Sugarbud Announces Extension of Warrant Term

Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.DB) ("

Sugarbud

" or the "

Company

") announces that the Company has submitted an application to the TSX Venture Exchange ("

TSXV

") to approve the extension of the expiry date of 18,500,000 outstanding common share purchase warrants of the Company issued on November 18, 2019 (the “

2019 Private Placement Warrants

”), and 16,272,075 outstanding common share purchase warrants of the Company issued on December 20, 2019 (the “

2019 Rights Offering Warrants

”, and collectively with the 2019 Private Placement Warrants, the “

Warrants

”). The 2019 Private Placement Warrants and the 2019 Rights Offering Warrants were set to expire on November 18, 2021 and December 20, 2021, respectively. Under the updated terms of the warrant agreement, each Warrant would entitle the holder thereof to subscribe for one common share at an exercise price of $0.10 any time prior to September 14, 2023. Aside from the extension of the expiry date, all other terms of the Warrants will remain unchanged.

The Company believes that the extension of the expiry date of the Warrants is reasonable and necessary in the context of the market, as it increases the likelihood that the Company will be financed through the exercise of the Warrants. The decision to extend the expiry date of the Warrants was unanimously approved by the board of directors of the Company.

The warrant term extension remains subject to approval from the TSXV.

About Sugarbud

Sugarbud is a federally licensed Alberta based craft cannabis company, focused on the cultivation and production of genetically diverse, high quality, select-batch, ultra-premium cannabis products.

http://www.sugarbud.ca/

John Kondrosky Chief Executive Officer Sugarbud Craft Growers Corp. Phone: [phone] E-mail: [e-mail]

Investor Relations Contact Chris Moulson, CFO Tel: [phone]E-mail: [e-mail]

Website: http://www.sugarbud.ca/

Address: Suite 620, 634 - 6th Avenue S.W., Calgary, Alberta T2P 0S4

Cautionary Statement Regarding Forward-Looking Information

Certain statements contained in this press release may constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “proposed” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. Such forward-looking information is subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Various assumptions or factors are typically applied in drawing conclusions or making the forecast or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.