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Sugamade Executes on Its Collaborative Cannabis Cultivation Strategic Model - Enters the ‘Fresh Frozen’ Cannabis Market via Contract Cultivation Contract with Cannabis Global, Inc.
Sugamade Executes on Its Collaborative Cannabis Cultivation Strategic Model - Enters the ‘Fresh Frozen’ Cannabis Market via Contract Cultivation Contract with Cannabis Global, Inc..
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, May 04, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTC Pink: SGMD) (\"Sugarmade\", \"SGMD\" or the \"Company\"), an emerging leader in the licensed cannabis sector, today announces its first transaction relative to its collaborative cannabis cultivation strategy via a definitive and executed contract with Cannabis Global, Inc. (OTC Pink: CBGL).  Under the terms of the agreement, Sugarmade, via partner licensed and permitted Lake County, California, cannabis cultivators, will produce approximately 25,000 pounds of “Fresh Frozen” cannabis, which Cannabis Global, Inc. will use in its product lines and will distribute to the California marketplace. Fresh Frozen cannabis is cultivated to be immediately flash frozen upon harvest instead of the traditional treatment of drying and curing after harvest. The companies have signed a pre-booked, fixed-price contract in the amount of $700,000, which will include cash payments from Cannabis Global to Sugarmade of $300,000 and notes for the balance of $400,000. Planting of the cultivators is expected to begin in mid-May and continue into early June. Jimmy Chan, CEO of Sugarmade, commented, “As we recently announced to our shareholders, we see a strong business model of utilizing now idle resources of other California cultivators who have decided they can no longer afford to cultivate cannabis and market their biomass into the marketplace. This new model will allow local Lake County, California, cannabis companies to remain in business to do what they do best - cultivate cannabis - while allowing Sugarmade to concentrate on distribution and marketing of cannabis flower and manufactured products.” The cannabis strains for Cannabis Global’s cultivation will be specifically selected for attributes conducive to producing ultra-premium solventless extracts and products based on live rosin and hash concentrates. Upon harvest, all cannabis plants will be trimmed with the best flowers immediately flash-frozen to preserve the delicate oil-containing trichomes. This Fresh Frozen cannabis will then be stored at ultra-low temperatures until processed via 100% solventless extraction technologies. “The market for Fresh Frozen cannabis is snowballing. Thus we believe it is the place to be for the 2022 cultivation season,” comm...