• SGMD anticipates using the licenses for three new vertically integrated Nug Avenue cannabis delivery hubs
• Each of the licenses can be used for up to three of five categories of licensed cannabis-related business activities
• Definitive agreement aligns with announcement that Sugarmade has acquired LA property for first of new Nug Avenue cannabis delivery hubs

In its continued focus on building is cannabis delivery interests, Sugarmade (OTC: SGMD) has signed a definitive agreement to obtain three nonstorefront California cannabis licenses from the Los Angeles Department of Cannabis Regulation (“DCR”), along with corresponding licenses from the California Bureau of Cannabis Control (“BCC”) (https://ibn.fm/EyI3W). SGMD is focused on establishing itself as a leader in California’s vertically integrated cannabis marketplace, and the company anticipates using the licenses for its planned three new vertically integrated Nug Avenue cannabis delivery hubs.

“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. “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.”

According to the announcement, each of the three licenses that SGMD plans to acquire can be used for up to three of the five categories of licensed cannabis-related business activities allowed under the terms of these licenses: retail delivery, manufacturing, distribution, transport-only, and cultivation. The company noted that by using each license for a combination of retail delivery of cannabis products with supply chain distribution of cannabis products and manufacturing/packaging of cannabis products, it will possess the required licensing to open three new Nug Avenue locations; the company plans on opening the new operations in the Los Angeles metropolitan area.

The signing of the definitive agreement aligns ideally with the company’s announcement that it has acquired a property in Los Angeles that will serve as the first of these new Nug Avenue cannabis delivery hubs. SGMD’s initial involvement in Nug Avenue came as a result of an agreement announced in February, in which the company acquired a 70% stake in the Lynwood, California, operations of Nug Avenue. Based on the agreement, SGMD will recognize 100% of revenue and 70% profits generated from Nug Avenue’s Lynwood delivery service operations. In addition. Those same terms will carry over to each new Nug Avenue location as the company expands.

Sugarmade Inc. is a product and branding marketing company investing in operations and technologies with disruptive potential. In addition to its financial interest in the BudCars brand, SGMD’s brand portfolio includes Nug Avenue, CarryOutsupplies.com, SugarRush(TM) and Lemon Glow. 

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

About InvestorWire

InvestorWire is the wire service that gives you more. From regional releases to global announcements presented in multiple languages, we offer the wire-grade dissemination products you’ll need to ensure that your next press release grabs the attention of your target audience and doesn’t let go. While our competitors look to nickel and dime you with hidden fees and restrictive word limits, InvestorWire keeps things transparent. We offer UNLIMITED Words on all domestic releases. While other wire services may provide a basic review of your release, InvestorWire helps you put your best foot forward with complimentary Press Release Enhancement.

With our competitors, the work is done the second your release crosses the wire. Not with InvestorWire. We include follow-up coverage of every release by leveraging the ever-expanding audiences of the 50+ brands that make up the InvestorBrandNetwork.

Get more out of your next press release with InvestorWire. It’s unlike anything you’ve seen before.

For more information, please visit https://www.investorwire.com

Please see full terms of use and disclaimers on the InvestorBrandNetwork website applicable to all content provided by IBN, wherever published or re-published: http://ibn.fm/Disclaimer

InvestorWire (IW)
8033 Sunset Blvd Suite 1037-IW
Los Angeles, CA 90046
310.299.1717 Office
www.investorwire.com
[email protected]

InvestorWire is part of the InvestorBrandNetwork.