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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Signs LOI, Plans to Operate California Cannabis Cultivation Facility

Company: Sugarmade Inc. (SGMD)
Category: News

Sugarmade Inc. (OTCQB: SGMD), a leading, multidivisional/multiproduct/multisector supply company announced it has signed a nonbinding letter of intent (“LOI”) to negotiate a definitive lease agreement granting access to an estimated 40 acres of property located in North California. The LOI is with LMK Capital LLC. SGMD announced that it plans to allocate five acres of the parcel for the operation of a licensed, regulated cannabis cultivation company. Sugarmade has other cannabis interests. The company currently owns a 40% stake in BudCars, a cannabis delivery company operating in the San Francisco area; the company also has an option to increase that share to 30%. Sugarmade estimates the five acres under negotiation could produce as much as 8,000 pounds (or more than 3,628,700 grams) of cannabis flower per year. “We continue to take strategic steps toward broadening our exposure to the growth trend in the cannabis market,” said Sugarmade CEO Jimmy Chan. “We see this as a secular growth trend that is still very much in its early innings. And we believe our positioning in California puts us close to the current epicenter of that trend. In addition, we are committed to increasing verticalization of operations as a context for our investment in the BudCars cannabis delivery business. If we are able to finalize the lease, we expect that this could drive a substantial widening of margins on the growing volume of BudCars sales.”

To view the full press release, visit https://www.cnw.fm/fecfd

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. SGMD sees opportunities in business operations that combine the best areas of on-demand consumer distribution with certain areas of synergistic manufacturing and packaging to create a business model that capitalizes on the many changes in the cannabis industry. The company has made agreements with several market participants, which will be announced in 2020. The company views these opportunities as scalable and capable of producing strong revenue growth. For more information, see the company’s website at 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

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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