, 2019.

The Company took decisive steps to augment its capabilities to manage and report on its expanded operations including the appointment of advisors, valuation and taxation experts to assist with the year-end reporting and audit requirements; the appointments of Sean Homuth as CEO in December 2019, Adam Shapero as General Counsel in January 2020, and Jeffrey Stoss as CFO in February 2020; and, the addition of Jennifer Ross-Carriere and Lisa Mayhew as Directors in December 2019 and February 2020 respectively. Unfortunately, Sean Homuth had to take a medical leave of absence from the Company on April 28, 2020, which resulted in some delays to the progress of the year-end audit as he was interim CFO for the Company around the time of the U.S. acquisitions.

Due primarily to the inability of management, and its advisors and auditors to travel to the U.S. to conduct onsite field work, and due to ongoing travel and work restrictions in both Canada and the U.S. imposed by the impact of COVID-19 and the additional audit and reporting work related to the Company’s stated intention to divest of its U.S. operations as announced May 6, 2020, the Company could not complete and file the Required Filings for the year-ended November 30, 2019 and the quarter-ended February 29, 2020 before the end of the May 31, 2020 deadline contemplated by the MCTO.  The Company, its advisors and its independent auditor, are continuing to work diligently to complete the necessary work and the Company intends to make the Required Filings as soon as possible.

In connection with this delay, on June 2, 2020 the Ontario Securities Commission (“OSC“) issued a failure-to-file cease trade order (“FFCTO“) against the Company.

The FFCTO will affect trading in all securities of the Company in Canada and will remain in effect until such time as the Company has made the Required Filings.  This has resulted in a halt in trading of the Company’s shares on the Canadian Securities Exchange (CSE).  Once the Required Filings are made within 90 days of the date of the FFCTO, such filings will constitute the Company’s application to have the FFCTO revoked.  The Company will issue a further news release when the Required Filings have been made, and it is expected that the Company’s stock will resume trading on the Canadian Securities Exchange at that time.

The FFCTO, among other things, (i) revokes the MCTO in respect of certain officers of the Company, which prohibited those officers from trading in the Company’s securities until after the Company cured its disclosure defaults; and (ii) prohibits any person or company from trading, directly or indirectly, in any security of the Company in the Province of Ontario, and in every other province or territory of Canada in which the Company is a reporting issuer and in which Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions applies.

A copy of the FFCTO will be posted on the website of the Canadian Securities Administrators at cto-iov.csa-acvm.ca.  The Company will also post a copy of the FFCTO on the Company’s website.

Private Placement Offering Suspended
The Company also wishes to announce that it has voluntarily suspended the anticipated closing of the previously announced private placement offering of up to $2,000,000 of $0.05 Units until the FFCTO is revoked. The Company did not accept any of the subscriptions and did not issue any securities under the private placement.   At this time, the Company continues to evaluate options to preserve shareholder value and provide the Company with the required financial and operational resources required for ongoing operations. During the FFCTO period the Company will continue to update shareholders on the progression of these initiatives.

Additional Management Update to Follow Shortly
Management will be delivering a comprehensive business update to the Company’s shareholders in the coming days, where it will provide further details regarding the Company’s current position and outline plans for moving forward.

About North Bud Farms Inc.
NORTHBUD owns and operates, through its Canadian subsidiary, GrowPros MMP Inc., a licensed cannabis facility in Quebec, Canada. The Company built and owns a state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada. The Low, Quebec facility currently has 24,500 sq. ft. of licensed indoor cultivation space; the Company has recently submitted its licence amendment application to Health Canada to add an additional 1,000,000 sq. ft. of outdoor cultivation space.

For more information visit: www.northbud.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements that include, but are not limited to, the timing of the Company filing the Required Filings. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018, which is available under the issuer’s SEDAR profile at www.sedar.com.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
[email protected] 

North Bud Farms $NBUD.ca Announces Proposed Terms for Non-Brokered Private Placement of Units $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 9:19 AM on Tuesday, May 19th, 2020
  • Intends to complete a non-brokered private placement of units at a price of $0.05 per Unit for gross proceeds of up to C$2 million, subject to the Company’s receipt of minimum gross proceeds of C1$ million
  • Proceeds of the Offering will be used by the Company to meet its 12-month corporate and working capital requirements, which the Company believes is vital to ensuring efficient and consistent operations.

TORONTO, May 19, 2020 — North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company“) is pleased to announce that it intends to complete a non-brokered private placement of units (each a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to C$2 million, subject to the Company’s receipt of minimum gross proceeds of C1$ million (the “Offering”).

Each Unit will be comprised of one common share in the capital of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire one Common Share (a “Warrant Share”) for a period of 24 months following the Closing Date (as defined below) at an exercise price equal to: (i) $0.075 if the Warrant is exercised within 12 months of the Closing Date, or (ii) $0.10 if the Warrant is exercised at any other time prior to expiry.

The Company may pay a cash fee or issue compensation securities to certain eligible finders in connection with the proceeds received by the Company from the sale of Units to subscribers introduced to the Company by such eligible finders.

The proceeds of the Offering will be used by the Company to meet its 12-month corporate and working capital requirements, which the Company believes is vital to ensuring efficient and consistent operations. Management believes that securing a 12-month cash runway is the most prudent step in attempting to secure the long-term viability of the Company. Failure to meet these capital requirements could force management to proceed with secondary options that may preserve less long-term value for shareholders. Subscription receipts will be held in escrow and released upon the filing of the Company’s 2019 financial statements.  The Offering is expected to close on or around June 1, 2020 (the “Closing Date”).

Anyone who is interested in participating in the current financing may email the Company at: [email protected]
The Offering is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange (the “CSE”).

The Units will be offered: (i) on a private placement basis in all of the provinces and territories of Canada; (ii) in the United States on a private placement basis in reliance on Rule 506(b) of Regulation D or pursuant to other exemptions from the requirements of the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and in compliance with applicable United States federal securities laws and any “blue sky” laws or regulations of any state of the United States; and (iii) in such jurisdictions outside of Canada and the United States as determined by the Company on a private placement or equivalent basis.

Participation in the Offering will be open to anyone who qualifies under an accredited investor exemption and to existing shareholders (each an “Existing Shareholder”) of the Company as of the close of business on May 19, 2020 (the “Record Date”) who are eligible to participate in the Offering in reliance on the existing shareholder exemption under Canadian securities laws (the “Existing Shareholder Exemption”).

The aggregate acquisition cost to an Existing Shareholder relying on the Existing Shareholder Exemption cannot exceed $15,000 in any 12-month period, unless such Existing Shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in that Existing Shareholder’s jurisdiction. Persons who become shareholders of the Company after the Record Date are not permitted to participate in the Offering using the Existing Shareholder Exemption, however other exemptions may still be available.

The Units and any Warrant Shares issued upon the exercise of the Warrants issued in connection with the Offering will be subject to a statutory hold period in Canada of four months and one day following the Closing Date. Additional resale restrictions may apply under the laws of other jurisdictions.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, and these securities will not be offered or sold in any jurisdiction in which their offer or sale would be unlawful. The securities described herein have not been and will not be registered under the U.S. Securities Act, or any state securities laws of the United States. Accordingly, these securities will not be offered or sold to persons within the United States unless an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws is available.

In addition, the Company has resolved to re-price the 26.9M of currently issued and outstanding common share purchase warrants with exercise prices between $0.30/share and $0.40/share and various expiry dates, to a new reduced exercise price equal to $0.10 per share in order to align with the current proposed private placement and to encourage such warrant holders to exercise their warrants.  This reduction of warrant exercise prices is subject to certain conditions, including but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange (the “CSE”).

Additional Cost Cutting Measures

As of May 15, 2020, all members of senior management have been asked to agree to a 30% reduction in their cash-based compensation for the next four months, and to instead receive Common Shares in lieu.

The Company wishes to advise shareholders that it has successfully renegotiated approximately CDN$1 million in current payables by its subsidiary into a 24-month payment obligation. The restructuring improves the Company’s balance sheet and reduces monthly cash requirements moving forward. While this alleviates certain cash flow requirements, it does not affect the Company’s need to raise a minimum of $1 million of proceeds under the Offering.

Management Cease Trade Order Update

Additionally, the Company provides the following update on the previously announced management cease trade order (the “MCTO“) issued by the Ontario Securities Commission on March 31, 2020.

The MCTO was issued in connection with the delay by the Company in filing its annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended November 30, 2019 (collectively, the “Required Filings“) before the prescribed deadline of March 30, 2020.

The Company continues to work closely with its auditor and expects to file the Required Filings before the end of May 2020.

The Company is providing this status update in accordance with National Policy 12- 203 Management Cease Trade Orders (“NP 12-203“). The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Company remains in default. The Company confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued on March 13, 2020 and there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Issuance of Common Shares for Services Rendered

The Company has proceeded with the issuance of 472,222 Common Shares, at an issue price of $0.18 per share, to an arm’s length advisor to the Company. The Common Shares, which are subject to a statutory hold period as required by applicable securities laws, are based upon the $85,000 cash value of the services rendered to the Company by the advisor.

About North Bud Farms Inc.

NORTHBUD owns and operates, through its subsidiaries, licensed cannabis facilities in Canada, California and Nevada. Bonfire Brands USA, the Company’s U.S. subsidiary, acquired cannabis production facilities in Salinas, California and Reno, Nevada in late 2019. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada facility, located on 3.2 acres of land, was acquired through the acquisition of Nevada Botanical Science, Inc., and includes a world-class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation space which holds medical and adult-use licenses for cultivation, extraction and distribution. Through its Canadian subsidiary, GrowPros MMP Inc., the Company built and owns a state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada. The Low, Quebec facility currently has 24,500 sq. ft. of licensed indoor cultivation space; the Company has recently submitted its licence amendment application to Health Canada to add an additional 1,000,000 sq. ft. of outdoor cultivation space.

For more information visit: www.northbud.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward- looking statements that include, but are not limited to, statements related to the expected proceeds of the Offering, the completion of the Offering including the timing thereof, the intended use of proceeds from the Offering, the timing of the Company filing the Required Filings and the submission of the Company’s license application to Health Canada. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such risks and uncertainties include, among others, the risk factors included in North Bud Farms Inc.’s final long form prospectus dated August 21, 2018, which is available under the issuer’s SEDAR profile at www.sedar.com. 

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
[email protected] 

North Bud Farms $NBUD.ca Provides Update on U.S. and Quebec Subsidiaries $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 8:16 AM on Wednesday, May 6th, 2020
  • Quebec government recently announced that, effective May 11, 2020, it will begin easing its Covid-19 related restrictions on business operations in the province
  • Subject to the implementation of said easing measures, NORTHBUD intends to commence scaling its Quebec production accordingly

TORONTO, May 06, 2020 — North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company“) is pleased to provide shareholders with the following corporate update:

Quebec Cultivation Facility

Easing of Covid-19 Restrictions

The Quebec government recently announced that, effective May 11, 2020, it will begin easing its Covid-19 related restrictions on business operations in the province. Subject to the implementation of said easing measures, NORTHBUD intends to commence scaling its Quebec production accordingly, and has advised its suppliers that it will be ready to receive starting materials quickly upon implementation of the easing measures.

Outdoor Cultivation Licence Application Status

With respect to the Company’s previously disclosed intention to apply for an amendment to its existing cultivation licence at its Quebec facility to allow for outdoor cultivation, the Company is pleased to announce that it has submitted to Health Canada all required materials and documentation for the aforementioned licence amendment, and it now awaits the issuance of a licence to allow for a proposed 1 million square feet of outdoor production.  “With the underlying fundamentals and low-cost capacity of our Quebec facility, especially with the expected addition of outdoor capacity, we believe this facility has the potential to add value and we continue to explore collaborations with companies who have established distribution channels and who are relying on the volatile wholesale market to fulfill their cultivation needs,” said Ryan Brown, the Company’s Executive Chairman and Interim CEO.  â€œManagement is encouraged by the amount of interest being shown for potential collaborations and will update shareholders when there are any material developments on this front.”

To date the Company has signed a letter of intent to supply product to a licensed distributor, and is actively negotiating additional supply contracts with other parties.  Securing these supply agreements is expected to provide the Company with further insight into revenue potential and operating capital required for its Quebec facility.  While the Company has initiated operations at its Quebec facility, currently the Company does not have sufficient working capital and financial resources to commercialize the full capacity of its Quebec facility.

Furthermore, in light of current market conditions, the Company is exploring options to extend its cash runway to further operations, including with respect to staffing decisions.

U.S. Operations

The Company also announces that it has signed a non-binding letter of intent to sell all the shares of its U.S. subsidiary, Bonfire Brands USA, Inc. (“BBUSA”), to an entity controlled by Mr. Justin Braune, the President of BBUSA.  The proposed transaction is expected to close on or before May 15, 2020, and would constitute a related-party transaction as defined in Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The proposed transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the shares of BBUSA proposed to be sold to the acquiror does not exceed 25% of the Company’s market capitalization.  This determination is based upon the fact that the value of the net assets of BBUSA is negligible as the assets acquired were, and continue to be, highly leveraged.  In light of the current market conditions, it is no longer economically viable for the Company to continue to try to sustain and develop these assets.

Under the terms of the proposed transaction, which remain subject to the negotiation of a definitive share purchase agreement and customary closing conditions and approvals, the acquiring party will become responsible for and guarantee all of BBUSA’s past and future liabilities and capital requirements, including all of the outstanding intercompany debts owed to NORTHBUD.  The acquiror will also retain rights to the name “Bonfire Brands” and the Company will no longer proceed with the change of name and symbol that was approved at the last shareholder meeting.  Final terms of the proposed transaction will be announced upon the signing of the definitive agreement.  

“The structure of this proposed transaction represents the furtherance of the Company’s previously-announced plan to remove its direct exposure to the U.S. cannabis sector in order to eliminate the increasing administrative and capital costs associated with such holdings.  Subject to the structuring of the definitive agreement, this proposed transaction would also significantly reduce dilution of shareholders of the Company by eliminating the need to issue additional shares of NORTHBUD related to the U.S. acquisitions,” said Ryan Brown, NORTHBUD’s Executive Chairman and Interim CEO.  “We look forward to the successful completion of this deal to divest our U.S. holdings, which will significantly improve the Company’s balance sheet and available cash flow, a key Company objective in light of the difficult economic climate brought on by Covid-19.”

About North Bud Farms Inc.

NORTHBUD owns and operates, through its subsidiaries, licensed cannabis facilities in Canada, California and Nevada. Bonfire Brands USA, the Company’s U.S. subsidiary, acquired cannabis production facilities in Salinas, California and Reno, Nevada in late 2019. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada facility, located on 3.2 acres of land, was acquired through the acquisition of Nevada Botanical Science, Inc., and includes a world-class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation space which holds medical and adult-use licenses for cultivation, extraction and distribution. Through its Canadian subsidiary, GrowPros MMP Inc., the Company built and owns a state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada. The Low, Quebec facility currently has 24,500 sq. ft. of licensed indoor cultivation space; the Company expects to submit its licence application to Health Canada for an additional 1,000,000 sq. ft. of outdoor cultivation space in the near future.

For more information visit: www.northbud.com.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, include but are not limited to those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management.

Forward-looking statements, including but not limited to, those regarding the timing of the Company’s filing of its year-end and quarterly financial statements, U.S. and Canadian strategies, the success of the Company’s licence application with Health Canada, the Company’s ability to close its proposed sale of BBUSA, the Company’s ability to execute its strategic plan, conditions in the cannabis market, the Company entering agreements in connection with the B2B supply of cannabis and the Company’s transition into a revenue-generating operational phase of development are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:

North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
[email protected]

NORTHBUD $NBUD.ca – Virtual 4/20: How the #Cannabis Industry Is Adapting Its Signature Holiday for Quarantine $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 9:30 PM on Monday, April 20th, 2020

SPONSOR: NORTHBUD (NBUD:CSE) Sustainable low cost, high quality cannabinoid production and procurement focusing on both bio-pharmaceutical development and Cannabinoid Infused Products. The company recently received Canadian Cultivation Licence for its Quebec Facility. Learn More.

Virtual 4/20: How the Cannabis Industry Is Adapting Its Signature Holiday for Quarantine

Dispensaries get creative, and celebrities join in, as gatherings give way to livestreams

  • Despite all the gloom facing society as 4/20 approaches, it’s predicted to be a massive sales day, contributing to what BDS Analytics thinks will be a 30% jump in retail cannabis sales this year to $17 billion.

  By T.L. Stanley Harvest House of Cannabis  

Many cannabis fans are as devoted to their unofficial holiday, April 20, as some people are to Christmas, Halloween or the Fourth of July. In recent years, as cannabis has grown in mainstream acceptance and legality, 4/20 has been marked with parties and concerts, stadium-sized festivals and pot versions of pub crawls.

But not this year, as the coronavirus response has blocked public gatherings, gutted the experiential industry, canceled nearly every major 4/20 event and substantially altered marketers’ approaches  to the day.

The celebrations will go on, though, as organizers pivot from real-world to virtual gatherings, lining up talent like Wiz Khalifa, Billy Ray Cyrus, Berner and Kid Astronaut for marathon live streams that revelers can watch from the safety of their couches.

Delivery services are prepped for heavy volume in the wake of a record-setting mid-March sales surge, and brands in the space are giving consumers quarantine-friendly ideas to replace their usual in-person meetups and smokeouts. “This is a chance for the cannabis community to model to the rest of the world how holidays should be handled during periods of social crisis.” —Steve DeAngelo, co-founder, Harborside dispensary

Dispensaries in states where they’re considered “essential businesses”—and therefore allowed to stay open, while following strict safety protocols and social distancing rules—are leaning into their curbside pickup and contactless delivery options. They’ll be trying to discourage exactly the kinds of crowds at their venues that they’ve actively fostered in the past.

Mainstream, non-cannabis brands that have latched onto the holiday with psychedelic stoner-cliched ads and memes may sit it out all together, similar to this year’s approach to April Fools’ Day, so as not to appear flip or insensitive (or simply wasteful with their resources) during the current pandemic and economic downturn.

All things considered, 4/20 is expected to shed some of the raucous overkill and “amateur night” feel of the recent past in favor of a more thoughtful, subdued vibe.  

“You don’t generally associate 4/20 with restraint,” says Steve DeAngelo, a longtime cannabis activist and co-founder of the Harborside dispensary chain in the Bay Area. “But this is a chance for the cannabis community to model to the rest of the world how holidays should be handled during periods of social crisis.”

Taking no chances, the mayor of San Francisco has publicly warned cannabis devotees not to travel to or gather in the famously open-minded destination, known for its 4/20 meet-ups in places like Golden Gate Park. “We will cite people. We will arrest people if necessary,” London Breed says in an Instagram video. And the Washington State Liquor and Cannabis Board sent out a list of do’s and don’ts to licensed businesses, telling them not to schedule events, hire food trucks or live bands or try in any way to attract large crowds.

Another green rush

Despite all the gloom facing society as 4/20 approaches, it’s predicted to be a massive sales day, contributing to what BDS Analytics thinks will be a 30% jump in retail cannabis sales this year to $17 billion. 

One of the previous high water marks for the industry was April 20, 2019, when recreational cannabis sales increased more than 100%, versus the prior week, in states like California, Colorado, Nevada and Washington, according to cannabis data firm Headset.

“Since 4/20 is on a Monday this year, the sales uptick could start over the weekend or maybe even mid-week,” says Liz Connors, Headset’s director of analytics.

Weedmaps, a national cannabis delivery platform, is girding for a second green rush, following the March spike in sales as stay-at-home mandates were announced. “Conservative estimates could very well put us around eight times the order volume over our baseline, and four to five times what we typically see on this holiday annually,” according to CMO Juanjo Feijoo.

Source: https://www.adweek.com/creativity/virtual-4-20-how-the-cannabis-industry-is-adapting-its-signature-holiday-for-quarantine/

NORTHBUD $NBUD.ca – Ontario online #pot orders hit high, keep steady amid coronavirus-related stockpiling $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 6:02 PM on Thursday, April 16th, 2020

SPONSOR: NORTHBUD (NBUD:CSE) Sustainable low cost, high quality cannabinoid production and procurement focusing on both bio-pharmaceutical development and Cannabinoid Infused Products. The company recently received Canadian Cultivation Licence for its Quebec Facility. Learn More.

Ontario online pot orders hit high, keep steady amid coronavirus-related stockpiling

  • Cannabis stockpiling in Ontario led to some heavy sales last month, and early signs show that the demand may be sticking around.
  • Data provided by the Ontario Cannabis Store showed daily online orders hovered in the mid-2,000 range for the first half of last month, tripling when Canada moved to restrict U.S. border access and spiking to a high of nearly 14,000 when Ontario announced pot shops would be a non-essential business, requiring their temporary closure.

Ontario online pot orders hit high, keep steady amid coronavirus-related stockpiling 

Cannabis stockpiling in Ontario led to some heavy sales last month, and early signs show that the demand may be sticking around. Data provided by the Ontario Cannabis Store showed daily online orders hovered in the mid-2,000 range for the first half of last month, tripling when Canada moved to restrict U.S. border access and spiking to a high of nearly 14,000 when Ontario announced pot shops would be a non-essential business, requiring their temporary closure. Two weeks later, daily sales have held steady around the 9,000 level, almost five times the amount made prior to the start of the pandemic. While it may be too early to really gauge how COVID-19 will impact legal cannabis sales over the long term, the OCS numbers provide a highly precise glimpse at how people are consuming cannabis during the pandemic.

Source: links.mkt2011.com/servlet/MailView?ms=MzIxMzM4MzQS1&r=MjU5OTkyNTIyMjg1S0&j=MTY4MzcwMDAwMwS2&mt=1&rt=0

North Bud Farms Fuels California Growth $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 6:23 PM on Wednesday, April 15th, 2020
  • Fueled its California growth with the execution of definitive agreements for a master lease, operations and royalty arrangement with an experienced California-licensed operator
  • To operate the licensed facilities at the Company’s Salinas, California farm
  • Significantly strengthens the Company’s facility operations while allowing the Company to increase its asset value

TORONTO, April 15, 2020 — North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company“) is pleased to announce that its U.S. subsidiary, Bonfire Brands USA Inc., has fueled its California growth with the execution of definitive agreements (the “Agreements”) for a master lease, operations and royalty arrangement with an experienced California-licensed operator (the “Cultivator”), to operate the licensed facilities at the Company’s Salinas, California farm.

Highlights of the California Deal

  • Partnering with a proven licensed cannabis cultivator who has been operating successfully in Salinas for several years;
  • Significantly strengthens the Company’s facility operations while allowing the Company to increase its asset value;
  • Reduces the Company’s capital expenditure requirements while still generating significant revenue and retaining a portion of the unlimited upside potential through a royalty agreement;
  • Builds EBITDA-positive operations; and
  • Access to a cost-efficient and reliable supply chain on which to build the Company’s branded product portfolio within the state of California.

Terms of the Agreement
As per the terms of the Agreements, the Cultivator will lease the Company’s Salinas farm for 5 years, with options to extend the lease for up to an additional 5 years, and Bonfire Brands USA Inc. will receive the following consideration:

  • Lease payments of USD$900,000 per year, with incremental increases if the Cultivator extends the lease beyond the initial 5 year term;
  • A royalty equal to 5% of the gross revenue generated by the Cultivator from its use of the Salinas farm; and
  • The right to acquire a significant portion of the product harvested each quarter on the farm by the Cultivator, at a 15% discount to market rate.

During the term of the Agreements, the Cultivator will be responsible for the costs of operating the farm, including but not limited to staffing, operations, repair, maintenance, licensing and compliance; moreover, the Cultivator is committed to funding and managing the build-out of up to an additional 230,000 sq. ft. of licensed cultivation space in order to maximize the revenue-generating potential of the property.

“We are very pleased to have concluded this deal as we partner with an established operator to build up our asset and to secure access to high-quality, low-cost cannabis,” said Justin Braune, President of Bonfire Brands USA. “This deal will allow the Company to immediately achieve EBITDA-positive operations at our largest facility without incurring significant capital investments. By retaining preferential purchasing terms, the Company can now focus on the success of its branded product lines, on the back of the estimated 40,000 pounds of production capacity that the Cultivator is expected to bring online over the next 24 months.”

About North Bud Farms Inc.
NORTHBUD owns and operates, through its subsidiaries, licensed cannabis facilities in Canada, California and Nevada. Bonfire Brands USA, the Company’s U.S. subsidiary, acquired cannabis production facilities in Salinas, California and Reno, Nevada in late 2019. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada facility, located on 3.2 acres of land, was acquired through the acquisition of Nevada Botanical Science, Inc., and includes a world-class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation space which holds medical and adult-use licenses for cultivation, extraction and distribution. Through its wholly-owned Canadian subsidiary, GrowPros MMP Inc., the Company built and owns a state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada. The Low, Quebec facility currently has 24,500 sq. ft. of licensed indoor cultivation space; the Company expects to submit its licence application to Health Canada for an additional 1,000,000 sq. ft. of outdoor cultivation space in the near future.

For more information visit: www.northbud.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-looking statements, include but are not limited to those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management.

Forward-looking statements, including but not limited to, the success of its arrangement with the Cultivator to lease and operate its Salinas farm, U.S. and Canadian strategies, the success of the Company’s licence application with Health Canada, the Company’s ability to execute its strategic plan, conditions in the cannabis market, the Company entering agreements in connection with the B2B supply of cannabis and the Company’s transition into a revenue-generating operational phase of development are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller
VP, IR & Communications
Office: (855) 628-3420 ext. 3
[email protected]           

NORTHBUD $NBUD.ca – #Cannabis stocks soar as other stocks tumble $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 9:31 AM on Thursday, March 26th, 2020

SPONSOR: NORTHBUD (NBUD:CSE) Sustainable low cost, high quality cannabinoid production and procurement focusing on both bio-pharmaceutical development and Cannabinoid Infused Products. The company recently received Canadian Cultivation Licence for its Quebec Facility. Learn More.

Cannabis stocks soar as other stocks tumble

  • Cannabis has gone from worst to first
  • Sales are sky high
  • Many states have deemed Cannabis essential
  • Many dispensaries offering curb side delivery

Source: https://www.cnbc.com/video/2020/03/25/cannabis-stocks-soar-as-other-stocks-tumble.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail

NORTHBUD $NBUD.ca – Growing Preference For #Edibles Over Smoking #Cannabis Projected To Drive Global Cannabis Edibles Market Growth $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 2:25 PM on Monday, March 23rd, 2020

SPONSOR: NORTHBUD (NBUD:CSE) Sustainable low cost, high quality cannabinoid production and procurement focusing on both bio-pharmaceutical development and Cannabinoid Infused Products. The company recently received Canadian Cultivation Licence for its Quebec Facility. Learn More.

Growing Preference For Edibles Over Smoking Cannabis Projected To Drive Global Cannabis Edibles Market Growth

  • Rising approval of recreational marijuana has surged the demand for legal cannabis
  • Thus, cannabis edibles are extensively approved in nations such as Canada, the US, Chile, Spain, Germany, Australia, and Israel

Cannabis edibles can be defined as food products that comprise cannabinoids and its spinoffs. Numerous cannabis edibles entail a considerable amount of cannabinoids that assist in decreasing anxiety and fatigue along with enhancing appetite. Also, cannabis edibles assist in improving relaxation & euphoria and are administered for recreational as well as medicinal reasons. The growing acceptance of cannabis is the key factor likely to drive the growth of the global cannabis edibles market during the forecast period.

Further, these products are deemed to be effective, safe, and have intoxicating & healing impacts of cannabis with no exposure to likely threats of cannabis smoking. Consequently, this is projected to boost the expansion of the global cannabis edibles market in the upcoming period. In addition, the rising usage of cannabis edibles in beverages, baked items, chocolates, candies, lozenges, and gummies are also anticipated to contribute to the expansion of the global cannabis edibles market. With the rising recognition of these products in the nations that are making cannabis legal for medicinal purposes, the cannabis edibles market is projected to register a substantial rate of growth during the near future.

Apart from this, the rising approval of recreational marijuana has surged the demand for legal cannabis. Thus, cannabis edibles are extensively approved in nations such as Canada, the US, Chile, Spain, Germany, Australia, and Israel. The cannabis industry has surfaced in recent times as a productive business domain with a huge prospect for market expansion and is driving the attention of several new merchants and giant financiers. This is owing to the rising social recognition of cannabis-infused edibles and recreational marijuana products around the world.

Further, this has not only elevated the revenues and sales of top firms but has also considerably contributed to the revenue of numerous governments. Also, merchants are observing a rise in the growth avenues in businesses entailing cannabis edibles like ice creams, chocolates, and brownies, thereby fueling the global of the global cannabis edibles market.

Nevertheless, several cannabis extracts utilized in the making of the cannabis edibles are inclined to confront judicial scrutiny and regulatory challenges in the coming period that might obstruct the expansion of the global cannabis edibles market. Nonetheless, the elevated usage of cannabis edibles to efficiently treat several conditions such as epilepsy, cancer, chronic pain, anorexia, arthritis, multiple sclerosis, Alzheimer’s, and nausea is anticipated to cancel out the impacts of numerous market hindrances. To cite, as announced on March 18, 2020, Clovr, a Kansas City-located cannabis manufacturing firm, has collaborated with Wana Brands, a cannabis edibles giant, to get edible products to the quickly flourishing and much-awaited Missouri market. Introduced in 2010, the Colorado brand already serves Oregon, Ohio, California, Illinois, Michigan, Arizona, Oklahoma, and now Missouri, with intentions to function in Florida and Maryland. Lately, Wana Brands also set up an international footmark, getting its items to the Canadian cannabis market via a licensing pact with Indiva Limited.   Source: https://cannabisindustrynews24.com/1491/growing-preference-for-edibles-over-smoking-cannabis-projected-to-drive-global-cannabis-edibles-market-growth/

NORTHBUD $NBUD.ca – Amid #coronavirus, Canadian #cannabis stores see ‘unprecedented’ sales surge $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 1:40 PM on Tuesday, March 17th, 2020

SPONSOR: NORTHBUD (NBUD:CSE) Sustainable low cost, high quality cannabinoid production and procurement focusing on both bio-pharmaceutical development and Cannabinoid Infused Products. The company recently received Canadian Cultivation Licence for its Quebec Facility. Learn More.

Amid coronavirus, Canadian cannabis stores see ‘unprecedented’ sales surge

By Matt Lamers

  • Cannabis stores in Ontario and Alberta reported “unprecedented demand” as the country hunkers down to fight a worsening coronavirus outbreak, industry sources say

Executives told Marijuana Business Daily there is no threat to supply chains at this time, and safety measures have been put into place for employees and consumers.

Spiritleaf CEO Darren Bondar said his 46 stores “experienced an unprecedented demand for cannabis over the weekend with sales up 20% over the previous one and a record number of customers served.

“The supply chain remains in place, stores are stocked and we have seen an uptick in edible purchases.”

Spiritleaf is encouraging online ordering via click-and-collect programs in British Columbia, Alberta and Ontario.

In most of Canada, provinces retain monopolies over cannabis e-commerce with delivery. The click-and-collect program allows privately owned stores to take payment online so customers can pick up their orders in stores.

Ontario up 80%

Sales surged week-over-week at Ontario’s monopoly online cannabis store, but some of that increased demand is attributable to lower prices.

The government-owned store aggressively dropped prices on some products as part of an ongoing drive to improve competitiveness.

Mike Ravkine, who operates the popular price-tracking and inventory tool WhatsMyPot, recorded significant price drops at the Ontario Cannabis Store.

“The last three days have seen a marked increase in volume in sales on OCS.ca and a high demand for our same day/next day delivery option where it is available,” Daffyd Roderick, OCS communications director, wrote in an email to Marijuana Business Daily.

“Some authorized retail stores are also reporting an increase in customer volume. Saturday saw almost 3,000 orders, an 80% increase over an average Saturday.”

The OCS’ 4,000 orders Sunday represent a 100% increase from the previous week, officials told MJBizDaily.

Roderick said the OCS has sufficient inventory to meet demand.

“We are working closely with our partners and currently delivering and receiving as per our normal schedule,” he said.

Physical stores in Ontario are also seeing an increase in orders, noted Sessions Cannabis CEO Steven Fry.

“Not unlike major grocery retailers, Sessions Cannabis has seen a significant increase in sales this week due to growing concerns regarding COVID-19 social distancing protocols,” he wrote in an email.

Compared to the previous week, Fry said the Sessions on the Beach location in Toronto saw approximately:

  • A 10% more transactions per day.
  • A 10% increase in dollars spent per transaction.
  • A 21% overall sales growth.

B.C. ‘steady’

British Columbia’s online monopoly BC Cannabis Stores has not seen any new sales trends.

A spokesperson for the BC Liquor Distribution Branch (BCLDB), which operates the store as well as the province’s cannabis wholesale system, said there has been no change in sales online.

The BCLDB spokesperson also said sales on the wholesale side remain “very flat, steady.”

Alberta Cannabis, the only legal online store in the province, said it is not sharing any information.

Quebec bump

Quebec’s monopoly online store also saw increased sales.

Société québécoise du cannabis (SQDC), which is also the wholesaler for the province, said its website remains “fully functional and parcels are still being delivered.”

“Indeed, we have seen an increase in sales over the last days,” spokesman Fabrice Giguere wrote in an email to MJBizDaily.

Giguere said inventory levels, both online and in stores, are stable.

“We invite all customers returning from a trip abroad or who experience flu-like symptoms to do their shopping directly online,” he noted.

Safety first

Physical cannabis stores are taking measures to increase the health and safety of customers and employees to support social distancing.

“Sessions Cannabis is taking extra measures to ensure the safety of our customers and staff through increased cleaning and sanitation measures and we will continue to monitor the situation to ensure a safe shopping experience,” Fry said.

Bondar said Spiritleaf continues to follow all advice and government guidelines.

“All surfaces, door handles and employee stations are being sanitized throughout the workday to maintain a clean, safe environment for all of us,” he said.

“We encourage customers to check on store hours in the event that they may change to accommodate various staff members’ needs to take care of family members or who are returning from vacation and in self-isolation, which has been happening at a few locations across the country.

Source: https://mjbizdaily.com/amid-coronavirus-canadian-cannabis-stores-see-unprecedented-sales-surge/

North Bud Farms $NBUD.ca Receives Canadian Cultivation Licence for its Quebec Facility $CGC $ACB $APH $CRON.ca $OGI.ca

Posted by AGORACOM-JC at 9:32 AM on Monday, March 16th, 2020
  • Received its standard cultivation licence from Health Canada for 24,500 sq. ft. of indoor cannabis cultivation space at its purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec
  • Receipt of this licence allows the Company to proceed with phase one (indoor cultivation) at its Quebec Facility.
  • Company will soon be filing an amendment application with Health Canada to licence an additional 1,000,000 sq. ft. of outdoor cultivation space

TORONTO, March 16, 2020 – North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (“NORTHBUD” or the “Company“) is pleased to announce that its wholly-owned subsidiary, GrowPros MMP Inc., has received its standard cultivation licence from Health Canada for 24,500 sq. ft. of indoor cannabis cultivation space at its purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec (the “Quebec Facility”).  The receipt of this licence allows the Company to proceed with phase one (indoor cultivation) at its Quebec Facility.

Highlights:

  • Cultivation is expected to begin shortly with the first four months focused on establishing an inventory of mother plants and clones in preparation for the outdoor growing season that begins in late June;
  • The Company will soon be filing an amendment application with Health Canada to licence an additional 1,000,000 sq. ft. of outdoor cultivation space, which it hopes will be approved in the second quarter of 2020.  Operationalizing the outdoor cultivation space represents phase two of the Company’s strategy for its Quebec Facility;
  • The Company expects the operation of the Quebec Facility to create approximately 25 local jobs in the Gatineau Valley region of Quebec; and
  • Upon full operation of both the indoor and expected outdoor cultivation space at the Quebec Facility, the annual production is estimated to be up to 20,000,000 grams per year.

“We are extremely excited about this announcement as it represents another significant step forward in NORTHBUD’s strategy to assemble a portfolio of cost-efficient cultivation facilities located in strategic jurisdictions,” said Sean Homuth, CEO of NORTHBUD.  “The receipt of our Canadian licence now gives us active licensed facilities in California, Nevada and Canada, three of the largest and most important recreational cannabis markets in the world.  These facilities will be used for the production of NORTHBUD branded cannabis products to be sold in all three of those key jurisdictions.”

“I would like to thank our shareholders for their support over the past 18 months, as well as our team for their hard work and dedication, particularly the work of Magda Farid, our Vice President of Compliance and Quality Assurance, and Kyle Foley, our Head of Facilities Management, both of whom have been instrumental in achieving this milestone,” said Ryan Brown, Executive Chairman of NORTHBUD and CEO of GrowPros MMP Inc.  â€œWe are very proud to be the second licensed producer in the Outaouais region of Quebec.  The culmination of this project is not only important for the Company but also for the economy of the local town of Venosta, Quebec, and we look forward to strengthening our relationship with our local community as we move into the operational phase with the Quebec Facility.”

Board of Director Change 
Effective March 9, 2020, Michael Saxon has resigned from the Company’s Board of Directors due to requirements related to his new employment elsewhere.  

“I want to sincerely thank Michael for his direction and guidance since the inception of the Company and wish him well with his new role and future endeavors,” said Ryan Brown, Executive Chairman.

About North Bud Farms Inc.
North Bud Farms Inc. owns and operates, through its subsidiaries, licensed cannabis facilities in Canada, California and Nevada.  Bonfire Brands USA, the Company’s U.S. subsidiary, acquired cannabis production facilities in Salinas, California and Reno, Nevada in late 2019. The Salinas, California 11-acre farm is actively cultivating cannabis in its 60,000 sq. ft. of licensed greenhouse production space. The Reno, Nevada facility, located on 3.2 acres of land, was acquired through the acquisition of Nevada Botanical Science, Inc., and includes a world-class cannabis production, research and development facility with 5,000 sq. ft. of indoor cultivation space which holds medical and adult-use licenses for cultivation, extraction and distribution.  Through its wholly-owned Canadian subsidiary, GrowPros MMP Inc., the Company built and owns a state-of-the-art purpose-built cannabis production facility located on 135 acres of agricultural land in Low, Quebec, Canada.  The Low, Quebec facility currently has 24,500 sq. ft. of licensed indoor cultivation space; the Company expects to submit its licence application to Health Canada for an additional 1,000,000 sq. ft. of outdoor cultivation space in the near future.

For more information visit: www.northbud.com

Neither the Canadian Securities Exchange (the “CSE“) nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements
Certain statements and information included in this press release that, to the extent they are not historical fact, constitute forward-looking information or statements (collectively, “forward-looking statements”) within the meaning of applicable securities legislation.  Forward-looking statements, include but are not limited to those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management.

Forward-looking statements, including but not limited to, the status of any of the Company’s current or future licence applications with Health Canada under the Cannabis Act, the Company’s ability to execute its strategic plan, conditions in the cannabis market, the Company entering agreements in connection with the B2B supply of cannabis and the Company’s transition into a revenue-generating operational phase of development are based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.  Such risks and uncertainties include, among others, the risk factors included in the Company’s final long form prospectus dated August 21, 2018, which is available under the Company’s SEDAR profile at www.sedar.com. Accordingly, readers should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking statements to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company.

FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
North Bud Farms Inc.
Edward Miller 
VP, IR & Communications
Office: (855) 628-3420 ext. 3
[email protected]