Sugarbud Starts Trading On OTCQB Venture Market, Issues 12.8M Stock Options

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© Provided by BenzingaSugarbud Craft Growers Corp. (TSXV: SUGR) (OTCQB: SBUDF) announced Tuesday its shares have been upgraded from the OTC Pink Open Market to the OTCQB Venture Market effective Tuesday.

The Alberta-based boutique craft cannabis company confirmed it has received authorization by FINRA for quotation in the U.S.

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It will also stay listed on the TSX Venture Exchange under the ticker symbol “SUGR,” while on the OTCQB it will trade under the ticker symbol “SBUDF.”

“Being quoted on the OTCQB market will significantly enhance our visibility and make the company accessible to a much broader range of U.S. investors,” Sugarbud CEO John Kondrosky said in a statement.

“The quotation on the OTCQB market is expected to increase liquidity by providing current and potential investors with a transparent and easily accessible trading platform where they can find real-time quotes and market information on the company.”

In addition, Sugarbud reported it has provided 12.8 million stock options to specific directors, officers and advisors. The options are set to expire in five years from the date of the issuance and carry an exercisable price of .05 cents per share. 

Furthermore, the company has also signed shares for services agreements with certain directors and an advisor of the company, under which Sugarbud is supposed to issue 2.65 million shares with a price of $0.05 per share in “satisfaction of accrued portions of the cash retainers owing to such persons in the aggregate amount of $132,500.”

The issued shares in relation to the transaction will account for around 0.47% of the issued and outstanding shares of the company.

Photo by Ryan Lange on Unsplash

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