420 with CNW — Interesting Facts You Didn’t Know About Marijuana

More countries across the globe are legalizing marijuana as we discover more on the therapeutic benefits it offers. Did you know, however, that marijuana has actually been used by humans for thousands of years?

We’ve compiled some interesting facts about the history of marijuana.

Truth serums: myth or fact?

A national government agency, the OSS (Office of Strategic Services), explored the possibility of using controlled substances as potential truth serums during World War 2. Harry Anslinger, the commissioner of the Federal Bureau of Narcotics at the time and a devoted marijuana hater, was part of the investigation team.

THC acetate was tested as a truth serum on unsuspecting victims, some of whom were war prisoners at the time. While it produced no results as a truth serum, it did work as a relaxing agent.

Marijuana was an asthma treatment.

Evidence has shown that marijuana was used 5,000 years ago for various diseases in Romania. The plant is referenced in the 1500 BC Chinese Pharmacopoeia. In addition to this, marijuana was also used extensively throughout India as bhang and was also found on mummies in Egypt.

History has shown that in the 1900s in South Asia, marijuana was recommended by physicians as a remedy for people who were asthmatic and was also utilized in treating bronchitis. While this may be surprising seeing as smoke is generally not good for people with respiratory problems, research has shown that marijuana smoke may not behave in the same way as other smoke, such as tobacco smoke, does. Marijuana smoke has been shown to cause bronchodilation, which actually dilates the airways.

Shakespeare smoked marijuana

While we may never know if marijuana aided in the creation of his creative and expressive works, it has been found that Shakespeare was a lover of weed.

An analysis of the chemical residue in the pipes he used to smoke showed marijuana residue. Researchers used a method known as gas chromatography mass spectrometry to conduct the analysis. The pipes excavated from the garden of Shakespeare as well as the pipe stems and bowls received by Thackeray on loan, in total making 24 fragments, found marijuana in eight samples, thus providing concrete evidence that Shakespeare smoked weed.

What do you think he meant by, “I shall attend your leisure: but make haste; the vaporous night approaches.”

From the above, we can see that marijuana has a diverse and interesting history. Learning more about this multifaceted plant and its benefits also provides a new angle to look at things, and who wouldn’t want that?

As cannabis gains more acceptance around the United States., many companies have stepped up to address the evolving needs of consumers. Sugarmade Inc. (OTCQB: SGMD) is one of those firms. The COVID-19 outbreak has given home-delivery business an unexpected boost, and Sugarmade is taking full advantage of that opportunity.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — What the 2020 Marijuana Initiative Voter Successes Mean for Veterans

Despite the controversy surrounding its use, cannabis has proven itself to be an effective alternative to some pharmaceuticals. Chockfull of potent medicinal properties, cannabis is believed to treat numerous conditions such as chronic pain, anxiety, stress and insomnia. One group of individuals that could greatly benefit from medical marijuana but hasn’t always been given access would be veterans, as they are more likely to suffer from conditions such as anxiety, chronic pain and PTSD.

Despite its history, cannabis saw a couple of wins during the November 2020 elections. Fifteen states had already legalized adult cannabis use as of election night, and voters in Arizona, New Jersey and Montana approved measures to legalize adult use. Voters in South Dakota voted to legalize both recreational and medical marijuana while Mississippians approved medical marijuana.

According to Eric Goepel, founder and CEO of Veterans Cannabis Coalition, and Justin Strekal, political director of the National Organization for the Reform of Marijuana Laws (“NORML”), these wins will aid veterans in four ways.

Increased access to marijuana. Since the drug is illegal at the federal level, states had to opt into medical marijuana programs for their citizens, including veterans, to gain access to the drug. Veterans living in states that didn’t allow cannabis would either have to use pharmaceutical alternatives, putting them at risk of side effects and addiction, or practice cannabis tourism. But with voters in more states legalizing cannabis, veterans will have more access and, according to Goepel, they won’t have to deal with potential “gatekeeping” by local public health officials or doctors.

Reduced prices. As cannabis’ medicinal properties came to light, its demand skyrocketed. However, plenty of states classified it as a controlled substance, and the ones that had a legal cannabis market tended to have high barriers to entry, leading to a bottleneck in supply. As we know, high demand coupled with low supply usually leads to higher prices, and veterans sometimes had to pay hundreds of dollars a year in fees. With more cannabis cultivators, manufacturers and retailers in the market, Goepel says, veterans may be able to purchase cannabis at much cheaper prices.

Change in federal law. At the moment only 15 states in the entire United States have not legalized cannabis, and as more states jump on the bandwagon, there is less incentive for the federal government to continue classifying cannabis as a controlled drug. Leaders in the Department of Veteran Affairs have used this classification as reason against prescribing cannabis to veterans, and this will likely change in the face of federal legalization.

Reduced stigma. After decades of prohibition, marijuana has garnered a tainted reputation. But as more states legalize it and create programs to allow recreational and medical use, veterans will be able to access cannabis without any fear of social stigma.

A company that is deserving of your attention is Sugarmade, Inc. (OTCQB: SGMD). The California-based company has taken full advantage of the boom in cannabis delivery triggered by the current Covid-19 pandemic, and they are also setting up their own marijuana grow facilities.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — Senate Committee Wants Hemp THC Rule Changed

Earlier this week, senate appropriators released various reports and spending bills for fiscal year 2021 that have incorporated various provisions related to hemp and marijuana. Hemp contains no more than 0.3% THC, as defined under federal law.

However, the USDA proposed a 0.5% negligence threshold, which means that farmers who have exceeded that limit would have to destroy their plants. The senate panel is calling for the agency to reconsider the policy, taking into account stakeholder feedback.

A few other marijuana-related provisions that had appeared in previous reports and appropriation bills were also incorporated in the bills. Those included measures that banned Washington, DC, from using the district’s taxes to execute a regulated cannabis market while also protecting medical marijuana programs in the state from government intervention. Legislators also continue to identify barriers to cannabis research brought about by federal prohibition.

In addition to this, a new section has been added that asks the National Institute on Drug Abuse (“NIDA”) to add more marijuana-related questions to its annual government survey of young people. Legislators would like to incorporate queries about the consumption of flavored cannabis edibles and vapes that appeal to young people.

The senators also demanded $5 million in funding for FDA research into marijuana and marijuana derivatives, protecting state hemp programs and enlarging cannabis studies in the U.S. Department of Health and Human Services.

On the other hand, the House advanced appropriation bills of its own during the summer that include wider marijuana reform policies, showing an overlap between the House and the Senate. In the House version, proposed legislation includes provisions aimed at the following:

  • Grant the state of Washington the ability to legalize recreational marijuana sales
  • Oversee the nation’s CBD and hemp industries
  • Enlarge research on marijuana
  • Ease access to basic banking services for marijuana businesses
  • Protect recreational cannabis legalization laws from government interference

To keep most agencies and programs funded, the government has been relying on continuing resolutions, seeing as the fiscal year for next year actually began Oct. 1, 2020.

The report for the measure to fund the Department of Health and Human Services has several passages that direct officials to widen the scope of cannabis research. The measure also includes a note that marijuana’s classification as a Schedule 1 drug only hinders research.

Over in the District of Columbia, the bill funding the state currently maintains a rider banning the city from using its own funds to legalize and regulate recreational marijuana sales. This is despite the House-passed version of the fiscal year 2021 legislation proposing that the policy be revoked.

A noteworthy company that you should pay attention to in the marijuana space is Sugarmade Inc. (OTCQB: SGMD). As other industries have suffered major drops in sales, this cannabis delivery company has seen an uptick in the volume of its business as the COVID-19 pandemic rages on.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — What’s Next for Medical Marijuana After NJ Legalizes Recreational Pot?

A week ago, New Jersey legalized the sale of marijuana. The state has allowed the sale of medical marijuana since 2010 when the Compassionate Use Medical Marijuana Act was approved. Currently, upwards of 80,000 individuals in the state use marijuana to help alleviate or treat symptoms of various conditions, which range from epilepsy, cancer, nausea and pain to glaucoma and ALS.

The state’s medical cannabis program is designed to help some individuals improve their quality of life and others to ease their last moments of life. However, there are those who are concerned that the legalization of recreational marijuana for adults may influence the medical cannabis program. In various states, the launch of a recreational marijuana market has severely damaged the availability of medical marijuana.

The rise of the markets may influence some patients to ditch the doctor’s office visit for self-medication using the recreational products. Additionally, the marijuana strains that medicinal patients use, especially those with low THC levels, often become unavailable. The increase in recreational markets therefore indirectly leads to growth in overall THC levels in the marijuana sold in a state because many growers opt to sell only products with high THC levels.

Research also shows that specialized edibles normally purchased by medical patients also increase in price after the legalization of marijuana. An analysis was carried out by the Associated Press in four states where medical cannabis was available. The study revealed that in those four states — Alaska, Colorado, Nevada and Oregon — there was a decrease in the number of medical marijuana patients after the legalization of marijuana. In the state of Oregon, the number of medical marijuana shops dropped to two from 400.

There are many individuals who rely on medical marijuana, so if the medical marijuana dispensaries in New Jersey were to close down, the result would be tragic. The prejudices that prevent marijuana from being approved as medication do not help prevent this. These prejudices persist despite the many studies and trials that prove cannabis to be a medicinal plant with various benefits and a bonus recreational use as well.

The research is said to be insufficient though, as researchers look deeper into understanding marijuana and its strains as well as the conditions that it can help manage. To help do this, the Cannabis Education and Research Institute (“CERI”) was formed to advance research on cannabis. Apart from understanding the plant’s botanical properties, the institute is also calling for the end of federal restrictions that may impede research in this area. The removal of a prohibitive designation, such as the classification of marijuana as a schedule 1 drug, would only open the door to more research. This would be helpful in saving medical marijuana for individuals who need it.

A company you need to allot some attention to in the marijuana space is Sugarmade Inc. (OTCQB: SGMD). The ongoing coronavirus pandemic has boosted the cannabis delivery services offered by this firm to those in the San Francisco area.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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420 with CNW — CBD Shampoo Alleviates Symptoms of Scalp Inflammation

For the past couple of years, cannabidiol (“CBD”) has held the world’s attention. Extracted from industrial hemp, a nonpsychoactive variety of cannabis, CBD is brimming with potent medicinal properties. Anecdotal evidence and preliminary research have found it effective against a host of medical conditions including anxiety, insomnia, post-traumatic stress disorder (“PTSD”) and pain.

According to a team of researchers from Italy and the United States, cannabidiol may also offer relief against scalp inflammation. Also known as scalp dermatitis, inflammation of the scalp usually results in flaky, itchy and painful patches. It is often caused by scalp psoriasis and seborrheic dermatitis. Dr. Shani Francis, a board-certified dermatologist who specializes in hair loss and the chief wellness officer of Ashira Dermatology, says that “scalp dermatitis is a very broad condition, and it has multiple diagnoses which are very common, as well as some rare ones.”

Save for a few instances, scalp inflammation isn’t a serious condition, and it can usually be treated with either topical treatments or over-the-counter medications. When researchers from Italy and the United States recently teamed up to explore the efficacy of cannabis-based shampoos on patients who suffer from scalp inflammation caused by scalp psoriasis or seborrheic dermatitis, the results were encouraging. The team found that cannabidiol has potent anti-inflammatory properties, making it a suitable treatment against a condition caused by inflammation, at least on paper.

They evaluated the “efficacy of a shampoo containing 0.075% broad-spectrum cannabidiol in 50 subjects with mild to moderate scalp psoriasis or seborrheic dermatitis,” the study authors note. At the end of the study, the researchers found that the CBD shampoo provided noticeable relief to study participants after only two weeks of use.

The researchers measured inflammation by evaluating how dense the twisted/glomerular or arborizing vessels were. They relied on trichoscopy using a six-point scale at baseline and day 14. Several symptoms, including itching or burning sensations, erythema/scaling, overall tolerability, as well as subject satisfaction were evaluated.

New York dermatologist Matthew Lin, MD, states that the endocannabinoid system works with CBD to reduce the symptoms of scalp inflammation. It acts on the cannabinoid receptors and reduces what are known as inflammatory cytokines within the scalp. Using a CBD shampoo could improve eczema, dandruff, and seborrheic dermatitis as well as an itchy, flaky scalp.

This lines up with what the team of researchers concluded at the end of the study. Changing the current shampooing practices and taking up a shampoo containing CBD can significantly reduce both the severity and the symptoms of scalp inflammation in approximately two weeks, with the added bonus of high tolerability and treatment satisfaction in people with mild or moderate scalp psoriasis or even seborrheic dermatitis.”

Sugarmade Inc. (OTCQB: SGMD) is a company you should watch in the cannabis sector. The firm specializes in offering delivery services to cannabis businesses, and SGMD has recently ramped up its plans to start marijuana cultivation.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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Sugarmade Inc. (SGMD) Reports BudCars Q3 Numbers, Company Continues to Post Record Sales

  • SGMD releases key numbers for BudCars Q3 2020 financial report
  • CEO reports that company “continues to perform, setting records in basically every key metric we track”
  • BudCars has seen consistent growth since Sugarmade acquired 40% stake in the Sacramento-based cannabis delivery service

Steadily growing gross margins, more than 60% growth and $2 million in gross receipts are a few of the highlights in an announcement (https://cnw.fm/SLg0m) made by Sugarmade (OTCQB: SGMD) featuring the Q3 2020 numbers for BudCars Cannabis Delivery Service. SGMD owns a 40% stake in BudCars, along with an option to acquire an additional 30%.

“BudCars continues to perform, setting records in basically every key metric we track,” said Sugarmade CEO Jimmy Chan. “It was a tremendous quarter, with a big jump in customers and regional market share and robust margins on every sale. That paints a very motivating picture as we gear up to significantly expand our service territory, with upcoming expansion into the North Bay and Wine Country areas, as well as our upcoming grand opening of BudCars LA.”

The preannouncement of BudCars’ performance for the three months ended Sept. 30, 2020, included the following key numbers:

  • Total Q3 2020 BudCars gross receipts over $1.9 million, which represents a 66% increase quarter over quarter
  • Total Q3 BudCars gross profits of $903,667, representing 64% gross profit growth quarter over quarter on a steady 47% gross profit margins
  • Average daily gross sales increased $21,246, a 68% increase quarter to quarter
  • Total customer tickets increased 62% quarter to quarter on 3% growth in average ticket size

BudCars has seen consistent growth since Sugarmade acquired a 40% stake in the Sacramento-based cannabis delivery service earlier this year (https://cnw.fm/gTCbW). In fact, the company has performed ahead of expectations almost every month since March 2020, seeing consistent growth in almost every area, including increasing new customers, strong repeat business, increasing orders per customer per period, and increasing ticket sizes.

BudCars isn’t the only bright spot on the Sugarmade horizon. The company also recently secured rights to a property zoned for cannabis cultivation (https://cnw.fm/eAiph). The company is already in the process of obtaining cannabis cultivation licensing, preparing archaeological and biological surveys, and assembling documentation related to the architectural and engineering plans for construction of greenhouses and a processing building.

“We believe we have all of the strategic pieces in place to capitalize on cultivation, with the market currently chronically undersupplied,” said Chan. “We also have relationships in place, especially through our BudCars investment, to hit the ground running on the branded products side, driving strong margins up and down the chain.”

BudCars is a retail business that offers same-day delivery of top-quality cannabis. Customers choose from a variety of products including edibles, flower, pre-rolls, vapes, tinctures and concentrate across dozens of premium brands. Once consumers complete their purchases online, they receive their order the same day via BudCars Cannabis Delivery Service.

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(TM) and Budcars.com. Sugarmade is an investor in BudCars and a joint operator of BudCars’ first operating location in Sacramento, California.

During early 2020, Sugarmade gained a 40% stake in BudCars and in the Sacramento delivery operations via the acquisition of a 40% stake in Indigo Dye Group (Indigo). Under the terms of Sugarmade’s agreement with Indigo, Sugarmade also acquired an option to purchase an additional 30% interest in Indigo, upon the closing of which would provide Sugarmade with a 70% controlling interest. As of the date hereof, this option has not yet been exercised; Sugarmade’s stake in Indigo remains at 40%, and there is no assurance that Sugarmade will exercise the option to acquire an additional 30% interest in Indigo.

However, since late May 2020, Sugarmade has been actively involved in development of Indigo’s operations with power to direct the activities and significantly impact Indigo’s economic performance. Sugarmade also has obligations to absorb losses and right to receive benefits from Indigo. As such, in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification 810-10-25-38A through 25-38J, Indigo is considered a variable interest entity (“VIE”) of Sugarmade.

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

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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420 with CNW — 5 Mistakes You Should Avoid While Making Cannabis Gummies

Although quite young, the market for cannabinoid-infused products is swiftly growing. Consumers have especially taken a liking to gummies infused with cannabidiol (“CBD”) and THC, the most prominent cannabinoids. According to Google, CBD gummies were the third most searched food by Americans in 2018. All in all, the global market for CBD gummies is expected to register a compound annual growth rate of 31.9% by 2025.

However, creating cannabinoid-infused gummies that consistently sell is no easy task, and one single mistake could leave you with a batch of gummies no one wants to buy. So, as you work to develop your cannabinoid-infused gummies, make sure to avoid the following mistakes;

Sacrificing flavor for potency. Cannabinoids such as THC and CBD have a naturally bitter, hemp-like taste, and at potency ratios above 2 to 3 milligrams of cannabinoid per one gram of gummy, the taste becomes difficult to mask. Since we’re dealing with confectionaries, taste matters a whole lot, and customers will be put off by a gummy that tastes bitter. Going for a super potent recipe will likely result in a potent but bitter product that won’t see many sales.

Lacking consistency, especially when it comes to potency. A lot of people use CBD and THC products for specific reasons, such as pain relief or to improve sleep. If the potency of your gummies doesn’t remain consistent, your customers will not have the same experience every time they buy — and use — your products. Even if they aren’t using it to address a health issue, they will undoubtedly be put off by the lack of consistency in potency.

Not understanding how the ingredients interact. A typical gummy consists of about 80% sugar and corn syrup, 2–8% gelling agent (starch, gelatin or pectin), and less than 1% flavor, acid and color. Gelatin is an easier gelling agent to work with, allowing for a firm, almost transparent gummy. On the other hand, pectin is vegetarian, and sellers who lean in that direction prefer it. However, pectin is harder to work with, sn’t thermally reversible and can ruin a batch of gummies when a mistake is made. Having a thorough grasp of how all the ingredients work together right from the start will save you a lot of time and money.

Not using the right tools. You will need specialized equipment such as a refractometer and a water activity meter to produce high-quality gummies and jellies. Such tools are used to measure the sugar content of the gummy syrup and the water activity respectively, factors that contribute greatly to the quality of your final product.

Improper Curing. Depending on factors such as the type of mold (silicon or starch), the formula, the temperature, and relative humidity of the room, it can take anywhere from 24 to 48 hours for the gel to set and dehydrate. Understanding the proper curing requirements for your specific formula and location will allow you to create the perfect conditions for the gel to set and dehydrate perfectly.

A company you should watch in the marijuana space is Sugarmade Inc. (OTCQB: SGMD). The company specializes in offering delivery services both in the cannabis industry and the quick-service restaurant sector, and the current pandemic has highlighted how valuable such services are.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

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CannabisNewsBreaks – Sugarmade Inc. (SGMD) Undertakes Marketing Analysis Ahead of Planned BudCars Expansion

Sugarmade (OTCQB: SGMD) today announced that, in anticipation of the planned expansion of the BudCars cannabis delivery service into new territories, it has undertaken an analysis of the efficacy of marketing spending relative to market size and population for the existing BudCars regional delivery footprint. According to the update, Sugarmade believes this may provide some insight into performance benchmarks and expectations related to the anticipated expansion into the North San Francisco Bay Area and the Wine Country counties, followed by Los Angeles. “We are very confident in the ROI associated with spending on BudCars marketing in connection with BudCars’ expansion,” said Jimmy Chan, CEO of Sugarmade. “We have seen at least a six-to-one multiple in terms of sales relative to marketing expenditure overall, with more than twice the market share and total sales where investments have focused more on cultivating new customers. We believe this bodes well for the marketing approach as BudCars enters the North Bay and LA Metro markets.”

To view the full press release, visit https://cnw.fm/vjN3D

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(TM) and Budcars.com. For more information, visit www.Sugarmade.com. Sugarmade is an investor in BudCars and joint operator of BudCars’ first operating location in Sacramento, California. During early 2020, Sugarmade gained a 40% stake in BudCars and in the Sacramento delivery operations via the acquisition of a 40% stake in Indigo Dye Group. Under the terms of Sugarmade’s agreement with Indigo, Sugarmade also acquired an option to purchase an additional 30% interest in Indigo, upon the closing of which would provide Sugarmade with a 70% controlling interest. As of the date hereof, this option has not yet been exercised, Sugarmade’s stake in Indigo remains at 40%, and there is no assurance that Sugarmade will exercise the option to acquire an additional 30% interest in Indigo. However, since late May 2020, Sugarmade has been actively involved in development of Indigo’s operations with power to direct the activities and significantly impact Indigo’s economic performance. Sugarmade also has obligations to absorb losses and right to receive benefits from Indigo. As such, in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification 810-10-25-38A through 25-38J, Indigo is considered a variable interest entity (“VIE”) of Sugarmade.

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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Sugarmade Inc. (SGMD) Issues Letter to Shareholders on Upcoming Expansion Steps

  • SGMD shareholder letter outlines building blocks of strategic vision
  • Chan talks about two themes: geographic expansion for BudCars and Sugarmade’s move to cultivation operations
  • BudCars is expanding into North San Francisco Bay area and wine country counties, then Los Angeles

In a letter to shareholders thanking them for their support, Sugarmade (OTCQB: SGMD) CEO Jimmy Chan outlined the “building blocks of a coherent and cohesive strategic vision” and noted that the company is putting in motion “key next steps to manifest that vision and drive strong and sustained shareholder value as a key emerging leader in the California cannabis marketplace”(https://cnw.fm/C3Q5i). 

“I want to highlight two themes that will help to drive our value proposition for shareholders over the intermediate term: geographic expansion for BudCars and our move to vertically integrate through the establishment of cultivation operations,” wrote Chan. “Together, they represent tangible catalysts driving both top and bottom line growth.”

In the letter, Chan noted that Sugarmade is working to “expand the scope, scale and reach of BudCars, a rapidly growing leader in the California cannabis delivery space — where we hold a 40% stake, with an option to take a controlling 70% stake, and where we are actively engaged in strategic and operational execution of the business.”

The letter outlined the dramatic growth BudCars has seen over the past six to eight months, noting that the company has consistently surpassed expectations in several key areas including customer acquisition and per-order volumes. “However, to fuel the next phase of our overarching vision, we must begin to expand our geographic reach,” Chan observed. 

“I have good news: that expansion is officially underway,” Chan continued. “We are expanding BudCars initially into the North San Francisco Bay Area and the Wine Country counties. That will be followed by our grand opening of BudCars Los Angeles, which we anticipate now will take place sometime in November.”

The letter noted that the move into the North Bay Wine Country area, which represents a more than doubling of the company’s total delivery territory, is “ripe with potential.” A recent “North Bay Business Journal” article reported that cannabis-related tax receipts from Sonoma County indicate that the area is seeing growth of 35% in the cannabis space. “As we begin to see tourism return in the wake of the global pandemic health crisis, we anticipate this region to represent one of the strongest bets as well, and we are excited about positioning BudCars to capitalize on that growth trend,” stated Chan.

The expansion into the wine country areas will be followed by the company’s grand opening in Los Angeles, slated for November. “Los Angeles is an enormous market for cannabis sales,” Chan explained. “It stands as perhaps the largest metropolitan cannabis marketplace on the planet. And we will be thrilled to see BudCars lay down roots and start taking market share in the area.”

The shareholder letter also noted that Sugarmade has secured a property zoned for cannabis cultivation and is working with regulators to move forward with plans to start its own cultivation operations. “This move will function to widen our margins on BudCars sales as well as to position Sugarmade to capitalize on growing demand in a chronically undersupplied marketplace,” the letter outlined. “Because of our access to end-market consumers through our BudCars distribution channel, we will also have an advantage over other cultivators in establishing a branded line of cannabis products, further supporting widening margins at each point in the chain.

“These are exciting times for Sugarmade. We have a rapidly growing business, and we are taking concrete steps now to build on that growth,” Chan concluded.

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(TM) and Budcars.com. Sugarmade is an investor in BudCars and a joint operator of BudCars’ first operating location in Sacramento, California. 

During early 2020, Sugarmade gained a 40% stake in BudCars and in the Sacramento delivery operations via the acquisition of a 40% stake in Indigo Dye Group (Indigo). Under the terms of Sugarmade’s agreement with Indigo, Sugarmade also acquired an option to purchase an additional 30% interest in Indigo, upon the closing of which would provide Sugarmade with a 70% controlling interest. As of the date hereof, this option has not yet been exercised; Sugarmade’s stake in Indigo remains at 40%, and there is no assurance that Sugarmade will exercise the option to acquire an additional 30% interest in Indigo. 

However, since late May 2020, Sugarmade has been actively involved in development of Indigo’s operations with power to direct the activities and significantly impact Indigo’s economic performance. Sugarmade also has obligations to absorb losses and right to receive benefits from Indigo. As such, in accordance with the Financial Accounting Standards Board’s Accounting Standards Codification 810-10-25-38A through 25-38J, Indigo is considered a variable interest entity (“VIE”) of Sugarmade.

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 

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.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CannabisNewsWire.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW? Ask our Editor

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420 with CNW — NJ Recreational Pot Sales Could Start Within Weeks, Senator Suggests

Sales in the state of New Jersey are projected to increase quickly if voters approve a cannabis legalization referendum on their ballots in the coming week. A plan unveiled by a top lawmaker would even allow the already existing medical cannabis dispensaries in the state to start selling to adults aged 21 years and above within a month of the election.

Nick Scutari, chairman of the state Senate Judiciary Committee, stated in an interview that the most important thing would be to allow people to purchase legal marijuana immediately. However, those who would prefer to grow their marijuana at home wouldn’t be as lucky, seeing as individuals would not be permitted to obtain cannabis from homegrown or illicit sources.

In the interview, Scutari discussed what to expect if voters of New Jersey approved Public Question 1, which would legalize the growing, processing and sale of retail cannabis in the state. The measure is made up of five brief sentences, leaving most of the details up to lawmakers and regulators.

Scutari states that the first step would be for legislators to pass the legislation, starting with setting rules for the new cannabis market. He stated that he wanted the laws to be completed in November, which is when the state would be having the legalization pass.

The plan might be easier said than done though, mainly because dispensaries would be required to certify that they could still meet the current medical patient demand. Additionally, producers would need to confirm whether they are able to increase their supply in order to meet that goal.

The assistant commissioner of the Department of Health, Jeff Brown, stated in a separate interview that if the measure was passed tomorrow, the medical marijuana program, which he oversees, wouldn’t have an operator that would be ready to begin selling adult-use cannabis. He explained that the industry as a collective would have to speed up the whole process to make that happen, especially if companies were to be considered capable of selling in a potential adult-use market.

With dispensaries in the state facing complaints of product shortages and long lines, which have been worsened by the COVID-19 pandemic, this makes the goal that much harder.

Currently, the state has issued licenses to only 12 firms to cultivate, process and retail medical cannabis to more than 90,000 registered patients. However, all may not be lost. A survey conducted earlier this month revealed that 65% of voters in New Jersey were in favor of the measure, with 6% undecided and the remainder opposed.

An interesting cannabis firm that you should watch is Sugarmade Inc. (OTCQB: SGMD). This California-based delivery service provider is enjoying the uptick in delivery services after stores started curtailing their activities in order to adhere to social-distancing guidelines as a result of the COVID-19 pandemic.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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