NetworkNewsBreaks – Sugarmade Inc. (SGMD) Inks Definitive Agreement to Acquire California Cannabis Licenses
Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis marketplace based in California, has signed a definitive agreement outlining the acquisition of three nonstorefront California cannabis licenses from the Department of Cannabis Regulation (“DCR”) in Los Angeles; the agreement also includes corresponding licenses from the California Bureau of Cannabis Control (“BCC”). Both pieces combined will allow Sugarmade to license and operate three new vertically integrated Nug Avenue cannabis delivery hubs. According to the announcement, each of the three licenses can be used for up to three of the five categories of licensed cannabis-related business activities allowed under the terms of these licenses. Those categories include retail delivery, manufacturing, distribution, transport-only and cultivation. SGMD anticipated using the licenses for a combination of retail delivery of cannabis products, supply chain distribution of cannabis products and manufacturing/packaging of cannabis products. Following its current strategy, SGMD will have the required licensing credentials to open three new Nug Avenue locations in the Los Angeles metropolitan area. “Once we have put all of these new licenses to use, we will have quadrupled our distribution footprint in the world’s largest cannabis market,” said Sugarmade CEO Jimmy Chan in the press release. “We also continue to move toward establishing our own cultivation operations. Together, these steps are part of our core vision — to establish a full farm-to-door vertically integrated cannabis company capable of driving a much greater percentage of total sales to the bottom line for our shareholders, while capturing much greater control over product quality for our customers.”
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Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis marketplace based in California, has signed a definitive agreement outlining the acquisition of three nonstorefront California cannabis licenses from the Department of Cannabis Regulation (“DCR”) in Los Angeles; the agreement also includes corresponding licenses from the California Bureau of Cannabis Control (“BCC”). Both pieces combined will allow Sugarmade to license and operate three new vertically integrated Nug Avenue cannabis delivery hubs. According to the announcement, each of the three licenses can be used for up to three of the five categories of licensed cannabis-related business activities allowed under the terms of these licenses. Those categories include retail delivery, manufacturing, distribution, transport-only and cultivation. SGMD anticipated using the licenses for a combination of retail delivery of cannabis products, supply chain distribution of cannabis products and manufacturing/packaging of cannabis products. Following its current strategy, SGMD will have the required licensing credentials to open three new Nug Avenue locations in the Los Angeles metropolitan area. “Once we have put all of these new licenses to use, we will have quadrupled our distribution footprint in the world’s largest cannabis market,” said Sugarmade CEO Jimmy Chan in the press release. “We also continue to move toward establishing our own cultivation operations. Together, these steps are part of our core vision — to establish a full farm-to-door vertically integrated cannabis company capable of driving a much greater percentage of total sales to the bottom line for our shareholders, while capturing much greater control over product quality for our customers.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
