NEW YORK, Sept. 30, 2020 (GLOBE NEWSWIRE) — via NetworkWire – Sugarmade, Inc. (OTCMKTS:SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce that the Company has entered into a lease agreement with LMK Capital, LLC (“LMK”) for 5 acres of cropland in Northern California (the “Property”) that is zoned for cannabis cultivation. Jimmy Chan, Sugarmade’s chairman of the board, chief executive officer, chief financial officer and majority stockholder, is also majority owner of LMK.
Sugarmade intends to establish and operate a licensed cannabis production business capable of producing as much as 3.6 million grams of high-quality cannabis flower per year. The Company intends to market the cannabis through various distributors as both white-label and branded cannabis products, including through BudCars Cannabis Delivery Service (“BudCars”), a rapidly growing California cannabis delivery company, in which Sugarmade owns a 40% stake with the option to acquire an additional 30%.
The process of obtaining cannabis cultivation licensing for the Property has commenced, with the Company now preparing archaeological and biological surveys and assembling documentation related to the architectural and engineering plans for construction of greenhouses and a processing building. The full package has yet to be submitted, but management is in close communication with the County and County representatives have been very helpful with the process.
Chan commented, “We believe we have all of the strategic pieces in place to capitalize on cultivation, with the market currently chronically undersupplied. We also have relationships in place, especially through our BudCars investment, to hit the ground running on the branded products side, driving strong margins up and down the chain.”
About Sugarmade, Inc.
Sugarmade, Inc. (OTCMKTS: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™ and Budcars.com. For more information please reference www.Sugarmade.com.
FORWARD-LOOKING STATEMENTS: This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management’s current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “would,” “could,” “will” and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company’s actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others. such as, but not limited to economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements.
Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.