- SGMD inks MSA with California cannabis micro license holder
- Agreement “lays a foundation for a significantly expanded manufacturing and distribution infrastructure,” says CEO
- Key partnerships are essential pieces of Sugarmade’s focus on California cannabis space
With the recent signing of a management services agreement (“MSA”) (https://cnw.fm/7zHND), Sugarmade (OTC: SGMD) is making key progress toward the goal of strengthening its position in the California cannabis space. SGMD signed the MSA through its subsidiary, SugarRush, which entered into the agreement with Canndis Inc., a California cannabis micro license holder.
Canndis holds a license that covers delivery, manufacturing, distribution and cultivation rights, and the agreement will enable Sugarmade to expand its manufacturing and distribution footprint.
“This deal will provide us with a new income stream as we apply our expertise and experience to mobilize Canndis’ assets and market positioning,” said Sugarmade CEO Jimmy Chan. “But it also has substantial strategic value because it lays a foundation for a significantly expanded manufacturing and distribution infrastructure under our control when we harvest our first crop.”
Sugarmade is anticipating harvesting that crop in the coming weeks, an accomplishment made possible through the company’s acquisition of a minority stake in RMI Ventures (d/b/a Jerusalem Grade Farm) (https://cnw.fm/PCcMm); the property is licensed for 43,560 square feet of outdoor canopy area and is currently growing at full capacity this season. Sugarmade and RMI Ventures signed an LOI earlier this year.
These strategic agreements are essential pieces of Sugarmade’s focus on growing its presence in the cannabis space. The MSA calls for Sugarmade to assume management responsibilities and operational control over manufacturing and distribution of cultivated cannabis produced Jerusalem Grade Farm. The agreement also expands Sugarmade’s manufacturing and distribution footprint and will provide for the establishment of a new strategically located manufacturing and distribution hub near Palm Springs, California, as Sugarmade brings that harvest to market.
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, J Grade Farm, Lemon Glow and Budcars.
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/SGMD
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
Do you have questions or are you interested in working with CNW? Ask our Editor
CannabisNewsWire is part of the InvestorBrandNetwork.