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Sugarmade Updates Recent Acquisition of Cannabis Cultivation Property
Sugarmade Updates Recent Acquisition of Cannabis Cultivation Property.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Aug. 12, 2021 (GLOBE NEWSWIRE) -- via InvestorWire -- Sugarmade, Inc. (OTCMKTS:SGMD) (“Sugarmade,” “SGMD,” or the “Company”), an emerging leader in the vertically integrated cannabis marketplace based in California, is pleased to provide current and prospective shareholders with an update on its recent acquisition, Lemon Glow Company, Inc. (“Lemon Glow”), which included all of Lemon Glow’s assets, interests, property, and rights, including six-hundred-forty (640) acres of real estate (the “Property”) located in Lake County, California, outside of the Commercial Cannabis Cultivation Exclusion Zones. As described in the Company’s Form 8-K filing produced this week, the Company filed a Current Report on Form 8-K on May 17 disclosing its Agreement and Plan of Merger (the “Merger Agreement”) by and between Carnaby Spot Bay Corp, a California corporation and a wholly owned subsidiary of the Company (“Merger Sub”), Lemon Glow Company, a California corporation and Ryan Santiago (the “Shareholder Representative”) on May 12, 2021, pursuant to which, upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub would merge with and into Lemon Glow, with Lemon Glow being the surviving corporation (the “Merger”). The Company further disclosed that, on May 14, 2021, the closing of the Merger (the “Closing”) occurred in accordance with the terms of the Merger Agreement on May 14, 2021, and that the Merger was consummated on May 14, 2021 by the filing of a Certificate of Merger with the Secretary of State of the State of California, which was duly filed on May 14, 2021, at which time, the Merger became effective (the “Effective Time”). Subsequently, on May 25, 2021, the Company filed an Amendment on Form 8-K/A (“Amendment No. 1”) to the Original Form 8-K to disclose that, on May 20, 2021, the Company received a notification from Secretary of State of the State of California stating that the Company’s May 14th Certificate of Merger filing had been rejected due to certain technical deficiencies in the filing. In response, the Company disclosed in Amendment No. 1 that on May 24, 2021, the parties to the Merger Agreement entered into an Amendment t...