Sugarmade (OTCQB: SGMD) today announced that it has placed a hold on plans to complete a reverse split of its common shares. Per the update, pending a vote by its board of directors, management believes temporarily holding or canceling the reverse split may be the best future course of action. In addition, Sugarmade announced its planned entry into the regulated and licensed portion of the cannabis marketplace, with an emphasis on the California distribution and retail sectors. “For at least the time being, we do not see a reason to move forward with the reverse stock split. However, we reserve the right, should circumstances warrant, to reactivate the reverse,” Sugarmade CEO Jimmy Chan said in the news release. “We are in the process of modifying our business strategy to better align with where the cannabis marketplace is headed and thus our cancellation of the previously proposed transaction. We see significantly larger opportunities in the California cannabis distribution arena and have entered into advanced talks to make a strategic move into this area.”
To view the full press release, visit http://cnw.fm/sn0Ez
About Sugarmade, Inc.
Sugarmade, Inc. (OTCQB: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. For more information, visit the company’s website at www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://cnw.fm/SUGAR
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