CannabisNewsBreaks – Sugarmade Inc. (SGMD) Inks Definitive Agreement to Acquire California Cannabis Licenses

Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis marketplace based in California, has signed a definitive agreement outlining the acquisition of three nonstorefront California cannabis licenses from the Department of Cannabis Regulation (“DCR”) in Los Angeles; the agreement also includes corresponding licenses from the California Bureau of Cannabis Control (“BCC”). Both pieces combined will allow Sugarmade to license and operate three new vertically integrated Nug Avenue cannabis delivery hubs. According to the announcement, each of the three licenses can be used for up to three of the five categories of licensed cannabis-related business activities allowed under the terms of these licenses. Those categories include retail delivery, manufacturing, distribution, transport-only and cultivation. SGMD anticipated using the licenses for a combination of retail delivery of cannabis products, supply chain distribution of cannabis products and manufacturing/packaging of cannabis products. Following its current strategy, SGMD will have the required licensing credentials to open three new Nug Avenue locations in the Los Angeles metropolitan area. “Once we have put all of these new licenses to use, we will have quadrupled our distribution footprint in the world’s largest cannabis market,” said Sugarmade CEO Jimmy Chan in the press release. “We also continue to move toward establishing our own cultivation operations. Together, these steps are part of our core vision — to establish a full farm-to-door vertically integrated cannabis company capable of driving a much greater percentage of total sales to the bottom line for our shareholders, while capturing much greater control over product quality for our customers.”

To view the full press release, visit https://cnw.fm/kmZug

About Sugarmade Inc.

Sugarmade is a product and branding marketing company investing in operations and technologies with disruptive potential. The company’s portfolio includes CarryOutsupplies.com, SugarRush(TM), NUG Avenue, Lemon Glow and Budcars. 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://cnw.fm/SUGAR

About CannabisNewsWire

CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.

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