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Sugarmade, Inc. (OTC Pink: SGMD) announced the appointment of Darren Kenney as an Independent Director and Audit Committee member on March 2, 2023. This strategic move is aimed at enhancing the company's financial integrity as it pursues an aggressive growth strategy, including uplisting to the OTCQB exchange and eventually the Nasdaq exchange. Mr. Kenney, a CPA with extensive experience in finance and real estate, is expected to support Sugarmade in complying with legal and regulatory standards. The appointment is seen as a critical step towards expanding the company's accounting capabilities and preparing for new acquisitions.
Sugarmade, Inc. (OTC Pink: SGMD) announced a Binding Letter of Intent (LOI) on February 21, 2023, to acquire real estate assets worth
Sugarmade, Inc. (OTC Pink: SGMD) has announced significant organizational changes as part of its strategic pivot towards real estate investment. CEO Jimmy Chan's letter to shareholders highlights the appointment of Jamie Steigerwald as the new COO, who brings over 30 years of industry experience, particularly in real estate. The company aims to enhance shareholder value by securing new real estate acquisitions to strengthen its balance sheet and facilitate potential uplisting to national exchanges. Despite challenges in California's cannabis market, Sugarmade is focused on expanding its brand portfolio and adapting to market demands.
Sugarmade, Inc. (OTC Pink: SGMD) announced a Management Services Agreement (MSA) with Canndis, Inc., a California Cannabis Micro License holder. This agreement allows Sugarmade to manage the manufacturing and distribution of cannabis from Canndis’ licensed farm, covering 43,560 square feet. The partnership aims to establish a new manufacturing and distribution hub near Palm Springs, California, as Sugarmade prepares for its first harvest in two months. This move is expected to generate a new income stream and enhance the company's operational capabilities in the cannabis sector.
Sugarmade, Inc. (OTC Pink: SGMD) announced a Letter of Intent (LOI) to acquire a 40% stake in RMI Ventures, which operates the Jerusalem Grade Farm in Lake County, California. This acquisition includes valuable real estate, cannabis-related licenses, and operational facilities. The Company anticipates leveraging this acquisition to fulfill a contract with Cannabis Global for 25,000 pounds of Fresh Frozen cannabis, enhancing sales channels and production capabilities. The strategic move aims to optimize operations and costs while preparing for the activation of a larger cultivation site in 2023.
Sugarmade, Inc. (SGMD) announces a collaborative cannabis cultivation contract with Cannabis Global, Inc. (CBGL) to produce 25,000 pounds of “Fresh Frozen” cannabis in Lake County, California. The contract is valued at $700,000, comprising $300,000 in cash and $400,000 in notes. The cultivation aims to leverage idle resources of local growers and targets premium solventless extracts for the California market. The agreement signals a strategic shift towards Fresh Frozen cannabis, which promises greater consumer appeal and market potential, especially among discerning cannabis users.
Sugarmade, Inc. (OTC Pink: SGMD) updates shareholders on the evolving California cannabis market. CEO Jimmy Chan emphasizes opportunities despite market challenges and a promising long-term outlook due to pending federal legalization. The company plans to use contract cultivation with local operators to capitalize on current market inefficiencies and has acquired a conditional use permit for its Lemon Glow property, aiming to cultivate 32 acres. This strategy is projected to improve market positioning and profit margins in the 2022 cannabis season.
Sugarmade, Inc. (SGMD) has announced key agreements to enhance its presence in the cannabis market, including majority ownership of a new cannabis delivery hub in Hollywood Hills and a partnership with Boulevard Hospitality Group for cannabis consumption at restaurant events. The delivery hub will operate in an affluent area without overlapping existing markets, aiming to double delivery coverage in LA. The company will initially retain 100% of profits from the hub until full capital investment is recouped, with plans to secure 51% of future profits.
Sugarmade (OTC: SGMD) is exploring a joint venture to enhance cannabis delivery services by partnering with a successful omakase restaurant in Los Angeles. This initiative aims to create an innovative model integrating cannabis consumption with high-end dining experiences. Management sees this as a unique opportunity to penetrate the growing cannabis market in LA, which aligns with current trends in both cannabis and culinary sectors. The venture may also feature an on-site cannabis event area, leveraging the increasing popularity of omakase dining in the region.
Sugarmade, Inc. (OTC Pink: SGMD) has signed a binding Letter of Intent with GenCann, Inc. to cultivate cannabis chemovars rich in Tetrahydrocannabivarin (THC-V). The five-year license will allow Sugarmade and its partners to grow high THC-V strains, starting cultivation in Spring 2022 in California. Initial products will include THC-V-rich smokeable flower and gummy candies. GenCann's chemovars, covered by U.S. patents, are expected to outperform current THC-V products available on the market. This initiative aims to attract both mainstream consumers and pharmaceutical partners.
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