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Sugarmade Signs MOU to Acquire Three California Cannabis Licenses, Plans Large-Scale Nug Avenue Expansion in World’s Premier Cannabis Market
Press Release | 06/10/2021
NEW YORK, June 10, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS:SGMD) (“Sugarmade”, “SGMD”, or the “Company”) today announces the signing of a Memorandum of Understanding (the “MOU”) to obtain three non-storefront California Cannabis licenses from the Los Angeles Department of Cannabis Regulation (the “DCR”), along with corresponding licenses from the California Bureau of Cannabis Control (the “BCC”), which collectively provide the licensing foundation for the opening of three new Nug Avenue cannabis delivery hubs in the Los Angeles metro area.
According to the terms of the MOU, the Company will control a joint venture created with the initial holder of the social equity license as of the closing date of the definitive agreement.
Each of the three licenses can be used for 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 has determined it will most likely use each license for a combination of 1) retail delivery of cannabis products, 2) supply chain distribution of cannabis products, and 3) for manufacturing/packaging of cannabis products.
Together, these licenses provide the licensing foundation for the opening of three new Nug Avenue locations in the Los Angeles metropolitan area.
“Our first Nug Avenue location has been a tremendous success, but we need to expand due to overwhelming demand,” commented Jimmy Chan, CEO of Sugarmade. “Holding these licenses will provide an optimal solution to our current growth limitations.”
Via a definitive agreement closed on Feb. 8, 2021, the Company acquired a 70% stake in the Lynwood, California, operations of Nug Avenue, allowing the Company to recognize 100% of revenue and 70% profits generated from Nug Avenue’s Lynwood delivery service operations. These terms will carry over to each new Nug Avenue location as the Company expands.
Chan added, “By using these licenses to cover manufacturing, distribution and delivery, we hope to further develop our fully-vertical approach to the dynamic California cannabis delivery market. With this agreement, we gain the potential to manufacture and package our own cannabis products, distribute them to multiple Nug Avenue locations, and then deliver them right to the front door of our loyal customer base, driving both top-line and bottom-line growth potential as we expand our footprint in this rapidly growing space.”
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 a
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this is a cannabis stock anybody know how 2 get it on the cannabis board
looking for a hot play here it is-KATY, TX / ACCESSWIRE / June 23, 2021 / Neutra Corp. (OTC PINK:NTRR) has announced it is acquired Deity Wellness, a company focused on the recreational use of hemp-based products. Deity has developed a Delta-8 gummy, which Neutra will bring to market within this week of the acquisition. This will be Neutra's first foray into Delta-8 THC products, a move made possible after the Texas Legislature declined to ban the substance earlier in June.
'This acquisition enables us to quickly get into the potentially lucrative Delta-8 market,' said Sydney Jim. 'Instead of having to developing an entirely new brand, we get a product ready to hit the shelves, giving us a big jump on the competition. Delta-8 THC and recreational hemp-based CBD should open a strong new source of sales and revenues as we can now serve those wanting medicinal relief and those seeking pleasure.'
Neutra intends to keep the Deity Wellness brand name as its already well established in the recreational marketplace. Neutra will henceforth have two product lines: VIVIS for medical CBD users and Deity Wellness (http://www.deitywellness.com) for the Delta-8 recreational market. Neutra believes the brands will complement each other and make it easier to get shelf space in stores as the company can now serve many types of consumers.
Delta-8 THC enthusiasts have found it produces a mild euphoria, relaxation, calmness and a sense of delight. Consumers can use Delta-8 products by themselves or in conjunction with CBD ones, like those Neutra already sells under the VIVIS brand name.
Analysts estimate the CBD market enjoyed just over $4 billion in sales in 2019. Predictions are that it will grow to more than $25 billion by 2025. These same analysts expect the market to see a 49 percent CAGR by 2024.
About Neutra Corp.
Neutra Corp. (OTC PINK:NTRR) is an early-stage research and development company with a focus on bringing modern healthy living solutions to a multibillion-dollar market. Cutting-edge technologies within t
looking for a hot play here it is-KATY, TX / ACCESSWIRE / June 23, 2021 / Neutra Corp. (OTC PINK:NTRR) has announced it is acquired Deity Wellness, a company focused on the recreational use of hemp-based products. Deity has developed a Delta-8 gummy, which Neutra will bring to market within this week of the acquisition. This will be Neutra's first foray into Delta-8 THC products, a move made possible after the Texas Legislature declined to ban the substance earlier in June.
'This acquisition enables us to quickly get into the potentially lucrative Delta-8 market,' said Sydney Jim. 'Instead of having to developing an entirely new brand, we get a product ready to hit the shelves, giving us a big jump on the competition. Delta-8 THC and recreational hemp-based CBD should open a strong new source of sales and revenues as we can now serve those wanting medicinal relief and those seeking pleasure.'
Neutra intends to keep the Deity Wellness brand name as its already well established in the recreational marketplace. Neutra will henceforth have two product lines: VIVIS for medical CBD users and Deity Wellness (http://www.deitywellness.com) for the Delta-8 recreational market. Neutra believes the brands will complement each other and make it easier to get shelf space in stores as the company can now serve many types of consumers.
Delta-8 THC enthusiasts have found it produces a mild euphoria, relaxation, calmness and a sense of delight. Consumers can use Delta-8 products by themselves or in conjunction with CBD ones, like those Neutra already sells under the VIVIS brand name.
Analysts estimate the CBD market enjoyed just over $4 billion in sales in 2019. Predictions are that it will grow to more than $25 billion by 2025. These same analysts expect the market to see a 49 percent CAGR by 2024.
About Neutra Corp.
Neutra Corp. (OTC PINK:NTRR) is an early-stage research and development company with a focus on bringing modern healthy living solutions to a multibillion-dollar market. Cutting-edge technologies within the nutraceuticals, food, and drug, and environmental purification sectors are creating a new kind of world culture-one where in which consumers are demanding access to products that promote health and stave off potential health dangers. One of the nutraceutical sub-markets is the new thriving hemp-based CBD market, in which the Company intends to participate. For more information, visit the Company's website at http://www.NeutraInc.com.
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words 'believes,' 'expects,' 'anticipate' or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company to differ materially from those expressed or implied by such forward-looking statements.
Neutra Contact:
Sydney Jim
888-433-4033
info@neutrainc.com
SOURCE: Neutra Corp
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8-k,below
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 11, 2021
SUGARMADE, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-23446 94-3008888
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
750 Royal Oaks Dr., Suite 108
Monrovia, CA
91016
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 982-1628
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
N/A N/A N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 1.01 Entry into a Material Definitive Agreement.
On June 11, 2021 SWC Group, Inc. (“SWC”), a California corporation and wholly-owned subsidiary of Sugarmade, Inc. (the “Company’’) entered into a Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate (Non-Residential) (the “Purchase Agreement”) of same date with Paredes Diana K Tr / Shalom Trust (“Seller”), pursuant to which the SWC agreed to purchase an approximately 1,175 square foot property located at 5058 Valley Blvd., Los Angeles, CA 90032 (the “Real Property”) from Seller, for a total purchase price of $830,000 (the “Purchase Price”). The Purchase Price is payable $249,000 in a cash down payment for an earnest money deposit, which as has been deposited in escrow as of the date of this Current Report on Form 8-K. The remaining $581,000 will be paid at the closing of the Purchase Agreement (the “Closing”), at which time, Real Property will be purchased by SWC from the Seller.
The Closing of the transaction is subject to certain closing customary closing conditions for a transaction of this type, and is expected to close fifteen (15) days after the waiver or satisfaction of SWC’s “Buyer Contingencies” set forth in the Purchase Agreement. Notwithstanding anything to the contrary in the Purchase Agreement, SWC has 30 days from the receipt of all disclosures and reports set forth in the Purchase Agreement to conduct its due diligence of any such “Buyer Contingencies”, of which SWC may approve or disapprove at its sole and absolute discretion. If Buyer disapproves any such “Buyer Contingencies”, Seller shall have ten (10) days to cure such disapproval. If Seller cannot cure such disapproval of the Buyer at the end of this period, then Buyer may either accept the Real Property as is, or terminate the Agreement, at which point the deposit of $249,000 will be returned to SWC, minus any applicable fees.
The description of the Purchase Agreement set forth in this Item 1.01 of this Current Report on Form 8-K is s not complete and is qualified in its entirety by reference to the terms of the Purchase Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01.
The Real Property is being purchased by SWC in connection with the MOU between the Company described in the Company’s Current Report on Form 8-K filed on June 10, 2021 with the SEC (and filed as Exhibit 10.1 thereto), and is intended to be a location at which a Licensed Entity (as defined in the MOU) can be established.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
The following exhibits are filed or furnished with this Current Report on Form 8-K:
Exhibit No. Description
10.1 Memorandum of Understanding
OTC DISCLOSURE & NEWS SERVICE
Sugarmade Signs MOU to Acquire Three California Cannabis Licenses, Plans Large-Scale Nug Avenue Expansion in World’s Premier Cannabis Market
Press Release | 06/10/2021
NEW YORK, June 10, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS:SGMD) (“Sugarmade”, “SGMD”, or the “Company”) today announces the signing of a Memorandum of Understanding (the “MOU”) to obtain three non-storefront California Cannabis licenses from the Los Angeles Department of Cannabis Regulation (the “DCR”), along with corresponding licenses from the California Bureau of Cannabis Control (the “BCC”), which collectively provide the licensing foundation for the opening of three new Nug Avenue cannabis delivery hubs in the Los Angeles metro area.
According to the terms of the MOU, the Company will control a joint venture created with the initial holder of the social equity license as of the closing date of the definitive agreement.
Each of the three licenses can be used for 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 has determined it will most likely use each license for a combination of 1) retail delivery of cannabis products, 2) supply chain distribution of cannabis products, and 3) for manufacturing/packaging of cannabis products.
Together, these licenses provide the licensing foundation for the opening of three new Nug Avenue locations in the Los Angeles metropolitan area.
“Our first Nug Avenue location has been a tremendous success, but we need to expand due to overwhelming demand,” commented Jimmy Chan, CEO of Sugarmade. “Holding these licenses will provide an optimal solution to our current growth limitations.”
Via a definitive agreement closed on Feb. 8, 2021, the Company acquired a 70% stake in the Lynwood, California, operations of Nug Avenue, allowing the Company to recognize 100% of revenue and 70% profits generated from Nug Avenue’s Lynwood delivery service operations. These terms will carry over to each new Nug Avenue location as the Company expands.
Chan added, “By using these licenses to cover manufacturing, distribution and delivery, we hope to further develop our fully-vertical approach to the dynamic California cannabis delivery market. With this agreement, we gain the potential to manufacture and package our own cannabis products, distribute them to multiple Nug Avenue locations, and then deliver them right to the front door of our loyal customer base, driving both top-line and bottom-line growth potential as we expand our footprint in this rapidly growing space.”
On May 17, 2021, Sugarmade, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Prior Report”) disclosing that, on May 12, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and between Carnaby Spot Bay Corp, a California corporation and a wholly owned subsidiary of the Company (“Merger Sub”), Lemon Glow Company, a California corporation (the “Lemon Glow”) and Ryan Santiago (the “Shareholder Representative”), pursuant to which, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub would merge with and into Lemon Glow, with Lemon Glow being the surviving corporation (the “Merger”).
The Company further disclosed that, on May 14, 2021, the closing of the Merger (the “Closing”) occurred in accordance with the terms of the Merger Agreement on May 14, 2021, and that the Merger was consummated on May 14, 2021 by the filing of a Certificate of Merger with the Secretary of State of the State of California, which was duly filed on May 14, 2021, at which time, the Merger became effective (the “Effective Time”).
However, on May 20, 2021, the Company received a notification from Secretary of State of the State of California stating that the Company’s May 14, 2021 Certificate of Merger filing had been rejected due to certain technical deficiencies in the filing.
Pursuant to the terms of the Merger Agreement, the Merger is consummated at the time when the Certificate of Merger is duly filed with the Secretary of State of California. Since this filing was rejected, the Merger was not consummated.
On May 24, 2021, the parties to the Merger Agreement entered into an Amendment to the Merger Agreement, which contained certain immaterial amendments to the original Merger Agreement in response to the comments from the Secretary of State of California received by the Company in connection with its original Certificate of Merger filing on May 14, 2021. On May 25, 2021, the Company re-filed with the Secretary of State of California for the Closing of the Merger.
If the Secretary of State of California accepts the filing, the Effective Time of the Merger will be May 25, 2021, and the Merger shall be effective as of that date. However, there is no guarantee that the Secretary of State of California will accept this filing. As of the date of this Current Report on Form 8-K, the Company has not received any confirmation of the status of this filing from the Secretary of State of California. However, for purposes of this Current on Form 8-K, the Company has assumed the Effective Time of the Merger is May 25, 2021, and the Merger was consummated as of that date.
Item 1.01. Entry into a Material Definitive Agreement
Merger Agreement
On May 12, 2021, Sugarmade, Inc. (the “Company”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and between Carnaby Spot Bay Corp, a California corporation and a wholly owned subsidiary of the Company (“Merger Sub”), Lemon Glow Company, a California corporation (the “Lemon Glow”) and Ryan Santiago (the “Shareholder Representative”).
Pursuant to the Merger Agreement, the parties to the Merger Agreement agreed that, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub would merge with and into Lemon Glow (the “Merger”) at which time the separate corporate existence of Merger Sub would cease, with Lemon Glow being the surviving corporation in the Merger.
As consideration for the Merger, Company agreed to provide to the shareholders of Lemon Glow (the “Lemon Glow Shareholders”), at the closing of the Merger (the “Closing”):
(i) cash consideration of $4,256,000, consisting of:
a. $280,000 in cash; and
b. $3,976,000 via the issuance of promissory notes to Lemon Glow Shareholders, which each bear interest at the rate of 5% per year 36 monthly payments commencing on June 15, 2021 (each, a “Note” and collectively the “Notes”); and
(ii) 660,571,429 shares of common stock of the Company, par value $0.001 (the “Company Common Stock”); and
(iii) 2,000,000 shares of Series B Preferred Stock of the Company (the “Series B Stock”).
The individual items of consideration above are referred to collectively as the “Merger Consideration”.
The Closing of the Merger was subject to certain customary closing conditions, including, but not limited to, (i) the adoption and approval of the Merger Agreement by the board of directors and the holders of the outstanding shares of common stock, par value $0.001, of Lemon Glow (“Lemon Glow Common Stock”); (ii) the adoption and approval of the Merger Agreement by the board of directors of the Company, as well as the shareholder of the Merger Sub (which is the Company); and (iii) that no judgment or law is in effect that enjoins, makes illegal or otherwise prohibits the consummation of the Merger by either party, or, specifically for Lemon Glow, any such judgment, law, or contract that would restrict the business activities of Lemon Glow. Moreover, each party’s obligations to consummate the Merger are subject to certain other conditions, including (a) the accuracy of the other party’s representations and warranties (subject to certain materiality exceptions); (b) the other party’s compliance in all material respects with its obligations under the Merger Agreement; and (c) the absence of any pending claim, proceeding or other action by a governmental authority that seeks to prevent, prohibit or make illegal the consummation of the Merger and the absence of any effect, change, event, development or occurrence that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect (as defined in the Merger Agreement) that is continuing.
The Merger Agreement contains representations and warranties and covenants of the parties customary for a transaction of this nature. Until the earlier of the termination of the Merger Agreement or the Closing of the Merger, Lemon Glow agreed to operate its business in the ordinary course of business in all material respects and has agreed to certain other operating covenants and to not take certain specified actions prior to the consummation of the Merger, as set forth more fully in the Merger Agreement. In addition, the Lemon Glow agreed not to initiate, solicit or knowingly encourage takeover proposals from third parties.
The Closing of the Merger occurred in accordance with the terms of the Merger Agreement on May 25, 2021. The disclosure set forth below under Item 2.01 (Completion of Acquisition of Disposition of Assets) regarding the Closing of the Merger is incorporated by reference into this Item 1.01.
The foregoing description of the Merger Agreement is not a complete description of all of the parties’ rights and obligations under the Merger Agreement and is qualified in its entirety by reference to the Merger Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
The Merger
As described under Item 1.01 of this Current Report on Form 8-K, the Closing of the Merger occurred in accordance with the terms of the Merger Agreement on May 25, 2021. The Merger was consum
NEWS
Neutra Ready to Introduce Delta-8 THC Product Line after Ban Bid Fails in Texas Legislature
KATY, TX / ACCESSWIRE / June 11, 2021 / Neutra Corp. (OTC PINK:NTRR) is preparing to roll out several products containing Delta-8 THC now that a move to ban the compound failed to pass in the Texas Legislature.
"This was something we were watching very closely," said Neutra CEO Sydney Jim. "Retail stores have expressed a lot of interest and pent-up demand in the marketplace for products containing Delta-8 THC, so we're quite relieved this proposed bill failed to go anywhere in the state legislature. We're ready today to start production on an array of Delta-8-related products to satisfy this demand. We expect Delta-8 to be a great compliment to our CBD manufacturing line and will big contributor to our overall revenue stream in short fashion."
Delta-8 THC is a less psychoactive compound than its cousin Delta-9. Delta-9 THC is what gets users high when they consume cannabis and has always been illegal in Texas. Texas lawmakers had recently been considering a bid to make Delta-8 illegal as well. Neutra has wanted to manufacture this line of product for customers for some time but was hesitant to roll them out so long as the ban bill was active in the state legislature.
While both are cannabinoids, Delta-8 is chemically different than CBD. Delta-8 can be manufactured from hemp, which is legal in Texas and many other states. Delta-8 can be more intense than CBD, which is likely why some legislators wanted to ban it.
back up to .0027
u bet,love it$$$$$$$$$$$$$$$$$$$$$$$$$$$
Item 2.01 Completion of Acquisition or Disposition of Assets.
The Merger
As described under Item 1.01 of this Current Report on Form 8-K, the Closing of the Merger occurred in accordance with the terms of the Merger Agreement on May 25, 2021. The Merger was consummated on May 25, 2021 by the filing with the Secretary of State of the State of California and by making other filings or recordings required under the California Corporation Code in connection with the Merger. The Merger was effective on May 25, 2021. We refer to the effective time of the Merger as the “Effective Time”.
At the Closing, each outstanding share of common stock of Lemon Glow, par value $0.001 (the “Lemon Glow Common Stock”), of which there were 11,000 shares at the Effective Time of the Merger, were converted into the right to receive the Merger Consideration. The Company paid the Merger Consideration to the Lemon Glow Shareholders, paying the cash consideration, issuing the Notes, and issuing the shares of Company Common Stock and Series B Stock. The Company Common Stock and Series B Stock issued by Company were “restricted securities” as defined in Rule 144 pursuant to the Securities Act of 1933.
8-k/a=https://s3.amazonaws.com/sec.irpass.cc/2442/0001493152-21-013362.htm
SORRY MISREAD THAT,HOPE ITS A GOOD BUY,
Item 8.01 Other Events
Effective May 21, 2021, OTC Markets removed the label of “Caveat Emptor” (also known as the “Skull and Crossbones”) from Sugarmade, Inc.’s profile on OTC Markets.
CE IS GONE,CHK OTC
Current Report Filing (8-k)
May 25 2021 - 08:30AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2021
SUGARMADE, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-23446 94-3008888
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
750 Royal Oaks Dr., Suite 108
Monrovia, CA
91016
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 982-1628
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
N/A N/A N/A
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Sugarmade Closes Lemon Glow Acquisition, Gaining Cannabis Property Capable of 64 Tons of Cannabis Flower Production Per Annum
Press Release | 05/17/2021
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.
Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”
The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
Sugarmade also be
Sugarmade Closes Lemon Glow Acquisition, Gaining Cannabis Property Capable of 64 Tons of Cannabis Flower Production Per Annum
Press Release | 05/17/2021
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.
Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”
The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
Sugarmade also be
Sugarmade Closes Lemon Glow Acquisition, Gaining Cannabis Property Capable of 64 Tons of Cannabis Flower Production Per Annum
Press Release | 05/17/2021
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.
Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”
The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
Sugarmade also benefits from the acquisition in terms of team capital as Lemon Glow executive team members will stay on and become the core management team at the cannabis cultivation site, granting the operation over 30 years of cannabis cultivation experience.
“The Lemon Glow team are tremendous additions to the Sugarmade team,” added Chan. “They have vast experience and established skills, as well as intricate knowledge of the Property and its local grow context. That’s an enormous added value proposition in this deal. We look forward to bringing them on board, ramping up operations at the property, and taking key steps toward delivering on the promise of Sugarmade’s farm-to-door vision.”
About Sugarmade, Inc.
Sugarmade Closes Lemon Glow Acquisition, Gaining Cannabis Property Capable of 64 Tons of Cannabis Flower Production Per Annum
Press Release | 05/17/2021
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.
Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”
The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
Sugarmade also benefits from the acquisition in terms of team capital as Lemon Glow executive team members will stay on and become the core management team at the cannabis cultivation site, granting the operation over 30 years of cannabis cultivation experience.
“The Lemon Glow team are tremendous additions to the Sugarmade team,” added Chan. “They have vast experience and established skills, as well as intricate knowledge of the Property and its local grow context. That’s an enormous added value proposition in this deal. We look forward to bringing them on board, ramping up operations at the property, and taking key steps toward delivering on the promise of Sugarmade’s farm-to-door vision.”
About Sugarmade, Inc.
Sugarmade Closes Lemon Glow Acquisition, Gaining Cannabis Property Capable of 64 Tons of Cannabis Flower Production Per Annum
Press Release | 05/17/2021
NEW YORK, May 17, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS: SGMD) (“Sugarmade”, “SGMD”, or the “Company”) is pleased to announce the signing of a Definitive Agreement (the “Agreement”) for its acquisition of Lemon Glow Company, Inc. (“Lemon Glow”) and all of its assets, interests, property, and rights, including 640 acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
With the signing of the Agreement by all relevant parties, and the consummation of the transactions required by the Agreement, the acquisition of Lemon Glow is now closed and final.
Jimmy Chan, CEO of Sugarmade, commented, “This step brings us closer to closing the loop on what we believe to be one of the most promising vertically integrated cannabis models in the thriving California market. We are setting the stage to improve margins while expanding end-market access, and to grow, refine, produce, distribute, sell, and home-deliver top cannabis products in the largest and fastest growing cannabis market on the planet. This acquisition positions us to achieve that objective with a significant capacity to scale as demand for our products and services grows over time.”
The Lemon Glow acquisition includes 640 acres of property, 32 of which have already been designated for outdoor cannabis cultivation. The annual potential cultivation yield at the Property is estimated to be approximately 4,000 pounds of dry trimmed cannabis flower per acre per year, which represents approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower per year in total.
Sugarmade also benefits from the acquisition in terms of team capital as Lemon Glow executive team members will stay on and become the core management team at the cannabis cultivation site, granting the operation over 30 years of cannabis cultivation experience.
“The Lemon Glow team are tremendous additions to the Sugarmade team,” added Chan. “They have vast experience and established skills, as well as intricate knowledge of the Property and its local grow context. That’s an enormous added value proposition in this deal. We look forward to bringing them on board, ramping up operations at the property, and taking key steps toward delivering on the promise of Sugarmade’s farm-to-door vision.”
About Sugarmade, Inc.
SGMD
Sugarmade, Inc.
Common Stock
0.0025
0.00
0.00%
0.0023 / 0.0025 (10000 x 2070000)
Real-Time Best Bid & Ask: 05:00pm 05/21/2021
Delayed (15 Min) Trade Data: 12:00am 05/21/2021
Pink Current Information
Verified Profile 12/2020
Transfer Agent Verified
SGMD
Sugarmade, Inc.
Common Stock
0.0025
0.00
0.00%
0.0023 / 0.0025 (10000 x 2070000)
Real-Time Best Bid & Ask: 05:00pm 05/21/2021
Delayed (15 Min) Trade Data: 12:00am 05/21/2021
Pink Current Information
Verified Profile 12/2020
Transfer Agent Verified
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