Sugarmade (OTC: SGMD), an emerging leader in the vertically integrated cannabis sector, has taken steps toward a 40% acquisition of the business and associated property known as RMI Ventures (d/b/a Jerusalem Grade Farm). SGMD signed a letter of intent (“LOI”) agreeing to complete a definitive acquisition agreement that would make Sugarmade a minority owner of RMI Ventures with 40% control of RMI Ventures equity; SGMD anticipates pursuing the acquisition of additional equity in RMI Ventures next year. According to the announcement, Sugarmade intends to leverage the turnkey operation to fulfill its recently announced collaborative cannabis cultivation contract with Cannabis Global Inc. for 25,000 pounds of “Fresh Frozen” cannabis. Sugarmade representatives also noted that the new acquisition would enable the company to seek more buyers and build its sales channel to support the eventual activation of its large production site. The LOI with RMI Ventures includes associated property, cannabis-related licenses and the business operation. “This acquisition will allow us to be more efficient on every level,” said Sugarmade CEO Jimmy Chan in the press release. “It gives us much more optionality in scaling our vertically integrated model while avoiding unnecessary costs and wasteful spending as we prepare to hit the gas pedal when market conditions are more advantageous. The RMI business is an excellent property, and we look forward to updating current and prospective shareholders as we move toward a definitive agreement and an expanded equity position.”
To view the full press release, visit https://cnw.fm/Ve5Kq
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
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.
To receive SMS text alerts from CannabisNewsWire, text “Cannabis” to 844-397-5787 (U.S. Mobile Phones Only)
For more information please visit https://www.CannabisNewsWire.com
Do you have questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire is part of the InvestorBrandNetwork.