Sugarmade Takes Steps Toward Establishing Licensed Cannabis Cultivation in Northern CaliforniaPosted by On

Rolling paper with cannabis

/EIN News/ — NEW YORK, Sept. 23, 2020 (GLOBE NEWSWIRE) — via NetworkWire – Sugarmade, Inc. (OTC: SGMD) (“Sugarmade” or the “Company”) is excited to announce the signing of a nonbinding Letter of Intent (the “LOI”) with LMK Capital, LLC (“LMK”). Sugarmade and LMK have agreed to work toward the negotiation of a definitive lease agreement for access to as much as 40 acres of property in Northern California. The Company intends to use 5 acres of the property to operate a regulated and licensed cannabis cultivation business. Jimmy Chan, Sugarmade’s chairman of the board, chief executive officer, chief financial officer and majority stockholder, is also majority owner of LMK.

“We continue to take strategic steps toward broadening our exposure to the growth trend in the cannabis market,” Chan commented. “We see this as a secular growth trend that is still very much in its early innings. And we believe our…

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