Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis marketplace based in California, today provided current and prospective shareholders with an update on its recent acquisition, Lemon Glow Company Inc. The acquisition included all of Lemon Glow’s 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. “We are pleased to report that we have been able to successfully comply with the requirements attached to this acquisition process,” said Sugarmade CEO Jimmy Chan. “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.”
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About Sugarmade Inc.
Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s 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 cultivation or manufacturing operations and is seeking final permitting to begin operations. Neither Sugarmade nor Lemon Glow have been issued any permits or licenses to cultivate cannabis at the cultivation site. The process for the issuance of the required permits and licenses is ongoing, and while the management teams believe such permits and licenses will be issued, there can be no assurances. If permits and licenses are not issued, Lemon Glow will not be able to cultivate cannabis or manufacture cannabis products at the proposed site. For more information about the company, please visit www.Sugarmade.com.
NOTE TO INVESTORS: The latest news and updates relating to SGMD are available in the company’s newsroom at http://ibn.fm/SGMD
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