Sugarmade (OTC: SGMD) is leveraging its position as a 70% stakeholder in NUG Avenue, a Southern California-based cannabis delivery service. This bodes well for the company as consumers are increasingly relying on home delivery for many goods, including cannabis. California, the largest state economy in the country and the sixth largest economy in the world, also tops the global marijuana market. A recent Forbes article reported that the state’s cannabis sales hit $4.4 billion last year, up 57% from the year prior (https://ibn.fm/0MKpB). “We strongly believe the LA delivery market is the prime spot for expansion of our business,” Sugarmade CEO Jimmy Chan was quoted in a recent article on the company’s positioning in the dynamic California cannabis sector. “California is the world’s sixth-largest economy, and LA County is by far the most significant driver, with over 25% of the state’s population. The Lynwood, California, site is optimal, as it is located along one of the major distribution freeways, allowing drivers to efficiently reach the more than 15 million consumers that live within a 30-mile radius of the new location. We plan to make a big impact on the LA cannabis delivery marketplace.”
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About Sugarmade Inc.
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s brand portfolio includes CarryOutsupplies.com, SugarRush(TM), Nug Avenue, Lemon Glow and Budcars. For more information, please visit www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://ibn.fm/SGMD
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