Interesting that INOH would tweet this!
Sugarmade in Acquisition Negotiations to Create the Largest Publically Traded Cannabis Industry Supply Company
PR Newswire
PR NewswireNovember 1, 2017
CITY OF INDUSTRY, California, November 1, 2017 /PRNewswire/ --
Sugarmade, Inc. (SGMD), today announces a realignment of its business direction and outlines negotiations currently underway to significantly expand its business operations within the fast growing cannabis sector. The Company had entered into late stage negotiations with two companies regarding possible acquisition or merger and has entered into other discussions with potential financing sources to facilitate these transactions.
"We are especially excited because the cannabis-related acquisition will be highly accretive to share value for current holders of Sugarmade. With California legalization of cannabis only about 60 days away, we are very pleased to be expanding our operations in several different ways," commented Jimmy Chan, CEO of Sugarmade. "The successful completion of this acquisition will make Sugarmade one of the largest, if not the largest, publically traded supplier to the hype-growth cannabis sector. We have already begun to make an impact on the sector through the pending introduction of BudLife™, the world's first patented storage containers for long-term cannabis storage."
Sugarmade is in late stage acquisition negotiations with a major distributor of cannabis cultivation and hydroponic supplies. Under the framework of the current negotiations, Sugarmade would acquire this privately-held entity through a combination of cash and Company common shares, with Sugarmade being the surviving entity. This distributor is currently producing in excess of $30 million per year in revenues, is growing rapidly, and is profitable.
Sugarmade will be changing its corporate strategic direction toward e-commerce marketing of innovative and disruptive brands. Over the past two years, the Company has increasingly turned toward online marketing for generation of its revenues. The CarryOutSupplies brand has grown its web presence very significantly with management holding the belief that online and e-commerce sales for its custom and generic paper products for the quick service restaurant industry will continue to expand.
Sugarmade is also in late stage acquisition negotiations with an importer of custom vanities and fixtures. This entity is a significant supplier to a major home improvement retailer and produces revenues in excess of $30 million per year. Under the framework of the current negotiations, the Company would acquire this privately held entity through a combination of cash and Company common shares. Management of Sugarmade believes there could be significant cost synergies relative to international importation, logistics, warehousing, shipping, and back office functions that can be gained through this acquisition. Sugarmade's management believes this acquisition would be highly accretive and beneficial to Sugarmade shareholders.
Sugarmade filed an important disclosure with the U.S. Securities & Exchange Commission concerning these events. The filing can be seen at: https://www.sec.gov/Archives/edgar/data/91917...027_8k.htm
About Sugarmade, Inc. (OTCQB: SGMD)
Sugarmade, Inc. is an E-commerce oriented product and brand marketing company investing in products and brands with disruptive potential. Sugarmade is a party to a license with Huy Fong Foods, Inc. and has an agreement with Huy Fong Foods, Inc. to use the licensed marks for the limited products and purposes permitted by the license. Seasoning Stix are protected by three issued U.S. patents, which are utilized by Sugarmade under agreement from Wyoming-based, Seasoning Stixs International, LLC. For more information on the Company's products, please visit http://www.Sugarmade.com. Information on Sriracha Seasoning Stix can be viewed at http://www.SrirachaStix.com. Information on Huy Fong Foods, Inc. can be view at http://www.huyfong.com.
About Sound Decisions
Sugarmade in Acquisition Negotiations to Create the Largest Publically Traded Cannabis Industry Supply Company
PR Newswire
PR NewswireNovember 1, 2017
CITY OF INDUSTRY, California, November 1, 2017 /PRNewswire/ --
Sugarmade, Inc. (SGMD), today announces a realignment of its business direction and outlines negotiations currently underway to significantly expand its business operations within the fast growing cannabis sector. The Company had entered into late stage negotiations with two companies regarding possible acquisition or merger and has entered into other discussions with potential financing sources to facilitate these transactions.
"We are especially excited because the cannabis-related acquisition will be highly accretive to share value for current holders of Sugarmade. With California legalization of cannabis only about 60 days away, we are very pleased to be expanding our operations in several different ways," commented Jimmy Chan, CEO of Sugarmade. "The successful completion of this acquisition will make Sugarmade one of the largest, if not the largest, publically traded supplier to the hype-growth cannabis sector. We have already begun to make an impact on the sector through the pending introduction of BudLife™, the world's first patented storage containers for long-term cannabis storage."
Sugarmade is in late stage acquisition negotiations with a major distributor of cannabis cultivation and hydroponic supplies. Under the framework of the current negotiations, Sugarmade would acquire this privately-held entity through a combination of cash and Company common shares, with Sugarmade being the surviving entity. This distributor is currently producing in excess of $30 million per year in revenues, is growing rapidly, and is profitable.
Sugarmade will be changing its corporate strategic direction toward e-commerce marketing of innovative and disruptive brands. Over the past two years, the Company has increasingly turned toward online marketing for generation of its revenues. The CarryOutSupplies brand has grown its web presence very significantly with management holding the belief that online and e-commerce sales for its custom and generic paper products for the quick service restaurant industry will continue to expand.
Sugarmade is also in late stage acquisition negotiations with an importer of custom vanities and fixtures. This entity is a significant supplier to a major home improvement retailer and produces revenues in excess of $30 million per year. Under the framework of the current negotiations, the Company would acquire this privately held entity through a combination of cash and Company common shares. Management of Sugarmade believes there could be significant cost synergies relative to international importation, logistics, warehousing, shipping, and back office functions that can be gained through this acquisition. Sugarmade's management believes this acquisition would be highly accretive and beneficial to Sugarmade shareholders.
Sugarmade filed an important disclosure with the U.S. Securities & Exchange Commission concerning these events. The filing can be seen at: https://www.sec.gov/Archives/edgar/data/91917...027_8k.htm
About Sugarmade, Inc. (OTCQB: SGMD)
Sugarmade, Inc. is an E-commerce oriented product and brand marketing company investing in products and brands with disruptive potential. Sugarmade is a party to a license with Huy Fong Foods, Inc. and has an agreement with Huy Fong Foods, Inc. to use the licensed marks for the limited products and purposes permitted by the license. Seasoning Stix are protected by three issued U.S. patents, which are utilized by Sugarmade under agreement from Wyoming-based, Seasoning Stixs International, LLC. For more information on the Company's products, please visit http://www.Sugarmade.com. Information on Sriracha Seasoning Stix can be viewed at http://www.SrirachaStix.com. Information on Huy Fong Foods, Inc. can be view at http://www.huyfong.com.
About Sound Decisions
