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Sugarmade Provides Shareholder Update: Nug Avenue Operational Growth
Sugarmade Provides Shareholder Update: Nug Avenue Operational Growth.
About this update from Sugarmade, Inc.
[{"type":"text","content":"Sugarmade Provides Shareholder Update: Nug Avenue Operational Growth, Implementation of New Licenses, and Potential Expansion into Oregon Cannabis Delivery MarketplaceNEW YORK, July 22, 2021, (GLOBE NEWSWIRE) -- via NetworkWire – Sugarmade, Inc. (OTCMKTS:SGMD) (“Sugarmade”, “SGMD”, or the “Company”), an emerging leader in the vertically integrated cannabis marketplace based in California, is pleased to update current and prospective shareholders on the Company’s growing Nug Avenue operations as well as further strides toward verticalizing its model through the acquisition of California cannabis licenses and potentially establishing commercial operations in the cannabis delivery market outside of the state of California.Nug Avenue. The Company established its initial Nug Avenue cannabis delivery operation in March 2021. Since that launch, Nug Avenue has grown substantially, picking up more than 10,000 new unique members as of the end of June, which significantly exceeded the Company’s internal expectations.“We will have more details on Nug Avenue performance soon, but we wanted to report our strong progress and let our shareholders know that we are quickly establishing a brand presence in the Los Angeles cannabis delivery market at our first location, which should carry over to help in establishing rapid customer growth in new locations as we expand,” noted Jimmy Chan, Sugarmade CEO.Commercializing New Licenses. The Company has officially opened an escrow account for the purpose of acquiring property to be used for the application of one of three new non-storefront California cannabis licenses the Company is in the process of acquiring, as discussed in its release dated June 10, 2021.As noted in that release, the Company announced the signing of a Memorandum of Understanding to obtain three non-storefront California Cannabis licenses from the Los Angeles Department of Cannabis Regulation, along with corresponding licenses from the California Bureau of Cannabis Control, which collectively provide the licensing foundation for the opening of three (3) new Nug Avenue cannabis delivery hubs in the Los Angeles metro area.The Company plans to acquire property to be used as a new delivery hub.Oregon Expansion. The Company has also taken steps toward making an offer on licenses for the state of Oregon, which may or may not include a real ...