Sugarmade (OTCQB: SGMD) today issued a letter to its shareholders as it continues to steer the company into what it hopes will be a leadership role in the rapidly growing cannabis marketplace as a vertically integrated farm-to-door solution for cannabis consumers. According to the update, 2020 was a landmark year for Sugarmade as it established, through its investment in Budcars, a distinct and increasingly vertical model for delivering top cannabis-based products to a growing marketplace. Sugarmade believes this marketplace remains under supplied and inconsistently accessible for consumers looking for reliable quality and greater convenience, and the company continues to expand its reach. In addition, Sugarmade continues to verticalize its model, creating a full farm-to-door structure intended to produce high-quality branded cannabis products positioned in a vertical in-house supply chain. “With our vertical vision coming together, our advantageous brand development positioning, and an increasingly promising macro context, we are very excited about the year in front of us,” SGMD CEO Jimmy Chan states in the letter.
To view the full press release, visit https://www.cnw.fm/GvZd8
About Sugarmade Inc.
Sugarmade is involved in two main business areas: (i) the supply of consumable products to the quick-service sub-sector of the restaurant industry, and as an importer of non-medical personal protection equipment to business and consumers, and (ii) as an investor in the Budcars licensed cannabis delivery service brand and as an equity owner in Budcars’ first operating location in Sacramento, California. During early 2020, the company gained a 40% stake in the Budcars and in the Sacramento delivery operations by acquiring a 40% stake in Indigo Dye Group (“Indigo”). Under the terms of the agreement with Indigo, Sugarmade acquired an option to purchase an additional 30% interest in Budcars, upon which will provide the company with a controlling interest. As of the date hereof, the option has not yet been exercised and the company’s stake in Budcars remains at 40%. For more information, visit www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SUGAR
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