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Lemon Glow Property Capable of Estimated 64 Tons in Annual Cannabis Flower Production
NEW YORK, Aug. 12, 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 pleased to provide current and prospective shareholders with an update on its recent acquisition, Lemon Glow Company, Inc. ("Lemon Glow"), which included all of Lemon Glow's assets, interests, property, and rights, including six-hundred-forty (640) acres of real estate (the "Property") located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
As described in the Company's Form 8-K filing produced this week, the Company filed a Current Report on Form 8-K on May 17 disclosing its 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 and Ryan Santiago (the "Shareholder Representative") on May 12, 2021, 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").
Subsequently, on May 25, 2021, the Company filed an Amendment on Form 8-K/A ("Amendment No. 1") to the Original Form 8-K to disclose that, on May 20, 2021, the Company received a notification from Secretary of State of the State of California stating that the Company's May 14th Certificate of Merger filing had been rejected due to certain technical deficiencies in the filing. In response, the Company disclosed in Amendment No. 1 that 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.
The Secretary of State of California accepted the filing, and as a result, the Effective Time of the Merger was May 25, 2021, and the Merger was effective as of that date.
The Original Form 8-K and Amendment No. 1 included neither the audited financial statements of Lemon Glow nor the pro-forma unaudited financial statements, as required under Item 9.01 of Form 8-K. This Amendment No. 2 on Form 8-K/A to the Original Form 8-K ("Amendment No. 2") was filed this week to meet compliance standards and include the financial statement information required under Item 9.01 of Form 8-K in connection with the acquisition of Lemon Glow.
"We are pleased to report that we have been able to successfully comply with the requirements attached to this acquisition process," remarked Jimmy Chan, Sugarmade CEO. "Lemon Glow is a pivotal asset in our verticalization process because it represents a large-scale outdoor cannabis cultivation opportunity. The annual potential cultivation yield at the Property has been approximated at 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. We also stand to benefit from this acquisition because we gain very valuable personnel, including Lemon Glow's executive team, who will stay on and become core management in our cannabis cultivation, which positions Sugarmade's grow segment with a top management team with over 30 years of cannabis cultivation experience."
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.
Lemon Glow is a development-stage company seeking to enter the marketplace for cannabis cultivation and cannabis products manufacturing, permitted under California law, on a 640-acre property in Lake County, 32 acres of which (the "Cultivation Site") have been designated for outdoor cannabis cultivation. At the Cultivation Site, Lemon Glow primarily plans outdoor cultivation of various cannabis strains during the regular agricultural growing season, which runs from approximately May through November in its geographic region.
SGMD-big money=https://www.pressviewer.com/ViewEmail.asp?b=2442&id=209854&p=2202468&I=1271811-h2r5T8X5O8
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Sugarmade Updates Recent Acquisition of Cannabis Cultivation Property
Press Release | 08/12/2021
NEW YORK, Aug. 12, 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 pleased to provide current and prospective shareholders with an update on its recent acquisition, Lemon Glow Company, Inc. (“Lemon Glow”), which included all of Lemon Glow’s assets, interests, property, and rights, including six-hundred-forty (640) acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones.
As described in the Company’s Form 8-K filing produced this week, the Company filed a Current Report on Form 8-K on May 17 disclosing its 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 and Ryan Santiago (the “Shareholder Representative”) on May 12, 2021, 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”).
Subsequently, on May 25, 2021, the Company filed an Amendment on Form 8-K/A (“Amendment No. 1”) to the Original Form 8-K to disclose that, on May 20, 2021, the Company received a notification from Secretary of State of the State of California stating that the Company’s May 14th Certificate of Merger filing had been rejected due to certain technical deficiencies in the filing. In response, the Company disclosed in Amendment No. 1 that 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.
The Secretary of State of California accepted the filing, and as a result, the Effective Time of the Merger was May 25, 2021, and the Merger was effective as of that date.
The Original Form 8-K and Amendment No. 1 included neither the audited financial statements of Lemon Glow nor the pro-forma unaudited financial statements, as required under Item 9.01 of Form 8-K. This Amendment No. 2 on Form 8-K/A to the Original Form 8-K (“Amendment No. 2”) was filed this week to meet compliance standards and include the financial statement information required under Item 9.01 of Form 8-K in connection with the acquisition of Lemon Glow.
“We are pleased to report that we have been able to successfully comply with the requirements attached to this acquisition process,” remarked Jimmy Chan, Sugarmade CEO. “Lemon Glow is a pivotal asset in our verticalization process because it represents a large-scale outdoor cannabis cultivation opportunity. The annual potential cultivation yield at the Property has been approximated at 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. We also stand to benefit from this acquisition because we gain very valuable personnel, including Lemon Glow’s executive team, who will stay on and become core management in our cannabis cultivation, which positions Sugarmade’s grow segment with a top management team with over 30 years of cannabis cultivation experience.”
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.
Lemon Glow is a development-stage company seeking to enter the marketplace for cannabis cultivation and cannabis products manufacturing, permitted under California law, on a 640-acre property in Lake County, 32 acres of which (the “Cultivation Site”) have been designated for outdoor cannabis cultivation. At the Cultivation Site, Lemon Glow primarily plans outdoor cultivation of various cannabis strains during the regular agricultural growing season, which runs from approximately May through November in its geographic region.
At this time, Lemon Glow is not operating any cannabis
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Sugarmade Closes Definitive Agreement to Acquire Majority Stake in Nug Avenue, Entering the Hyper-Growth Los Angeles Cannabis Delivery Market
Press Release | 02/12/2021
MONROVIA, Calif., Feb. 12, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTC:SGMD) (“Sugarmade,” “SGMD” or the “Company”), an innovator in the dynamic California cannabis scene, today announces it is launching a new business initiative for the licensed delivery of cannabis products to consumers in the Los Angeles metropolitan area. Via a definitive agreement closed on Feb. 8, 2021, the Company has acquired a 70% stake in the Lynwood, California, operations of Nug Avenue, a California corporation.
Under the terms of the agreement, Sugarmade has acquired a 70% stake in Nug Avenue for $560,000, allowing the Company to recognize 70% of the revenues and profits from Nug Avenue’s Lynwood delivery service operations. Sugarmade also gains first rights of refusal on all future investments into Nug Avenue and an option on all future business operations, including expansion into additional delivery areas.
“We strongly believe the LA delivery market is the prime spot for expansion of our business,” commented Company CEO Jimmy Chan. “California is the world’s sixth-largest economy, and LA County is by far the most significant driver, with over 25% of the state’s population. The Lynwood, California, site is optimal, as it is located along one of the major distribution freeways, allowing drivers to efficiently reach the more than 15 million consumers that live within a 30-mile radius of the new location. We plan to make a big impact on the LA cannabis delivery marketplace.”
The California cannabis market continues its rapid growth, with the Southern California sub-market representing the world’s largest single cannabis marketplace. According to the California Department of Tax and Fee Administration, the most recently reported quarterly period posted an almost 80% increase in cannabis tax compared to the year-ago period. Much of this growth was driven by increased use of delivery services, as consumers are increasingly relying on home delivery for many goods, including cannabis.
Mr. Chan continued, “The LA market has distinct tastes and a unique set of product demands, which we plan to meet with a wide selection of curated products specific to Los Angeles-area consumers. From the Lynwood site, with its near-optimal location along a major connector, we will be able to service all of Los Angeles Country and the high-value markets of Orange, Riverside, San Bernardino and Ventura counties. We are looking forward to launching our new delivery service to meet the demands of Southern California consumers.”
About Sugarmade, Inc.
Sugarmade, Inc. (OTCMKTS:SGMD) is involved in two main business areas: (i) the supply of consumable products to the quick-service restaurant sub-sector of the restaurant industry, as well as the importing of non-medical personal protection to be distributed to businesses and consumers, and (ii) acting as an investor and operator in disruptive cannabis business operations within the growing California marketplace.
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 m
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Sugarmade Provides Shareholder Update: Nug Avenue Operational Growth, Implementation of New Licenses, and Potential Expansion into Oregon Cannabis Delivery Marketplace
SGMD
+2.83%
Sugarmade, Inc.
Thu, July 22, 2021, 8:30 AM·4 min read
In this article:
SGMD
+2.83%
NEW YORK, July 22, 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 pleased to update current and prospective shareholders on the Company’s growing Nug Avenue operations, as well as further strides toward verticalizing its model through the acquisition of California cannabis licenses and potentially establishing commercial operations in the cannabis delivery market outside of the state of California.
Nug Avenue. The Company established its initial Nug Avenue cannabis delivery operation in March 2021. Since that launch, Nug Avenue has grown substantially, picking up more than 10,000 new unique members as of the end of June, which significantly exceeded the Company’s internal expectations.
“We will have more details on Nug Avenue performance soon, but we wanted to report our strong progress and let our shareholders know that we are quickly establishing a brand presence in the Los Angeles cannabis delivery market at our first location, which should carry over to help in establishing rapid customer growth in new locations as we expand,” noted Jimmy Chan, Sugarmade CEO.
Commercializing New Licenses. The Company has officially opened an escrow account for the purpose of acquiring property to be used for the application of one of three new non-storefront California cannabis licenses the Company is in the process of acquiring, as discussed in its release dated June 10, 2021.
As noted in that release, the Company announced the signing of 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 provide the licensing foundation for the opening of three (3) new Nug Avenue cannabis delivery hubs in the Los Angeles metro area.
The Company plans to acquire property to be used as a new delivery hub.
Oregon Expansion. The Company has also taken steps toward making an offer on licenses for the state of Oregon, which may or may not include a real estate purchase in the process. This is a step toward potentially establishing cannabis delivery operations in Oregon. The Oregon recreational cannabis market is one of the largest and fastest growing in the country, with total sales expected to top $1 billion this year.
The Company has reached out to local service providers to help move this process forward. Further details related to the Company’s expansion plans will be discussed soon.
Chan added, “We continue to make tangible strides toward a vertically integrated model. Our long-term strategic vision is to establish the capacity to control all aspects of production, supply, manufacturing, packaging, distribution and delivery – to become a true “farm to door” cannabis company. This vision should provide for better unit economics, margin growth and gains in product quality and customer satisfaction. Organic brand growth, property acquisition, licensing and geographic expansion are all important steps toward achieving that vision for Sugarmade and its shareholders.”
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 f
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Sugarmade Provides Shareholder Update: Nug Avenue Operational Growth, Implementation of New Licenses, and Potential Expansion into Oregon Cannabis Delivery Marketplace
SGMD
+2.83%
Sugarmade, Inc.
Thu, July 22, 2021, 8:30 AM·4 min read
In this article:
SGMD
+2.83%
NEW YORK, July 22, 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 pleased to update current and prospective shareholders on the Company’s growing Nug Avenue operations, as well as further strides toward verticalizing its model through the acquisition of California cannabis licenses and potentially establishing commercial operations in the cannabis delivery market outside of the state of California.
Nug Avenue. The Company established its initial Nug Avenue cannabis delivery operation in March 2021. Since that launch, Nug Avenue has grown substantially, picking up more than 10,000 new unique members as of the end of June, which significantly exceeded the Company’s internal expectations.
“We will have more details on Nug Avenue performance soon, but we wanted to report our strong progress and let our shareholders know that we are quickly establishing a brand presence in the Los Angeles cannabis delivery market at our first location, which should carry over to help in establishing rapid customer growth in new locations as we expand,” noted Jimmy Chan, Sugarmade CEO.
Commercializing New Licenses. The Company has officially opened an escrow account for the purpose of acquiring property to be used for the application of one of three new non-storefront California cannabis licenses the Company is in the process of acquiring, as discussed in its release dated June 10, 2021.
As noted in that release, the Company announced the signing of 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 provide the licensing foundation for the opening of three (3) new Nug Avenue cannabis delivery hubs in the Los Angeles metro area.
The Company plans to acquire property to be used as a new delivery hub.
Oregon Expansion. The Company has also taken steps toward making an offer on licenses for the state of Oregon, which may or may not include a real estate purchase in the process. This is a step toward potentially establishing cannabis delivery operations in Oregon. The Oregon recreational cannabis market is one of the largest and fastest growing in the country, with total sales expected to top $1 billion this year.
The Company has reached out to local service providers to help move this process forward. Further details related to the Company’s expansion plans will be discussed soon.
Chan added, “We continue to make tangible strides toward a vertically integrated model. Our long-term strategic vision is to establish the capacity to control all aspects of production, supply, manufacturing, packaging, distribution and delivery – to become a true “farm to door” cannabis company. This vision should provide for better unit economics, margin growth and gains in product quality and customer satisfaction. Organic brand growth, property acquisition, licensing and geographic expansion are all important steps toward achieving that vision for Sugarmade and its shareholders.”
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 f
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