Business
Sugarmade (SGMD) Issues Shareholder Letter and 2023 Corporate Update
Sugarmade (SGMD) Issues Shareholder Letter and 2023 Corporate Update.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Feb. 15, 2023 (GLOBE NEWSWIRE) -- via InvestorWire -- Sugarmade, Inc. (OTC Pink: SGMD) (“Sugarmade,” “SGMD” or the “Company”), a product and branding marketing company investing in operations and technologies with disruptive potential, is pleased to issue the following letter to shareholders from Chief Executive Officer Jimmy Chan. Dear Valued Shareholder, Pivoting toward new opportunities is an essential element of good stewardship, and Sugarmade continues to welcome favorable developments in its corporate structure. While the optics of 2022 included navigating challenging headwinds in California’s cannabis space, the year also provided Sugarmade with significant openings to expand and strengthen our strategic goals and long-term values. 2023 will see Sugarmade continue building its various brands and begin a transition to becoming a real estate-focused company holding tangible assets that strengthen our balance sheet. We are pleased to welcome Jamie Steigerwald to our management team as Sugarmade’s new chief operating officer. Steigerwald is a seasoned entrepreneur with over 30 years of experience in various industries. He joined Nug Avenue as its chief marketing officer in January 2021 and played a key role in the growth of the cannabis delivery service during the COVID pandemic. In his current role at Sugarmade, Steigerwald is responsible for setting and executing strategic initiatives to enhance shareholder value. Before entering the cannabis industry, he worked in the real estate and mortgage sector, eventually starting his own mortgage brokerage in 2003. However, following the 2008 mortgage crisis, he shifted his focus to consulting and became a principal in various industries, specializing in marketing, sales and operations. Steigerwald’s considerable knowledge and experience in the real estate sector are key to Sugarmade’s pivot toward becoming a real estate-focused company. We believe this decision will strengthen our balance sheet with tangible real estate assets that will add more long-term value to our overall business model. Although turbulence in the California cannabis marketplace is expected to continue, we believe Sugarmade is well positioned for growth as the Company cultivates its established brands and pivots to include assets in the re...