- Nug Avenue has picked up more than 10,000 new unique members as of the end of June, significantly exceeding initial projections
- Sugarmade has opened an escrow account for the purpose of acquiring property in California to be used for delivery hub
- SGMD has taken steps toward making an offer on licenses for the state of Oregon
A growing cannabis delivery service, new commercial licenses and expansion into Oregon were highlights of a recent update provided by Sugarmade (OTC: SGMD). The emerging leader in the vertically integrated California cannabis marketplace released an update for current and prospective shareholders containing details of these key milestones in the company’s strategic plan (https://cnw.fm/Yyl1Q).
“Sugarmade. . . is pleased to update current and prospective shareholders on the Company’s growing Nug Avenue operations, as well as further strides toward verticalizing its model through the acquisition of California cannabis licenses and potentially establishing commercial operations in the cannabis delivery market outside of the state of California,” the report stated.
“We continue to make tangible strides toward a vertically integrated model,” noted Sugarmade CEO Jimmy Chan. “Our long-term strategic vision is to establish the capacity to control all aspects of production, supply, manufacturing, packaging, distribution and delivery — to become a true ‘farm-to-door’ cannabis company. This vision should provide for better unit economics, margin growth and gains in product quality and customer satisfaction. Organic brand growth, property acquisition, licensing and geographic expansion are all important steps toward achieving that vision for Sugarmade and its shareholders.”
Regarding Nug Avenue, the report noted that the company had established its initial Nug Avenue cannabis delivery operation in March 2021. Since that official launch, the operation has grown substantially, picking up more than 10,000 new unique members as of the end of June, a number that significantly exceeded the company’s internal projections.
“We will have more details on Nug Avenue performance soon, but we wanted to report our strong progress and let our shareholders know that we are quickly establishing a brand presence in the Los Angeles cannabis delivery market at our first location, which should carry over to help in establishing rapid customer growth in new locations as we expand,” noted Chan.
As for commercializing new licenses, the update reported that Sugarmade has officially opened an escrow account for the purpose of acquiring property. The company plans to use the property for one of three new non-storefront California cannabis licenses it is in the process of acquiring.
In June 2021, Sugarmade announced that it had signed a memorandum of understanding to obtain three non-storefront California cannabis licenses from the Los Angeles Department of Cannabis Regulation, along with corresponding licenses from the California Bureau of Cannabis Control, which collectively provide the licensing foundation for the opening of three new Nug Avenue cannabis delivery hubs in the Los Angeles metro area.
Finally, the update reported that the company has taken steps toward making an offer on licenses for the state of Oregon; purchase of property may or may not include a real estate purchase in the process. “This is a step toward potentially establishing cannabis delivery operations in Oregon,” the update stated. “The Oregon recreational cannabis market is one of the largest and fastest-growing in the country, with total sales expected to top $1 billion this year.”
Sugarmade has reached out to local service providers to move this expansion process forward, with further details expected to be released soon.
Sugarmade Inc. is a product and branding marketing company investing in operations and technologies with disruptive potential. In addition to its financial interest in the BudCars brand, SGMD’s brand portfolio includes NUG Avenue, CarryOutsupplies.com and SugarRush.
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
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