CannabisNewsBreaks – Sugarmade Inc. (SGMD) Signs LOI to Acquire Cultivation Company
Apr 1, 2021
Sugarmade (OTC: SGMD) has signed a letter of intent (“LOI”) regarding the acquisition of California-based Lemon Glow Company Inc., along with all the company assets, interests, property and rights; included in the planned acquisition is 640 acres of property located in Lake County, outside of the Commercial Cannabis Cultivation Exclusion Zones. The LOI stipulates that 32 acres of the property have been designated for outdoor cannabis cultivation, with an annual potential cultivation yield of approximately 4,000 pounds of dry trimmed cannabis flower per acre, for a total estimated production of 128,000 pounds of dry trimmed cannabis flower per year. According to the announcement, existing Lemon Glow executive team members will continued to manage the cultivation site for at least three years. Sugarmade has already put down $400,000 in earnest money towards the acquisition and has 30 days to close the agreement. “As discussed in our recent corporate update, we are taking aggressive steps toward the establishment of full farm-to-door cannabis operations at scale in the California cannabis marketplace, and this acquisition represents a major part of that strategy,” said Sugarmade CEO Jimmy Chan in the press release.
To view the full press release, visit https://cnw.fm/FZNa8
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 and Budcars. For more information about the company, please visit www.Sugarmade.com.
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