~ Nice 8-K out today about their new Master Marketing Agreement
Item 7.01 Regulation FD Disclosure
On November 13, 2017, SGMD signed a Letter of Intent (the “LOI”) to enter into a Definitive Master Marketing Agreement (the “Agreement”) with BizRight, LLC (“BizRight”), of City of Industry, California. Under the terms of LOI and the proposed Agreement, upon the effective date of the Agreement, Sugarmade will begin recognizing all revenues for the iPower and all sub-branded products marketed by BizRight. BizRight has been growing rapidly in the legal cannabis and hydroponic supply sectors for several years. During 2017, it is expected to produce at least $30 million in revenues and to be profitable. Growth for 2018 to over $40 million in revenue is expected. As compensation for the Agreement, Sugarmade will pay the owners of BizRight a combination of cash and common shares in Sugarmade. These amounts will be outlined in the Agreement, should such an agreement be reached.
BizRight is a leading provider of hydroponic and agricultural supplies selling a wide range of hydroponics supplies including HPS grow lights, electronic ballasts, HPS bulbs, nutrient Mixes, environmental control products, pH measurement and calibration solutions and many more hydroponic products.
While the board of directors and the management team of Sugarmade believe there is strong likelihood of closing the Master Marketing Agreement and the required financing, there can be no assurance that any transaction will ultimately be completed. https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12384605