NetworkNewsBreaks – Sugarmade, Inc. (SGMD) Close
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Posted On: 02/11/2020 3:23:40 PM
NetworkNewsBreaks – Sugarmade, Inc. (SGMD) Closes Agreement to Acquire Significant Stake in Sacramento-Based Budcars Cannabis Delivery Service
Sugarmade (OTCQB: SGMD) today announced the closing of an agreement to acquire a significant stake in Sacramento-based Budcars Cannabis Delivery Service, owned by Indigo Dye Group Corp. According to the update, Sugarmade will acquire 40% of Budcars for $700,000 and will be granted an option to purchase an additional 30% stake, providing Sugarmade with a controlling interest in the growing delivery service, which serves the greater Sacramento, California metropolitan area. “Many of us have seen the multitudes of negative news stories about problems in California’s regulated cannabis industry. While there certainly are issues, there are also many positive changes happening as state regulators fine-tune the system,” Sugarmade CEO Jimmy Chan said in the news release. “One of these positive changes is the ongoing crackdown on illegal black-market operators, who have made it difficult for licensed operators to make profits. As illegal operators are driven out of the market, companies like Budcars will have meaningfully improved business fundamentals. While this was an important consideration relative to our investment, we are also excited about many other aspects of the Budcars business and its future growth prospects.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Sugarmade (OTCQB: SGMD) today announced the closing of an agreement to acquire a significant stake in Sacramento-based Budcars Cannabis Delivery Service, owned by Indigo Dye Group Corp. According to the update, Sugarmade will acquire 40% of Budcars for $700,000 and will be granted an option to purchase an additional 30% stake, providing Sugarmade with a controlling interest in the growing delivery service, which serves the greater Sacramento, California metropolitan area. “Many of us have seen the multitudes of negative news stories about problems in California’s regulated cannabis industry. While there certainly are issues, there are also many positive changes happening as state regulators fine-tune the system,” Sugarmade CEO Jimmy Chan said in the news release. “One of these positive changes is the ongoing crackdown on illegal black-market operators, who have made it difficult for licensed operators to make profits. As illegal operators are driven out of the market, companies like Budcars will have meaningfully improved business fundamentals. While this was an important consideration relative to our investment, we are also excited about many other aspects of the Budcars business and its future growth prospects.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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