- SGMD inks MSA with California cannabis micro license holder
- Agreement “lays a foundation for a significantly expanded manufacturing and distribution infrastructure,” says CEO
- Key partnerships are essential pieces of Sugarmade’s focus on California cannabis space
With the recent signing of a management services agreement (“MSA”) (https://ibn.fm/2KYof), Sugarmade (OTC: SGMD) is making key progress toward the goal of strengthening its position in the California cannabis space. SGMD signed the MSA through its subsidiary, SugarRush, which entered into the agreement with Canndis Inc., a California cannabis micro license holder.
Canndis holds a license that covers delivery, manufacturing, distribution and cultivation rights, and the agreement will enable Sugarmade to expand its manufacturing and distribution footprint.
“This deal will provide us with a new income stream as we apply our expertise and experience to mobilize Canndis’ assets and market positioning,” said Sugarmade CEO Jimmy Chan. “But it also has substantial strategic value because it lays a foundation for a significantly expanded manufacturing and distribution infrastructure under our control when we harvest our first crop.”
Sugarmade is anticipating harvesting that crop in the coming weeks, an accomplishment made possible through the company’s acquisition of a minority stake in RMI Ventures (d/b/a Jerusalem Grade Farm) (https://ibn.fm/33N2u); the property is licensed for 43,560 square feet of outdoor canopy area and is currently growing at full capacity this season. Sugarmade and RMI Ventures signed an LOI earlier this year.
These strategic agreements are essential pieces of Sugarmade’s focus on growing its presence in the cannabis space. The MSA calls for Sugarmade to assume management responsibilities and operational control over manufacturing and distribution of cultivated cannabis produced Jerusalem Grade Farm. The agreement also expands Sugarmade’s manufacturing and distribution footprint and will provide for the establishment of a new strategically located manufacturing and distribution hub near Palm Springs, California, as Sugarmade brings that harvest to market.
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, NUG Avenue, J Grade Farm, Lemon Glow and Budcars.
For more information, visit the company’s website at 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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