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Sugarmade’s Lemon Glow Subsidiary Signaled to Move Forward with Cultivation Permit Process at 640 Acre Property by County Regulators
Sugarmade’s Lemon Glow Subsidiary Signaled to Move Forward with Cultivation Permit Process at 640 Acre Property by County Regulators.
About this update from Sugarmade, Inc.
[{"type":"text","content":"\n NEW YORK, Nov. 05, 2021 (GLOBE NEWSWIRE) -- via InvestorWire – Sugarmade, Inc. (OTCMKTS:SGMD) (“Sugarmade”, “SGMD” or the “Company”) an emerging leader in the vertically integrated California cannabis marketplace, is excited to announce that on Oct. 28, 2021, its wholly owned subsidiary, Lemon Glow Company (“Lemon Glow”), obtained a conditional Use Permit (UP) number from the Community Development Department of the County of Lake, California, which the Company believes is an important step towards the conditional Use Permit (UP) for commercial cannabis cultivation at its Property. The Company had entered into an Agreement and Plan of Merger (“Agreement”), dated as of May 25, 2021, by and between Carnaby Spot Bay Corp, a California corporation (“Merger Sub”) and a wholly-owned subsidiary of the Company, Lemon Glow Company, a California corporation (“Lemon Glow”), and Ryan Santiago. The merger, which was closed on May 25, 2021, included all of Lemon Glow’s assets, interests, property, and rights. If the necessary approvals and permits are obtained, up to 32 of the 640-acres at the Property would be designated for outdoor cannabis cultivation. Ryan Santiago, CEO of Lemon Glow, estimates that “the annual potential cultivation yield at the Property could possibly achieve 4,000 pounds of dry trimmed cannabis flower per acre annually, which represent approximately 128,000 pounds, or 64 tons, of dry trimmed cannabis flower annually in total.\" While the Company believes that the issuance of the conditional Use Permit (UP) number by Lake County is an important step toward full approval to cultivate cannabis on the Property, the Company must still gain approval from other local and state regulatory authorities in California. Furthermore, the issuance of the conditional use permit number by the County of Lake allows the Company to proceed with a state cannabis cultivation license application and applicable permits, such as those from the Department of Cannabis Control, the Department of Food and Agriculture, the Department of Pesticide Regulation, the Department of Fish and Wildlife, the State Water Resources Control Board, the Board of Forestry and Fire Protection, the Central Valley or North Coast Regional Water Quality Control Board,...