Sugarmade Announces Closing of Acquisition of New Property to Serve as Second Licensed LA Nug Avenue Delivery Hub
August 17, 2021 at 08:30 am EDT
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Sugarmade, Inc. announced the closing of the Company’s acquisition of a property in Los Angeles that will serve as a new distribution/delivery hub for its Nug Avenue cannabis delivery segment. This follows the Company’s recent announcement that it has signed 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 will provide the licensing foundation for the opening of three new cannabis-related commercial operations in California. The Company plans to assign one of these licenses, once obtained, to this newly acquired property, designated as a licensed cannabis delivery business under its Nug Avenue brand.
Sugarmade, Inc. is a product and branding marketing company. The Company operates through two segments: paper and paper-based products and cannabis products delivery. The paper and paper-based products segment focuses on supply of disposable products to the quick-service restaurant and as an importer and distributor of non-medical personal protection equipment to business and consumers, via its Carry Out Supplies subsidiary. Carry Out Supplies is a producer and wholesaler of custom printed and generic supplies. The primary products are plastic cold cups, paper coffee cups, yogurt cups, ice cream cups, cup lids, cup sleeves, edible packaging, food containers, soup containers, plastic spoons, and similar products. The Company also focuses on investing in cannabis real estate, cultivation, and wholesale sectors vs. cannabis retail operations. It is also engaged in selected cannabis and hemp projects. Its subsidiaries include SWC Group, Inc., NUG Avenue, Inc., and Lemon Glow Company, Inc.
SUGARMADE, INC. 
