NetworkNewsBreaks – Sugarmade Inc. (SGMD) Lemon Glow Subsidiary Takes Step Toward Commercial Cannabis Cultivation
Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis marketplace based in California, through its wholly owned subsidiary Lemon Glow, has been granted a conditional use permit (“UP”) number from the Lake County, California, Community Development Department. The company notes that this permit takes the company one step closer to obtaining a UP for commercial cannabis cultivation. SGMD acquired Lemon Glow and its 640-acre property , along with other assets, interests and rights, earlier this year. According to the company, once necessary approvals and permits are obtained, a portion of the property will be approved for outdoor cannabis cultivation; company officials estimate that the potential for annual cultivation yield may be as high as 4,000 pounds of dry trimmed cannabis flower per acre annually, or an estimated 128,000 pounds in total. The company is now focused on obtaining the requisite approval from other local and state regulatory authorities in California. “We are excited to see the process moving forward for our Lemon Glow property, which represents an important strategic asset as we further verticalize our overall model,” said Sugarmade CEO Jimmy Chan in the press release. “Our vision is ‘seed to door,’ which would separate us from other players in the California cannabis marketplace, given that we have already established a leading and growing presence in the cannabis delivery market and have set in motion a process to control our own supply chain. Ramping up our cultivation resources is a significant step in fully leveraging a vertical model to drive shareholder value through margin gains.”
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Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis marketplace based in California, through its wholly owned subsidiary Lemon Glow, has been granted a conditional use permit (“UP”) number from the Lake County, California, Community Development Department. The company notes that this permit takes the company one step closer to obtaining a UP for commercial cannabis cultivation. SGMD acquired Lemon Glow and its 640-acre property , along with other assets, interests and rights, earlier this year. According to the company, once necessary approvals and permits are obtained, a portion of the property will be approved for outdoor cannabis cultivation; company officials estimate that the potential for annual cultivation yield may be as high as 4,000 pounds of dry trimmed cannabis flower per acre annually, or an estimated 128,000 pounds in total. The company is now focused on obtaining the requisite approval from other local and state regulatory authorities in California. “We are excited to see the process moving forward for our Lemon Glow property, which represents an important strategic asset as we further verticalize our overall model,” said Sugarmade CEO Jimmy Chan in the press release. “Our vision is ‘seed to door,’ which would separate us from other players in the California cannabis marketplace, given that we have already established a leading and growing presence in the cannabis delivery market and have set in motion a process to control our own supply chain. Ramping up our cultivation resources is a significant step in fully leveraging a vertical model to drive shareholder value through margin gains.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
