Cannabis Stock News - The BC Bud Co (CSE: BCBC) Provides Letter to Shareholders
Vancouver, British Columbia - September 13, 2022 (Newsfile Corp.) (Investorideas.com Newswire) The BC Bud Corporation (CSE: BCBC) ("The BC Bud Co" or the "Company"), a house of high-quality cannabis brands based out of British Columbia, Canada, provides a letter to its shareholders as follows:
Dear Fellow Shareholders,
Thank you all for taking a moment to read this letter. The BC Bud Co has made substantial progress on all fronts, and wishes to provide the following review of accomplishments over the last nine months.
Our team has worked diligently to launch and distribute dried flower and pre-roll products in British Columbia, Saskatchewan, Manitoba, Ontario and the Yukon Territory, growing The BC Bud Co's market penetration to approximately 500 licensed retail stores in the five provinces.
To date we have successfully listed and distributed 21 SKU's with more in the pipeline to be introduced by Q4 2022.
In May this year, we launched our dried flower cultivar HHH in 3.5 g and 1 g pre-rolls, which have sold over 10,000 units to date. Concurrently we also launched our first live resin vape cartridge and Solventless product, Apricot Kush. Following up the success of Apricot Kush, we introduced our second live resin vape cartridge, Tea Cup, in July.
But this is just the beginning. We are thrilled to be teaming up with Cake & Caviar for an exclusive collaboration to bring to market a live rosin product in British Columbia this fall. Also, with Cake & Caviar, we will be introducing a single source, infused pre-roll project.
We have a pipeline of products debuting this fall, including Canna Beans (edible decaf chocolate-covered coffee beans) and Canna Almonds, which are expected to hit the shelves in British Columbia, Saskatchewan and Ontario in the fall. Also coming to British Columbia and Saskatchewan will be the entry of live resin vape cartridges. We have over 10 additional SKU's in application for the fall in multiple provinces.
We appreciate that our partnerships with the best small-batch cannabis cultivators offer us significant opportunity to continue to grow. Consequentially, we are launching a new "Not an LP" brand, partnering with micro-cultivators across BC to bring high quality, large format flower at competitive prices.
As we continue to grow The BC Bud Co, our commitment to upholding the reputation associated with high-end cannabis harvested in British Columbia remains paramount. To this point, we are in the final stages of negotiating the engagement of an experienced sales agency which will increase our brand representation as well as sales and distribution into our current markets, including entry into Alberta, Quebec and the Maritimes. We expect to finalize and announce the details this fall.
"Our goal remains to be committed to bringing consumers high-end, artisanal quality products from our trusted brands to the discriminating cannabis connoisseur. We will continue to follow through on our promise." - Josh Taylor, President
A Note From Our CEO
"I would like to start by thanking each and every shareholder for their continued support. I am incredibly impressed with the progress we have made, and I'm excited about the future of our business. This fall will mark the 4th year of legal cannabis in Canada, and while many of the pioneers of the space have already left it, it is becoming more inclusive and we think there is room for everyone to participate in the new legal, regulated framework. While challenges continue throughout our industry, we are optimistic and excited to be a part of the success of regulated cannabis in Canada - it is still very early days." - Brayden Sutton, CEO
Creating Legacy - Team Additions
We recognize that to grow we need to bring on an experienced, dedicated team. We have made incredible strides and couldn't be more proud of the team we've assembled.
At the end of 2021, we added Ms. Emily Graham as Chief Financial Officer. Emily's over 20 years' experience working with public companies had been a huge asset to the team. She has provided strategic support in all areas of our business over the last nine months.
And recently, we announced the appointment of Brian Taylor to our Board of Directors. Brian is a long-established medical cannabis activist and politician in British Columbia, currently the Mayor of Grand Forks, BC. He formed the British Columbia Marijuana Party in 1996, served as its leader and has been instrumental on many cannabis initiatives for over four decades. His commitment to the BC cannabis industry aligns with our vision that cannabis from British Columbia remains the best of the best.
While the landscape continues to face tightening and challenges, there are several accretive M&A targets that the company has identified for potential acquisitions in various stages of negotiations. We feel that the market is very close to a long-term 'bottom' and as such we expect to be able to act on some of these opportunities in the very near future - once it makes sense for our shareholders to do so. We look forward to updates on this front very soon.
Despite recent unstable market conditions impacting many sectors, cannabis included, we remain positive about the future and believe that we are well positioned to weather the storm. The BC Bud Co's unmatched competitive advantage lies in our low-cost, efficient licensing model which lifts-up local cultivators and processors without the burdensome overhead of carrying cost-intensive indoor cultivation infrastructure.
We recently announced our Q1 financial and operational results for the quarter that ended May 31st, 2022. Below is a summary. I invite shareholders to find the complete financial statements on SEDAR.
- For Q1 2022, BC Bud Co. reported gross revenues of $324,837, our first quarter with cannabis sales related revenue.
- Cash position of $740,294, compared to $305,130 for the same period of 2021.
On behalf of the entire The BC Bud Co. leadership team, I would like to thank you again for your continued support. We are confident that our expertise, increasing product offerings, and partnerships will continue to build on the foundation of continuing to bring high-end BC cannabis to consumers.
About The BC Bud Co
The BC Bud Co is a house of brands created by industry professionals who are passionate about the user experience and the ever-changing consumer demands. Founder-led and based in British Columbia; we take the heritage of BC Bud seriously.
Brayden Sutton, CEO
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. 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.
Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
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.
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