Business
Sugarmade Signs Management Services Agreement for Cannabis Product Manufacturing, Distribution, Delivery Licensing and Facility Management Ahead of First Harvest at Its Partner’s Farm
Sugarmade Signs Management Services Agreement for Cannabis Product Manufacturing, Distribution, Delivery Licensing and Facility Management Ahead of First Harvest at Its Partner’s Farm.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 22, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTC Pink: SGMD) (\"Sugarmade\" or the \"Company\"), an emerging leader in the licensed cannabis sector, is pleased to announce that its wholly owned subsidiary, SugarRush, has entered into a Management Services Agreement (the “MSA”) with Canndis, Inc. (“Canndis”), a California Cannabis Micro License holder based in Desert Hot Springs, California, providing for an expansion in the Company’s manufacturing and distribution footprint. Canndis’ license covers delivery, manufacturing, distribution, and cultivation capabilities. Through the MSA, Sugarmade will assume management responsibilities and operational control over manufacturing and distribution of cultivated cannabis produced at its partner’s “Jerusalem Grade Farm,” which is licensed for 43,560 square feet of outdoor canopy area and currently growing at full capacity this season. The MSA expands Sugarmade’s manufacturing and distribution footprint as Sugarmade prepares to harvest its first cultivated cannabis crop from its partner’s farm. The MSA will provide for the establishment of a new strategically located manufacturing and distribution hub near Palm Springs, California, as Sugarmade brings that harvest to market. “This deal will provide us with a new income stream as we apply our expertise and experience to mobilize Canndis’ assets and market positioning,” noted Jimmy Chan, CEO of Sugarmade. “But it also has substantial strategic value because it lays a foundation for a significantly expanded manufacturing and distribution infrastructure under our control when we harvest our first crop in two months.” About Sugarmade Sugarmade, Inc. (OTC Pink: SGMD) is a product and branding marketing company investing in operations and technologies with disruptive potential. Our brand portfolio includes CarryOutsupplies.com, SugarRush™, NUG Avenue, J Grade Farm, Lemon Glow and Budcars. For more information, please visit www.Sugarmade.com. FORWARD-LOOKING STATEMENTS: This release contains \"forward-looking statements\". Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time t...