Sugarmade Announces Closing of Acquisition of New Property to Serve as Second Licensed LA Nug Avenue Delivery Hub

Rhea-AI Summary

Sugarmade, Inc. (OTCMKTS: SGMD) has closed the acquisition of a property in Los Angeles to serve as a new distribution hub for its Nug Avenue cannabis delivery segment. This move comes on the heels of the company's signing of a Memorandum of Understanding to obtain three California cannabis licenses. The acquired property will be designated as a licensed cannabis delivery business under the Nug Avenue brand. Sugarmade's Nug Avenue has exceeded 10,000 members since its initial launch, indicating strong brand growth and market potential.

Positive

• Acquisition of property in Los Angeles enhances distribution capabilities.
• Strong membership growth with over 10,000 members in Nug Avenue segment.
• Upcoming licenses for three new cannabis-related operations expands market reach.
• Strategic positioning in downtown LA facilitates business access to a larger customer base.

Negative

• None.

NEW YORK, Aug. 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire - Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”), an emerging leader in the vertically integrated cannabis marketplace based in California, is excited to announce the closing of the Company’s acquisition of a property in Los Angeles that will serve as a new distribution/delivery hub for its Nug Avenue cannabis delivery segment.

This follows the Company’s recent announcement that it has signed a Memorandum of Understanding to obtain three non-storefront California Cannabis licenses from the Los Angeles Department of Cannabis Regulation, along with corresponding licenses from the California Bureau of Cannabis Control, which collectively will provide the licensing foundation for the opening of three new cannabis-related commercial operations in California.

The Company plans to assign one of these licenses, once obtained, to this newly acquired property, designated as a licensed cannabis delivery business under its Nug Avenue brand.

“We are very excited to announce the upcoming location of our new Nug Avenue delivery hub, which is in a prime position to serve the downtown LA area,” commented Jimmy Chan, CEO of Sugarmade. “Our initial Nug Avenue location has been open for nearly six months and has established a strong brand with tremendous growth in membership – already exceeding 10,000 members and growing fast. Our remaining licenses can be applied to both expansion and verticalization of Nug Avenue operations as we continue to build a top-tier, farm-to-door leader in the California cannabis marketplace.”

About Sugarmade, Inc.

Sugarmade, Inc. (OTCMKTS:SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our Brand portfolio includes CarryOutsupplies.com, SugarRush™, NUG Avenue, Lemon Glow and Budcars.

For more information, please visit www.Sugarmade.com.

FORWARD-LOOKING STATEMENTS: This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.

Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others, such as but not limited to; economic conditions, changes in the laws or regulations, demand for products and services of the company, the effects of competition, uncontrollable forces of nature and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements.

Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.

Corporate Contact:

Jimmy Chan
+1-(888)-982-1628
info@Sugarmade.com  

Investor Relations Contact:
EDM Media, LLC
https://edm.media

Wire Service Contact
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com

FAQ

What is the significance of Sugarmade's acquisition of a property in Los Angeles?

The acquisition establishes a crucial distribution and delivery hub for Nug Avenue, enhancing operational capabilities.

How many cannabis licenses is Sugarmade acquiring?

Sugarmade has signed a Memorandum of Understanding to obtain three non-storefront cannabis licenses.

How has Nug Avenue performed since its launch?

Nug Avenue has experienced significant growth, exceeding 10,000 members within its first six months.

What is the future plan for the newly acquired Los Angeles property?

The property will be designated as a licensed cannabis delivery business under the Nug Avenue brand.