- SGMD enters into a definitive agreement designed to expand its cannabis delivery footprint
- Company inks deal to establish a minority stake in an expanding reservation-only restaurant brand that includes private event space offering cannabis consumption
- Sugarmade also partners with BHG to be first-choice cannabis provider
The cannabis space is known for its competition, but Sugarmade (OTC: SGMD), an emerging leader in the sector, has distinguished itself by its smart, creative decisions. Sugarmade has once again showed its expertise in savvy business strategy by announcing plans to establish a new hub for cannabis delivery and partnering with an expanding reservation-only restaurant brand with an adjacent private event space that offers cannabis consumption (https://cnw.fm/q3HzS).
Last month Sugarmade entered into a definitive agreement designed to expand its cannabis delivery footprint. The agreement established SGMD’s majority ownership in a fully licensed new Hollywood cannabis delivery hub located on the world-famous Sunset Strip. Based on the agreement, the company will receive 100% of all profits from the new delivery hub until it has made back its capital investment; following that, Sugarmade will receive 51% of profits.
The new cannabis retail distribution hub will offer delivery to the affluent neighborhoods of the West Hollywood Hills. “This investment lands us on the ground floor of a new concept for cannabis distribution in the world’s biggest cannabis marketplace,” said Sugarmade CEO Jimmy Chan.
In addition to the cannabis delivery agreement, Sugarmade also inked a deal to establish a minority stake in an expanding reservation-only restaurant brand with a unique feature: the establishment includes an adjacent private event space that offers cannabis consumption. The restaurant is also located on Sunset Strip.
In addition, the company partnered with Boulevard Hospitality Group, which is best known for operating Yamashiro, an iconic Hollywood Hills restaurant that is more than a century old. This collaboration calls for Sugarmade to be the first-choice provider of cannabis as BHG explores opportunities to open cannabis-only venues.
“Through these agreements, we are simultaneously adding a new cannabis end market with future growth potential, doubling our delivery coverage in the LA metro area, and creating a new and more diversified revenue profile,” said Chan. “We believe all of these steps represent strong potential drivers for shareholder value.”
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush, NUG Avenue and Lemon Glow.
For more information, visit 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/SGMD
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.
To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Do you have questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire is part of the InvestorBrandNetwork.